Apple Inc. (NASDAQ:AAPL) Shares Acquired by World Equity Group Inc.

Key Points

• World Equity Group Inc. increased its stake in Apple Inc. by 36.7% to a total of 110,397 shares, making it the largest position in their portfolio valued at approximately $24.66 million.
• Apple recently declared a stock buyback plan of $100 billion and announced a quarterly dividend increase to $0.26 per share, raising the annual dividend to $1.04.
• Despite a net margin of 24.30% and beating earnings estimates, Apple’s stock experienced a 1.3% decline in trading after reporting quarterly earnings of $1.65 EPS.

World Equity Group Inc. increased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 36.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 110,397 shares of the iPhone maker's stock after buying an additional 29,631 shares during the period. Apple accounts for 7.0% of World Equity Group Inc.'s holdings, making the stock its biggest position. World Equity Group Inc.'s holdings in Apple were worth $24,662,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Tallon Kerry Patrick purchased a new position in shares of Apple in the fourth quarter valued at approximately $1,877,000. First National Bank of Hutchinson lifted its holdings in Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after purchasing an additional 6,982 shares in the last quarter. Capital & Planning LLC lifted its holdings in Apple by 10.7% in the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after purchasing an additional 2,647 shares in the last quarter. Eagle Capital Management LLC lifted its stake in shares of Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after buying an additional 272 shares in the last quarter. Finally, Brighton Jones LLC lifted its stake in shares of Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after buying an additional 69,207 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on AAPL. Loop Capital decreased their target price on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. TD Cowen reduced their price objective on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. DA Davidson lifted their price target on Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Raymond James Financial reduced their price target on Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, Citigroup reaffirmed a "buy" rating on shares of Apple in a research note on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Apple currently has an average rating of "Moderate Buy" and a consensus price target of $234.94.

Insider Transactions at Apple

In related news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction dated Monday, May 12th. The stock was 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. This represents a 22.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is owned by corporate insiders.

Apple Stock Down 1.1%

NASDAQ:AAPL traded down $2.22 during midday trading on Wednesday, reaching $209.05. The company had a trading volume of 43,674,703 shares, compared to its average volume of 43,746,808. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The firm has a market capitalization of $3.12 trillion, a price-to-earnings ratio of 32.56, a PEG ratio of 2.32 and a beta of 1.20. The stock's fifty day simple moving average is $205.10 and its 200-day simple moving average is $214.16.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company's revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.53 earnings per share. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a $0.26 dividend. This is a boost from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.50%. Apple's dividend payout ratio is presently 16.20%.

Apple announced that its board has authorized a stock buyback 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Apple 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.