Global Wealth Management Investment Advisory Inc. Boosts Stake in Apple Inc. $AAPL

Key Points

• Global Wealth Management Investment Advisory Inc. increased its position in Apple by 7.5%, now owning 69,680 shares worth approximately $15.48 million, making it Apple's fourth largest shareholder.
• Several analysts recently raised their target prices for Apple, with targets ranging from $180 to $250, while the company received an average rating of "Moderate Buy."
• Apple declared a quarterly dividend of $0.26 per share, representing an annual yield of 0.5%, and announced a stock repurchase plan allowing the buyback of up to $100 billion worth of shares.

Global Wealth Management Investment Advisory Inc. grew its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 7.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,680 shares of the iPhone maker's stock after purchasing an additional 4,846 shares during the period. Apple makes up 3.1% of Global Wealth Management Investment Advisory Inc.'s investment portfolio, making the stock its 4th largest holding. Global Wealth Management Investment Advisory Inc.'s holdings in Apple were worth $15,478,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of AAPL. Norges Bank bought a new stake in shares of Apple during the 4th quarter valued at about $46,868,648,000. GAMMA Investing LLC boosted its stake in shares of Apple by 25,934.1% during the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after purchasing an additional 59,835,676 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Apple by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock valued at $349,532,608,000 after purchasing an additional 49,168,843 shares in the last quarter. Proficio Capital Partners LLC increased its stake in shares of Apple by 23,555.4% in the 4th quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock worth $5,272,653,000 after acquiring an additional 20,966,232 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Apple by 13.3% in the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after acquiring an additional 20,079,472 shares in the last quarter. Institutional investors own 67.73% of the company's stock.

Insider Buying and Selling

In related news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.06% of the company's stock.

Apple Stock Performance

NASDAQ AAPL traded up $2.86 during trading hours on Friday, hitting $227.76. The company's stock had a trading volume of 42,431,176 shares, compared to its average volume of 61,854,304. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company's 50 day simple moving average is $212.52 and its two-hundred day simple moving average is $212.96. The company has a market cap of $3.38 trillion, a P/E ratio of 34.56, a price-to-earnings-growth ratio of 2.38 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. During the same period last year, the company earned $1.40 EPS. Apple's revenue for the quarter was up 9.6% on a year-over-year basis. As a group, sell-side analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its board has authorized a share repurchase plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio (DPR) is presently 15.78%.

Analysts Set New Price Targets

AAPL has been the subject of several research reports. Rosenblatt Securities reiterated a "neutral" rating and issued a $217.00 price target on shares of Apple in a research note on Tuesday, July 29th. Bank of America increased their price target on shares of Apple from $240.00 to $250.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Wedbush reiterated an "outperform" rating and issued a $270.00 price target on shares of Apple in a research note on Thursday, August 7th. BMO Capital Markets reiterated a "buy" rating on shares of Apple in a research note on Wednesday, August 13th. Finally, UBS Group increased their price target on shares of Apple from $210.00 to $220.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $237.98.

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.