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Keystone Financial Services LLC Invests $1.12 Million in Apple Inc. (NASDAQ:AAPL)

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Keystone Financial Services LLC acquired a new stake in Apple Inc. (NASDAQ:AAPL - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,454 shares of the iPhone maker's stock, valued at approximately $1,115,000. Apple accounts for 1.0% of Keystone Financial Services LLC's investment portfolio, making the stock its 20th largest position.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new stake in Apple during the fourth quarter valued at $46,868,648,000. Vanguard Group Inc. boosted its position in Apple by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock valued at $349,532,608,000 after acquiring an additional 49,168,843 shares during the last quarter. Proficio Capital Partners LLC boosted its position in Apple by 23,555.4% during the fourth quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock valued at $5,272,653,000 after acquiring an additional 20,966,232 shares during the last quarter. Northern Trust Corp boosted its position in Apple by 13.3% during the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after acquiring an additional 20,079,472 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Apple by 14.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker's stock valued at $26,220,566,000 after acquiring an additional 13,137,968 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Down 0.3%

NASDAQ AAPL traded down $0.56 during trading hours on Thursday, hitting $201.00. The company's stock had a trading volume of 50,634,151 shares, compared to its average volume of 53,383,626. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The company has a market capitalization of $3.00 trillion, a PE ratio of 31.31, a price-to-earnings-growth ratio of 2.25 and a beta of 1.22. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company's 50-day simple moving average is $202.44 and its two-hundred day simple moving average is $220.85.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company's revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter last year, the business posted $1.53 EPS. Research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

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.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a $0.26 dividend. This is a positive change from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 annualized dividend and a yield of 0.52%. Apple's dividend payout ratio (DPR) is 16.20%.

Insider Buying and Selling at Apple

In other Apple news, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the sale, the chief financial officer now owns 4,569 shares in the company, valued at approximately $941,214. This trade represents a 50.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 108,136 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the completion of the sale, the chief executive officer now owns 3,280,295 shares of the company's stock, valued at approximately $733,637,976.75. This trade represents a 3.19% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 191,507 shares of company stock worth $42,694,080. Insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on AAPL. TD Cowen cut their price target on shares of Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Morgan Stanley reaffirmed an "overweight" rating on shares of Apple in a research report on Friday, June 13th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Citigroup reissued a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. Finally, Jefferies Financial Group reissued an "underperform" rating and set a $170.62 price objective (up previously from $167.88) on shares of Apple in a research report on Friday, May 2nd. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $234.39.

Check Out Our Latest Analysis on Apple

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.

See Also

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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