Dunhill Financial LLC lowered its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 12.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,014 shares of the iPhone maker's stock after selling 3,758 shares during the period. Apple comprises about 2.6% of Dunhill Financial LLC's portfolio, making the stock its 9th largest holding. Dunhill Financial LLC's holdings in Apple were worth $6,001,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the business. JBR Co Financial Management Inc grew its position in Apple by 2.3% in the first quarter. JBR Co Financial Management Inc now owns 31,150 shares of the iPhone maker's stock valued at $6,919,000 after purchasing an additional 710 shares in the last quarter. Marino Stram & Associates LLC grew its position in Apple by 0.7% in the first quarter. Marino Stram & Associates LLC now owns 44,474 shares of the iPhone maker's stock valued at $9,879,000 after purchasing an additional 316 shares in the last quarter. Golden Road Advisors LLC grew its position in Apple by 22.3% in the first quarter. Golden Road Advisors LLC now owns 9,994 shares of the iPhone maker's stock valued at $2,220,000 after purchasing an additional 1,825 shares in the last quarter. PUREfi Wealth LLC grew its position in Apple by 3.2% in the first quarter. PUREfi Wealth LLC now owns 14,635 shares of the iPhone maker's stock valued at $3,251,000 after purchasing an additional 448 shares in the last quarter. Finally, BlueSky Wealth Advisors LLC grew its position in Apple by 0.9% in the first quarter. BlueSky Wealth Advisors LLC now owns 8,584 shares of the iPhone maker's stock valued at $1,907,000 after purchasing an additional 80 shares in the last quarter. Institutional investors own 67.73% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on AAPL. Monness Crespi & Hardt lifted their price objective on shares of Apple to $245.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Raymond James Financial decreased their price objective on shares of Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Morgan Stanley reissued an "overweight" rating on shares of Apple in a research report on Friday, June 13th. UBS Group reissued a "hold" rating on shares of Apple in a research report on Friday, July 18th. Finally, China Renaissance began coverage on shares of Apple in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $234.94.
Read Our Latest Research Report on Apple
Apple Stock Performance
Apple stock traded up $0.17 during midday trading on Monday, hitting $214.05. The company's stock had a trading volume of 37,786,671 shares, compared to its average volume of 47,818,408. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. The company has a 50-day moving average price of $204.87 and a two-hundred day moving average price of $214.22. The company has a market cap of $3.20 trillion, a price-to-earnings ratio of 33.34, a PEG ratio of 2.39 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 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The business's revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.53 EPS. As a group, sell-side analysts predict that Apple Inc. will post 7.28 earnings per share 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 given a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This is a boost from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. Apple's payout ratio is presently 16.20%.
Apple declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are undervalued.
Insider Activity at Apple
In other news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.06% of the company's stock.
About Apple
(
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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