Apple Inc. (NASDAQ:AAPL) Shares Purchased by Towerpoint Wealth LLC

Towerpoint Wealth LLC boosted its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 22.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 19,757 shares of the iPhone maker's stock after purchasing an additional 3,670 shares during the period. Apple makes up 2.2% of Towerpoint Wealth LLC's investment portfolio, making the stock its 10th largest holding. Towerpoint Wealth LLC's holdings in Apple were worth $4,389,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Drystone LLC acquired a new stake in shares of Apple during the fourth quarter worth $25,000. Life Planning Partners Inc acquired a new position in Apple in the 4th quarter valued at $47,000. Conquis Financial LLC purchased a new position in Apple during the 4th quarter worth $63,000. LSV Asset Management acquired a new stake in shares of Apple in the 4th quarter worth $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in shares of Apple during the fourth quarter worth about $82,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Trading Up 2.0%

Shares of Apple stock traded up $4.09 during trading hours on Monday, reaching $205.17. 91,511,325 shares of the company's stock were exchanged, compared to its average volume of 53,513,950. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The company has a fifty day moving average of $202.61 and a 200-day moving average of $219.83. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The firm has a market capitalization of $3.06 trillion, a price-to-earnings ratio of 31.96, a price-to-earnings-growth ratio of 2.25 and a beta of 1.22.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results 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 analyst estimates of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business'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. Sell-side analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows 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.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.51%. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. Apple's dividend payout ratio is presently 16.20%.

Insiders Place Their Bets

In other news, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the transaction, the chief financial officer directly owned 4,569 shares of the company's stock, valued at $941,214. The trade was a 50.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Katherine L. Adams sold 38,822 shares of the business's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $223.67, for a total value of $8,683,316.74. Following the sale, the senior vice president owned 179,158 shares of the company's stock, valued at $40,072,269.86. The trade was a 17.81% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 191,507 shares of company stock worth $42,694,080. Corporate insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

AAPL has been the subject of several analyst reports. The Goldman Sachs Group reissued a "buy" rating on shares of Apple in a report on Wednesday, May 21st. Morgan Stanley reissued an "overweight" rating on shares of Apple in a report on Friday, June 13th. Evercore ISI upped their price objective on Apple to $250.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Loop Capital cut their price objective on Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Finally, Raymond James Financial decreased their target price on shares of Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $234.39.

Apple Company Profile

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.