Bernard Wealth Management Corp. Makes New Investment in Apple Inc. (NASDAQ:AAPL)

Bernard Wealth Management Corp. purchased a new stake in Apple Inc. (NASDAQ:AAPL - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 92,778 shares of the iPhone maker's stock, valued at approximately $23,233,000. Apple comprises 10.7% of Bernard Wealth Management Corp.'s portfolio, making the stock its 3rd biggest position.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. XY Planning Network Inc. bought a new stake in Apple during the 4th quarter worth approximately $1,096,000. HWG Holdings LP increased its stake in Apple by 1.7% during the 4th quarter. HWG Holdings LP now owns 92,119 shares of the iPhone maker's stock worth $23,068,000 after purchasing an additional 1,520 shares in the last quarter. Yoffe Investment Management LLC bought a new stake in Apple during the 4th quarter worth approximately $1,556,000. LifeWealth Investments LLC bought a new stake in Apple during the 4th quarter worth approximately $6,167,000. Finally, Capital A Wealth Management LLC bought a new stake in Apple during the 4th quarter worth approximately $1,062,000. 67.73% of the stock is owned by institutional investors.

Apple Stock Up 2.2%

Shares of NASDAQ AAPL traded up $4.42 during trading hours on Friday, hitting $201.00. The company had a trading volume of 95,792,149 shares, compared to its average volume of 53,610,148. The stock has a market capitalization of $3.00 trillion, a P/E ratio of 31.31, a price-to-earnings-growth ratio of 2.24 and a beta of 1.22. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The firm's 50 day moving average is $202.35 and its 200-day moving average is $221.56.

Apple (NASDAQ:AAPL - Get Free Report) last posted 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 return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion for the quarter, compared to analysts' expectations of $94.04 billion. During the same quarter in the prior year, the business earned $1.53 EPS. The firm's revenue for the quarter was up 5.1% on a year-over-year basis. On average, analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date was Monday, May 12th. This is a boost from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is 16.20%.

Apple declared that its board has authorized a stock repurchase program on Thursday, May 1st that permits the company to buyback $100.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. UBS Group reissued a "buy" rating on shares of Apple in a research note on Sunday, June 1st. TD Cowen lowered their target price on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Raymond James Financial lowered their target price on Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Rosenblatt Securities cut Apple from a "buy" rating to a "neutral" rating and set a $217.00 target price for the company. in a research note on Friday, May 2nd. Finally, Citigroup reaffirmed a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Apple has an average rating of "Moderate Buy" and an average target price of $234.86.

Insider Activity at Apple

In related news, CEO Timothy D. Cook sold 108,136 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total value of $24,184,616.40. Following the sale, the chief executive officer now owns 3,280,295 shares in the company, valued at approximately $733,637,976.75. This represents a 3.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Katherine L. Adams sold 38,822 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $223.67, for a total value of $8,683,316.74. Following the completion of the sale, the senior vice president now owns 179,158 shares in the company, valued at approximately $40,072,269.86. This trade represents a 17.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 191,507 shares of company stock worth $42,694,080. Company insiders own 0.06% of the company's stock.

Apple Company 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.