Suncoast Equity Management lowered its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 22.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 182,491 shares of the iPhone maker's stock after selling 52,456 shares during the quarter. Apple comprises approximately 4.6% of Suncoast Equity Management's investment portfolio, making the stock its 8th largest holding. Suncoast Equity Management's holdings in Apple were worth $40,537,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Tallon Kerry Patrick purchased a new position in Apple in the fourth quarter worth $1,877,000. First National Bank of Hutchinson lifted its position in shares of Apple by 24.6% during 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 buying an additional 6,982 shares during the last quarter. Capital & Planning LLC lifted its position in shares of Apple by 10.7% during the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after buying an additional 2,647 shares during the last quarter. Eagle Capital Management LLC lifted its holdings in Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after purchasing an additional 272 shares during the last quarter. Finally, Brighton Jones LLC lifted its holdings in Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after purchasing an additional 69,207 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
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 set a "buy" rating and a $241.00 price target on the stock. Monness Crespi & Hardt increased their target price on shares of Apple to $245.00 and gave the stock a "buy" rating in a research note on Tuesday, June 10th. Wedbush reiterated an "outperform" rating and issued a $270.00 price objective on shares of Apple in a research report on Wednesday. Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Evercore ISI raised their price target on Apple to $250.00 and gave the company a "buy" rating in a report on Friday, June 6th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $234.94.
Get Our Latest Stock Report on AAPL
Insiders Place Their Bets
In related news, insider Chris Kondo sold 4,486 shares of the firm'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 transaction of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares of the company's stock, valued at $3,233,815.27. This trade represents 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 the SEC website. Corporate insiders own 0.06% of the company's stock.
Apple Stock Down 1.1%
Shares of NASDAQ:AAPL traded down $2.22 during trading on Wednesday, hitting $209.05. The stock had a trading volume of 43,674,703 shares, compared to its average volume of 43,746,808. The firm's fifty day moving average is $205.10 and its 200 day moving average is $214.16. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $3.12 trillion, a PE ratio of 32.56, a PEG ratio of 2.32 and a beta of 1.20. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10.
Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter in the prior year, the company earned $1.53 earnings per share. The firm's quarterly revenue was up 5.1% compared to the same quarter last year. Analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.
Apple Increases Dividend
The business also recently declared 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. The ex-dividend date of this dividend was Monday, May 12th. This is an increase from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.50%. Apple's dividend payout ratio (DPR) is presently 16.20%.
Apple announced that its board has approved a share buyback program on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.
Apple Company Profile
(
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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