Cushing Capital Partners LLC bought a new stake in Apple Inc. (NASDAQ:AAPL - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 8,864 shares of the iPhone maker's stock, valued at approximately $2,220,000. Apple makes up 2.1% of Cushing Capital Partners LLC's investment portfolio, making the stock its 15th biggest holding.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Carrera Capital Advisors boosted its stake in shares of Apple by 30.2% during the third quarter. Carrera Capital Advisors now owns 10,367 shares of the iPhone maker's stock valued at $2,415,000 after purchasing an additional 2,405 shares in the last quarter. RPG Investment Advisory LLC increased its stake in shares of Apple by 2.0% in the third quarter. RPG Investment Advisory LLC now owns 135,857 shares of the iPhone maker's stock valued at $31,655,000 after buying an additional 2,684 shares during the period. Live Oak Investment Partners raised its holdings in Apple by 1.5% in the 3rd quarter. Live Oak Investment Partners now owns 12,300 shares of the iPhone maker's stock valued at $2,866,000 after buying an additional 183 shares during the last quarter. Community Bank & Trust Waco Texas boosted its position in Apple by 0.6% during the 3rd quarter. Community Bank & Trust Waco Texas now owns 216,411 shares of the iPhone maker's stock worth $50,424,000 after buying an additional 1,197 shares during the period. Finally, Chase Investment Counsel Corp grew its holdings in Apple by 2.8% during the 3rd quarter. Chase Investment Counsel Corp now owns 34,856 shares of the iPhone maker's stock worth $8,121,000 after acquiring an additional 965 shares during the last quarter. Institutional investors own 67.73% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on AAPL. The Goldman Sachs Group reduced their price objective on shares of Apple from $259.00 to $256.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Citigroup reiterated a "cautious" rating on shares of Apple in a research report on Monday, May 5th. Wedbush restated an "outperform" rating and set a $270.00 price objective on shares of Apple in a research report on Friday, May 16th. DA Davidson lifted their price objective on Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Finally, UBS Group decreased their target price on shares of Apple from $236.00 to $210.00 and set a "neutral" rating for the company in a research report on Wednesday, April 23rd. Four research analysts have rated the stock with a sell rating, eleven have given 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, the stock has a consensus rating of "Moderate Buy" and an average target price of $235.80.
Read Our Latest Research Report on Apple
Apple Stock Performance
Shares of AAPL opened at $206.86 on Wednesday. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92. The stock has a 50 day moving average price of $205.87 and a two-hundred day moving average price of $226.43. The firm has a market capitalization of $3.09 trillion, a P/E ratio of 32.83, a P/E/G ratio of 2.44 and a beta of 1.27.
Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a return on equity of 160.83% and a net margin of 24.30%. Apple's revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.53 earnings per share. Equities analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
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 issued a dividend of $0.26 per share. The ex-dividend date was Monday, May 12th. This is a boost from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.50%. Apple's payout ratio is 16.20%.
Apple announced that its board has initiated a share repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its stock is undervalued.
Insiders Place Their Bets
In other Apple news, CFO Kevan Parekh sold 4,570 shares of the business's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the transaction, the chief financial officer now owns 4,569 shares of the company's stock, valued at approximately $941,214. The trade was a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the sale, the insider now directly owns 15,533 shares of the company's stock, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 191,507 shares of company stock valued at $42,694,080. Corporate insiders own 0.06% of the company's stock.
Apple Company Profile
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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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