Magnolia Private Wealth LLC raised its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 8.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,823 shares of the iPhone maker's stock after buying an additional 1,296 shares during the quarter. Apple comprises 2.0% of Magnolia Private Wealth LLC's portfolio, making the stock its 13th biggest holding. Magnolia Private Wealth LLC's holdings in Apple were worth $3,515,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Burkett Financial Services LLC boosted its holdings in shares of Apple by 0.6% in the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock valued at $3,199,000 after purchasing an additional 93 shares during the period. OneAscent Wealth Management LLC boosted its holdings in shares of Apple by 4.6% in the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after purchasing an additional 409 shares during the period. TruWealth Advisors LLC boosted its holdings in shares of Apple by 2.8% in the first quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock valued at $42,045,000 after purchasing an additional 5,120 shares during the period. Allstate Corp boosted its holdings in shares of Apple by 3,368.2% in the fourth quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock valued at $113,062,000 after purchasing an additional 438,471 shares during the period. Finally, Vinva Investment Management Ltd boosted its holdings in shares of Apple by 12.4% in the fourth quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker's stock valued at $192,700,000 after purchasing an additional 83,997 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.
Apple Stock Performance
Shares of Apple stock traded down $2.54 during trading on Monday, hitting $208.62. 38,637,320 shares of the company's stock were exchanged, compared to its average volume of 57,457,383. 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 business has a 50-day simple moving average of $203.39 and a 200-day simple moving average of $216.83. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The stock has a market capitalization of $3.12 trillion, a price-to-earnings ratio of 32.50, a PEG ratio of 2.36 and a beta of 1.20.
Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The business had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. During the same period in the prior year, the company posted $1.53 EPS. The company's revenue for the quarter was up 5.1% on a year-over-year basis. On average, research analysts forecast that Apple Inc. will post 7.28 EPS for the current year.
Apple Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were paid a dividend of $0.26 per share. This is a positive change from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.50%. The ex-dividend date was Monday, May 12th. Apple's dividend payout ratio is presently 16.20%.
Apple declared that its board has initiated a stock buyback plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on AAPL. China Renaissance began coverage on shares of Apple in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price objective for the company. Citigroup reissued a "buy" rating on shares of Apple in a research note on Tuesday, June 10th. DA Davidson boosted their price objective on shares of Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Raymond James Financial reduced their price objective on shares of Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of Apple in a research note on Wednesday, May 21st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Apple currently has an average rating of "Moderate Buy" and a consensus target price of $235.27.
Get Our Latest Stock Report on AAPL
Insider Activity
In other news, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer directly owned 4,569 shares of the company's stock, valued at $941,214. This represents a 50.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Chris Kondo sold 4,486 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, the insider directly owned 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.
Apple Company Profile
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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.
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