Fortitude Family Office LLC lowered its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 55.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,428 shares of the iPhone maker's stock after selling 85,130 shares during the period. Apple makes up approximately 5.5% of Fortitude Family Office LLC's portfolio, making the stock its 4th largest position. Fortitude Family Office LLC's holdings in Apple were worth $15,422,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Burkett Financial Services LLC increased its holdings in shares of Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after buying an additional 93 shares during the last quarter. OneAscent Wealth Management LLC increased its holdings in Apple by 4.6% in the 4th 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 last quarter. TruWealth Advisors LLC increased its holdings in Apple by 2.8% in the 1st 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 last quarter. Allstate Corp increased its holdings in Apple by 3,368.2% in the 4th 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 last quarter. Finally, Vinva Investment Management Ltd increased its holdings in Apple by 12.4% in the 4th 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 last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.
Apple Price Performance
Shares of AAPL opened at $208.62 on Tuesday. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The stock has a market cap of $3.12 trillion, a PE ratio of 32.50, a price-to-earnings-growth ratio of 2.36 and a beta of 1.20. 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 firm has a fifty day moving average price of $203.58 and a 200 day moving average price of $216.50.
Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The firm had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. During the same period in the previous year, the company earned $1.53 earnings per share. Apple's quarterly revenue was up 5.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.
Apple Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors 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 dividend on an annualized basis and a yield of 0.50%. Apple's payout ratio is 16.20%.
Apple declared that its board has approved a share repurchase 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 repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the stock. Jefferies Financial Group upgraded shares of Apple from an "underperform" rating to a "hold" rating and lifted their target price for the company from $170.62 to $188.32 in a report on Tuesday, July 1st. Scotiabank downgraded shares of Apple to a "market perform" rating in a report on Friday, May 2nd. Raymond James Financial dropped their target price on shares of Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Bank of America reiterated a "buy" rating and issued a $235.00 target price on shares of Apple in a report on Tuesday, June 10th. Finally, Monness Crespi & Hardt lifted their target price on shares of Apple to $245.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Apple presently has an average rating of "Moderate Buy" and an average price target of $235.27.
View Our Latest Report on Apple
Insiders Place Their Bets
In related news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction 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 sale, the insider directly owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was 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 at this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the business's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the sale, the chief financial officer directly owned 4,569 shares of the company's stock, valued at approximately $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.
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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