Arrow Investment Advisors LLC Acquires Shares of 12,524 Apple Inc. $AAPL

Key Points

• Arrow Investment Advisors LLC has acquired 12,524 shares of Apple Inc., valued at approximately $2,570,000, making Apple 2.2% of its portfolio.
• Analysts have set a consensus rating of "Moderate Buy" for Apple, with an average price target of $245.51.
• Apple recently announced a quarterly dividend of $0.26 per share, translating to an annualized yield of 0.4%.

Arrow Investment Advisors LLC acquired a new stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 12,524 shares of the iPhone maker's stock, valued at approximately $2,570,000. Apple comprises about 2.2% of Arrow Investment Advisors LLC's portfolio, making the stock its 14th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in AAPL. Ryan Investment Management Inc. bought a new position in shares of Apple in the 2nd quarter worth about $31,000. ROSS JOHNSON & Associates LLC lifted its position in shares of Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock worth $42,000 after buying an additional 180 shares during the last quarter. Life Planning Partners Inc bought a new position in shares of Apple in the 4th quarter worth about $47,000. Elite Financial Inc. bought a new position in shares of Apple in the 1st quarter worth about $58,000. Finally, Conquis Financial LLC bought a new position in shares of Apple in the 4th quarter worth about $63,000. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Jefferies Financial Group raised their price target on shares of Apple from $190.67 to $205.82 and gave the stock a "hold" rating in a research report on Monday, September 8th. UBS Group reiterated a "neutral" rating on shares of Apple in a research report on Monday, September 8th. Raymond James Financial reiterated an "outperform" rating and issued a $240.00 price objective (up from $230.00) on shares of Apple in a research report on Friday, August 1st. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research report on Friday, July 25th. Finally, Morgan Stanley set a $240.00 price objective on shares of Apple and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $245.51.

Apple Stock Performance

Shares of AAPL opened at $254.63 on Wednesday. The firm's 50 day moving average is $230.51 and its 200-day moving average is $213.80. The stock has a market capitalization of $3.78 trillion, a P/E ratio of 38.64, a P/E/G ratio of 2.64 and a beta of 1.11. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. 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 announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business's revenue was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.40 EPS. Equities research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.4%. Apple's payout ratio is currently 15.78%.

Insider Activity

In other news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares of the company's stock, valued at $30,508,538.40. The trade was a 20.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.06% of the stock is owned by corporate insiders.

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.

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