King Wealth Management Group increased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 9.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 136,570 shares of the iPhone maker's stock after purchasing an additional 12,210 shares during the quarter. Apple makes up 5.0% of King Wealth Management Group's portfolio, making the stock its 4th largest holding. King Wealth Management Group's holdings in Apple were worth $34,200,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of AAPL. May Barnhard Investments LLC acquired a new position in shares of Apple during the 4th quarter worth about $2,172,000. Atala Financial Inc acquired a new stake in shares of Apple in the 4th quarter valued at approximately $4,383,000. LBP AM SA raised its stake in Apple by 7.9% in the 4th quarter. LBP AM SA now owns 971,086 shares of the iPhone maker's stock valued at $243,179,000 after acquiring an additional 71,092 shares during the period. Integras Partners LLC bought a new stake in Apple in the 4th quarter valued at $890,000. Finally, RPg Family Wealth Advisory LLC increased its position in Apple by 4.2% during the 4th quarter. RPg Family Wealth Advisory LLC now owns 48,876 shares of the iPhone maker's stock worth $12,240,000 after buying an additional 1,952 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
AAPL has been the topic of a number of recent analyst reports. Tigress Financial raised their price target on Apple from $295.00 to $300.00 and gave the stock a "strong-buy" rating in a research report on Thursday, April 3rd. Raymond James dropped their price target on Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Citigroup restated a "cautious" rating on shares of Apple in a report on Monday, May 5th. UBS Group decreased their price target on Apple from $236.00 to $210.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. Finally, Loop Capital dropped their price target on Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $235.80.
View Our Latest Research Report on Apple
Insider Activity
In other Apple news, CEO Timothy D. Cook sold 108,136 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the sale, the chief executive officer now directly owns 3,280,295 shares in the company, valued at $733,637,976.75. This trade represents a 3.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Chris Kondo sold 4,486 shares of the company's 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 completion of the sale, the insider now directly owns 15,533 shares in the company, 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. In the last 90 days, insiders have sold 191,507 shares of company stock worth $42,694,080. 0.06% of the stock is owned by corporate insiders.
Apple Stock Down 3.0%
AAPL stock opened at $195.27 on Friday. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The company has a market cap of $2.92 trillion, a price-to-earnings ratio of 31.00, a PEG ratio of 2.44 and a beta of 1.27. The company has a 50 day moving average of $205.04 and a two-hundred day moving average of $225.92.
Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. The business had revenue of $95.36 billion for 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 160.83%. Apple's revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.53 EPS. On average, equities analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.53%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is currently 16.20%.
Apple declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.
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
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