Broadway Wealth Solutions Inc. Invests $1.63 Million in Apple Inc. (NASDAQ:AAPL)

Broadway Wealth Solutions Inc. bought a new stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,502 shares of the iPhone maker's stock, valued at approximately $1,628,000. Apple accounts for about 1.2% of Broadway Wealth Solutions Inc.'s portfolio, making the stock its 14th largest position.

Other institutional investors have also recently modified their holdings of the company. Vinva Investment Management Ltd lifted its stake in shares of Apple by 12.4% in the fourth quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker's stock worth $192,700,000 after buying an additional 83,997 shares in the last quarter. Safe Harbor Fiduciary LLC purchased a new position in shares of Apple in the third quarter worth about $4,972,000. SYM FINANCIAL Corp lifted its stake in shares of Apple by 6.3% in the third quarter. SYM FINANCIAL Corp now owns 28,626 shares of the iPhone maker's stock worth $6,670,000 after buying an additional 1,695 shares in the last quarter. Tradewinds Capital Management LLC lifted its stake in shares of Apple by 9.2% in the fourth quarter. Tradewinds Capital Management LLC now owns 21,198 shares of the iPhone maker's stock worth $5,308,000 after buying an additional 1,779 shares in the last quarter. Finally, Berkshire Bank lifted its stake in shares of Apple by 2.7% in the fourth quarter. Berkshire Bank now owns 89,580 shares of the iPhone maker's stock worth $22,433,000 after buying an additional 2,360 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Timothy D. Cook sold 108,136 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the transaction, the chief executive officer now owns 3,280,295 shares in the company, valued at $733,637,976.75. The trade was a 3.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, the insider now owns 15,533 shares of the company's stock, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock worth $42,694,080 over the last 90 days. 0.06% of the stock is owned by insiders.

Apple Stock Down 1.2%

Shares of AAPL stock traded down $2.47 during trading on Monday, reaching $201.45. The company's stock had a trading volume of 72,665,260 shares, compared to its average volume of 56,221,299. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.88. The company has a market capitalization of $3.01 trillion, a price-to-earnings ratio of 31.98, a P/E/G ratio of 2.44 and a beta of 1.22. The stock's 50-day moving average price is $201.17 and its 200 day moving average price is $224.12. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 160.83%. The business's quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.53 earnings per share. On average, research analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple declared that its Board of Directors has initiated a share repurchase program on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Apple Increases Dividend

The company 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. The ex-dividend date was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is currently 16.20%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on AAPL. Bank of America cut their price objective on shares of Apple from $250.00 to $240.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Needham & Company LLC restated a "hold" rating and set a $225.00 price objective on shares of Apple in a research report on Wednesday, June 4th. Raymond James cut their price objective on shares of Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Citigroup restated a "cautious" rating on shares of Apple in a research report on Monday, May 5th. Finally, Monness Crespi & Hardt cut their price objective on shares of Apple from $260.00 to $245.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Apple presently has a consensus rating of "Moderate Buy" and a consensus price target of $235.02.

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.