Harrell Investment Partners LLC lifted its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 105,215 shares of the iPhone maker's stock after purchasing an additional 1,959 shares during the quarter. Apple comprises about 6.9% of Harrell Investment Partners LLC's investment portfolio, making the stock its largest position. Harrell Investment Partners LLC's holdings in Apple were worth $23,371,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in AAPL. Life Planning Partners Inc acquired a new position in shares of Apple during the 4th quarter worth $47,000. Conquis Financial LLC purchased a new stake in shares of Apple in the 4th quarter worth about $63,000. LSV Asset Management purchased a new stake in shares of Apple in the 4th quarter worth about $65,000. Pillar Financial Advisors LLC purchased a new stake in shares of Apple in the 4th quarter worth about $82,000. Finally, Compass Planning Associates Inc purchased a new stake in shares of Apple in the 4th quarter worth about $96,000. 67.73% of the stock is owned by institutional investors and hedge funds.
Apple Trading Down 0.7%
AAPL traded down $1.53 on Tuesday, reaching $212.52. 11,262,509 shares of the company's stock were exchanged, compared to its average volume of 56,283,719. The company's 50 day moving average is $204.87 and its 200-day moving average is $214.22. The company has a market cap of $3.17 trillion, a price-to-earnings ratio of 33.10, a PEG ratio of 2.39 and a beta of 1.20. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82.
Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company's revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.53 EPS. Equities analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.
Apple announced that its Board of Directors has initiated 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 reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.
Apple Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Monday, May 12th. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is 16.20%.
Insider Transactions at Apple
In other Apple news, insider Chris Kondo sold 4,486 shares of the stock in a transaction that occurred 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 of the company's stock, valued at $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is owned by company insiders.
Analyst Ratings Changes
Several equities research analysts recently commented on the stock. Wedbush reiterated an "outperform" rating and issued a $270.00 price objective on shares of Apple in a research report on Wednesday, July 9th. TD Cowen reduced their target price on shares of Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. DA Davidson upped their target price on shares of Apple from $230.00 to $250.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Loop Capital reduced their target price on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. upped their target price on shares of Apple from $230.00 to $250.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have given 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 an average rating of "Moderate Buy" and an average target price of $234.94.
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About Apple
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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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