Gradient Investments LLC Raises Stake in Apple Inc. (NASDAQ:AAPL)

Gradient Investments LLC grew its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 14.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 440,334 shares of the iPhone maker's stock after acquiring an additional 54,737 shares during the period. Apple comprises 2.0% of Gradient Investments LLC's holdings, making the stock its 5th largest holding. Gradient Investments LLC's holdings in Apple were worth $97,811,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Drystone LLC bought a new position in Apple during the 4th quarter worth approximately $25,000. Life Planning Partners Inc acquired a new stake in shares of Apple during the fourth quarter worth $47,000. Conquis Financial LLC bought a new position in Apple during the fourth quarter worth $63,000. LSV Asset Management bought a new position in Apple during the fourth quarter worth $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in Apple in the fourth quarter valued at $82,000. Institutional investors own 67.73% of the company's stock.

Apple Stock Up 2.0%

NASDAQ:AAPL traded up $4.09 on Monday, hitting $205.17. The stock had a trading volume of 91,511,325 shares, compared to its average volume of 53,513,950. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The firm's fifty day simple moving average is $202.61 and its two-hundred day simple moving average is $219.83. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The stock has a market cap of $3.06 trillion, a P/E ratio of 31.96, a price-to-earnings-growth ratio of 2.25 and a beta of 1.22.

Apple (NASDAQ:AAPL - Get Free Report) last issued 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 the consensus estimate 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% on a year-over-year basis. During the same period last year, the business posted $1.53 earnings per share. Analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. Apple's dividend payout ratio (DPR) is currently 16.20%.

Apple announced that its Board of Directors has initiated a stock buyback program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Citigroup reiterated a "buy" rating on shares of Apple in a report on Tuesday, June 10th. JPMorgan Chase & Co. cut their target price on Apple from $245.00 to $230.00 and set an "overweight" rating on the stock in a research report on Thursday. The Goldman Sachs Group reiterated a "buy" rating on shares of Apple in a report on Wednesday, May 21st. TD Cowen dropped their price target on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, Barclays set a $173.00 price objective on shares of Apple and gave the stock an "underweight" rating in a research report on Tuesday, June 24th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Apple currently has an average rating of "Moderate Buy" and an average target price of $234.39.

Insider Activity at Apple

In related news, COO Jeffrey E. Williams sold 35,493 shares of the business's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $224.01, for a total value of $7,950,786.93. Following the transaction, the chief operating officer directly owned 390,059 shares of the company's stock, valued at approximately $87,377,116.59. The trade was a 8.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, the insider owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,507 shares of company stock worth $42,694,080. 0.06% of the stock is owned by company insiders.

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.