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Marietta Wealth Management LLC Has $26.50 Million Holdings in Apple Inc. (NASDAQ:AAPL)

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Key Points

  • Marietta Wealth Management LLC has increased its stake in Apple Inc. by 1.7%, now holding 119,301 shares worth approximately $26.5 million, making it their largest position.
  • Apple recently announced a quarterly dividend increase from $0.25 to $0.26 per share and has a new stock buyback plan allowing for up to $100 billion in shares to be repurchased.
  • In earnings reports, Apple exceeded analysts' expectations with $1.65 EPS and a revenue of $95.36 billion, marking a 5.1% year-over-year increase.
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Marietta Wealth Management LLC boosted its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 119,301 shares of the iPhone maker's stock after purchasing an additional 1,986 shares during the quarter. Apple comprises 3.9% of Marietta Wealth Management LLC's holdings, making the stock its largest holding. Marietta Wealth Management LLC's holdings in Apple were worth $26,500,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Conquis Financial LLC bought a new stake in Apple during the fourth quarter worth $63,000. LSV Asset Management bought a new stake in shares of Apple in the 4th quarter worth $65,000. Pillar Financial Advisors LLC bought a new stake in shares of Apple in the 4th quarter worth $82,000. Compass Planning Associates Inc bought a new stake in Apple in the 4th quarter worth about $96,000. Finally, Collier Financial bought a new stake in Apple in the 4th quarter worth about $140,000. Institutional investors own 67.73% of the company's stock.

Apple Trading Down 1.1%

NASDAQ:AAPL traded down $2.22 during midday trading on Wednesday, reaching $209.05. 43,674,703 shares of the stock traded hands, compared to its average volume of 43,746,808. The company has a fifty day moving average of $205.10 and a 200 day moving average of $214.16. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The stock has a market capitalization of $3.12 trillion, a P/E ratio of 32.56, a PEG ratio of 2.32 and a beta of 1.20.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company's quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.53 earnings per share. On average, research analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple declared that its Board of Directors has approved a stock buyback program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a dividend of $0.26 per share. This is a positive change from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.50%. Apple's dividend payout ratio is presently 16.20%.

Insider Activity at Apple

In related news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, the insider owned 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AAPL shares. Loop Capital reduced their price objective on shares of Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Evercore ISI increased their price objective on Apple to $250.00 and gave the company a "buy" rating in a report on Friday, June 6th. Bank of America reissued a "buy" rating and set a $235.00 price objective on shares of Apple in a report on Tuesday, June 10th. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a report on Friday, July 25th. Finally, DA Davidson raised their target price on Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $234.94.

View Our Latest Research Report on Apple

Apple Company Profile

(Free Report)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

Read More

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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