Financial Enhancement Group LLC increased its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 4.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 52,728 shares of the iPhone maker's stock after purchasing an additional 2,454 shares during the quarter. Apple accounts for 1.8% of Financial Enhancement Group LLC's investment portfolio, making the stock its 18th largest position. Financial Enhancement Group LLC's holdings in Apple were worth $11,712,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also made changes to their positions in AAPL. Tallon Kerry Patrick purchased a new position in shares of Apple in the 4th quarter valued at about $1,877,000. First National Bank of Hutchinson grew its stake in Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after acquiring an additional 6,982 shares during the last quarter. Capital & Planning LLC grew its stake in Apple by 10.7% in the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after acquiring an additional 2,647 shares during the last quarter. Eagle Capital Management LLC grew its stake in Apple by 0.5% in the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after acquiring an additional 272 shares during the last quarter. Finally, Brighton Jones LLC grew its stake in Apple by 14.8% in the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after acquiring an additional 69,207 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.
Apple Trading Down 0.2%
AAPL opened at $202.92 on Wednesday. The firm has a market capitalization of $3.01 trillion, a P/E ratio of 30.79, a P/E/G ratio of 2.14 and a beta of 1.16. The firm's 50 day moving average is $205.58 and its 200-day moving average is $213.24. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.
Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. The company had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business's quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.40 earnings per share. Analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.
Apple Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Monday, August 11th. Apple's payout ratio is 15.78%.
Apple announced that its Board of Directors has initiated a share repurchase program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on AAPL. TD Cowen lowered their price objective on shares of Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Wedbush reissued an "outperform" rating and issued a $270.00 price objective on shares of Apple in a research note on Wednesday, July 30th. Bank of America increased their price objective on shares of Apple from $235.00 to $240.00 and gave the company a "buy" rating in a research note on Friday, August 1st. China Renaissance began coverage on shares of Apple in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price objective on the stock. Finally, Scotiabank cut shares of Apple to a "market perform" rating in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Apple presently has a consensus rating of "Moderate Buy" and a consensus target price of $237.25.
Read Our Latest Stock Analysis on AAPL
Insider Activity
In related news, insider Chris Kondo sold 4,486 shares of Apple 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 completion of the sale, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company 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.
Further Reading
Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL - Free Report).
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