Apple Inc. (NASDAQ:AAPL) Stock Position Raised by Canvas Wealth Advisors LLC

Key Points

• Canvas Wealth Advisors LLC increased its position in Apple Inc. by 1.5%, bringing its total to 103,701 shares valued at approximately $23 million, making Apple its largest investment.
• Institutional ownership of Apple stock stands at 67.73%, with significant increases in holdings from several firms, including a 25,934.1% rise by GAMMA Investing LLC.
• Apple recently reported a quarterly earnings increase with an EPS of $1.57, surpassing estimates, and announced a $100 billion share repurchase program, indicating confidence in its stock value.

Canvas Wealth Advisors LLC increased its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 103,701 shares of the iPhone maker's stock after purchasing an additional 1,581 shares during the period. Apple makes up approximately 5.8% of Canvas Wealth Advisors LLC's portfolio, making the stock its biggest holding. Canvas Wealth Advisors LLC's holdings in Apple were worth $23,035,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of AAPL. Conquis Financial LLC purchased a new stake in Apple in the fourth quarter worth $63,000. LSV Asset Management purchased a new stake in Apple in the fourth quarter worth $65,000. Pillar Financial Advisors LLC purchased a new stake in Apple in the fourth quarter worth $82,000. Compass Planning Associates Inc purchased a new stake in Apple in the fourth quarter worth $96,000. Finally, Collier Financial purchased a new stake in Apple in the fourth quarter worth $140,000. 67.73% of the stock is currently owned by institutional investors.

Apple Price Performance

Shares of Apple stock traded up $2.56 on Tuesday, reaching $229.74. The company's stock had a trading volume of 41,781,765 shares, compared to its average volume of 57,888,410. The company has a market capitalization of $3.41 trillion, a P/E ratio of 34.86, a PEG ratio of 2.40 and a beta of 1.16. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The stock has a 50-day moving average price of $207.35 and a 200-day moving average price of $213.10. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%. The business's revenue was up 9.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.40 earnings per share. Analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple announced that its board has approved a share buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 11th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. Apple's payout ratio is 15.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on AAPL shares. Evercore ISI raised their price objective on Apple to $250.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a research report on Friday, July 25th. Scotiabank downgraded Apple to a "market perform" rating in a report on Friday, May 2nd. UBS Group lifted their price objective on Apple from $210.00 to $220.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Finally, Barclays lifted their price objective on Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a report on Friday, August 1st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $237.60.

About Apple

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.