Douglas Lane & Associates LLC boosted its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 187,175 shares of the iPhone maker's stock after acquiring an additional 3,004 shares during the quarter. Douglas Lane & Associates LLC's holdings in Apple were worth $41,577,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in AAPL. OneAscent Wealth Management LLC grew its stake in Apple by 4.6% in the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after acquiring an additional 409 shares during the period. Allstate Corp grew its stake in Apple by 3,368.2% in the fourth quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock valued at $113,062,000 after acquiring an additional 438,471 shares during the period. Vinva Investment Management Ltd grew its stake in Apple by 12.4% in the fourth quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker's stock valued at $192,700,000 after acquiring an additional 83,997 shares during the period. Tradewinds Capital Management LLC grew its stake in Apple by 9.2% in the fourth quarter. Tradewinds Capital Management LLC now owns 21,198 shares of the iPhone maker's stock valued at $5,308,000 after acquiring an additional 1,779 shares during the period. Finally, Berkshire Bank grew its stake in Apple by 2.7% in the fourth quarter. Berkshire Bank now owns 89,580 shares of the iPhone maker's stock valued at $22,433,000 after acquiring an additional 2,360 shares during the period. Institutional investors own 67.73% of the company's stock.
Apple Price Performance
NASDAQ AAPL traded up $0.08 on Friday, hitting $201.08. 73,093,456 shares of the company's stock were exchanged, compared to its average volume of 53,360,608. The stock has a 50-day moving average of $202.61 and a 200-day moving average of $220.03. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The stock has a market cap of $3.00 trillion, a price-to-earnings ratio of 31.32, a P/E/G ratio of 2.25 and a beta of 1.22.
Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. The company had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. Apple's revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.53 EPS. Analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.
Apple Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a dividend of $0.26 per share. This is an increase from Apple's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Monday, May 12th. Apple's dividend payout ratio (DPR) is presently 16.20%.
Apple announced that its Board of Directors has approved a stock buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on AAPL shares. KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a research note on Monday, April 14th. Monness Crespi & Hardt boosted their target price on Apple to $245.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Tigress Financial boosted their target price on Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a research note on Thursday, April 3rd. Bank of America restated a "buy" rating and issued a $235.00 price target on shares of Apple in a report on Tuesday, June 10th. Finally, JPMorgan Chase & Co. cut their price target on Apple from $245.00 to $230.00 and set an "overweight" rating on the stock in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $234.39.
View Our Latest Report on Apple
Insiders Place Their Bets
In other news, SVP Katherine L. Adams sold 38,822 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The stock was 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 directly owns 179,158 shares in the company, valued at $40,072,269.86. This trade represents a 17.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider now 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 worth $42,694,080. Company insiders own 0.06% of the company's stock.
About Apple
(
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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