Madrona Financial Services LLC Has $7.98 Million Stock Position in Apple Inc. $AAPL

Key Points

• Madrona Financial Services LLC increased its ownership in Apple Inc. by 3.7% during the second quarter, holding 38,885 shares worth approximately $7.98 million, making it the fund's 15th largest position.
• Apple reported earnings of $1.57 per share for the last quarter, exceeding analysts' expectations, and recorded revenues of $94.04 billion, an increase of 9.6% year-over-year.
• In addition to financial performance, Apple declared a quarterly dividend of $0.26 per share, resulting in an annualized dividend yield of 0.4%.

Madrona Financial Services LLC boosted its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 38,885 shares of the iPhone maker's stock after purchasing an additional 1,388 shares during the period. Apple comprises 1.9% of Madrona Financial Services LLC's holdings, making the stock its 15th largest position. Madrona Financial Services LLC's holdings in Apple were worth $7,978,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the company. Ryan Investment Management Inc. acquired a new stake in Apple during the second quarter worth approximately $31,000. ROSS JOHNSON & Associates LLC lifted its position in Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock worth $42,000 after acquiring an additional 180 shares during the last quarter. Elite Financial Inc. acquired a new stake in Apple during the first quarter worth approximately $58,000. LSV Asset Management acquired a new stake in Apple during the fourth quarter worth approximately $65,000. Finally, HFM Investment Advisors LLC acquired a new stake in Apple during the first quarter worth approximately $99,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Performance

NASDAQ AAPL opened at $262.24 on Tuesday. The firm's fifty day moving average price is $241.83 and its two-hundred day moving average price is $217.42. The stock has a market cap of $3.89 trillion, a PE ratio of 39.79, a PEG ratio of 2.46 and a beta of 1.09. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $264.38. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company's revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.40 earnings per share. On average, equities analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple's payout ratio is presently 15.78%.

Insider Activity at Apple

In other news, SVP Deirdre O'brien sold 43,013 shares of Apple stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the transaction, the senior vice president owned 136,687 shares in the company, valued at approximately $35,181,866.93. The trade was a 23.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevan Parekh sold 4,199 shares of the business's stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $247.39, for a total transaction of $1,038,790.61. Following the completion of the sale, the chief financial officer directly owned 8,765 shares in the company, valued at approximately $2,168,373.35. This represents a 32.39% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 259,121 shares of company stock worth $65,358,981. Corporate insiders own 0.06% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Apple in a report on Wednesday, October 8th. Tigress Financial raised their target price on shares of Apple from $300.00 to $305.00 and gave the stock a "strong-buy" rating in a report on Wednesday, September 17th. Seaport Res Ptn raised shares of Apple to a "strong-buy" rating in a report on Wednesday, October 1st. HSBC set a $220.00 target price on shares of Apple and gave the stock a "hold" rating in a report on Monday, September 8th. Finally, Moffett Nathanson raised shares of Apple from a "sell" rating to a "neutral" rating and set a $225.00 target price on the stock in a report on Thursday, September 4th. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Apple has a consensus rating of "Moderate Buy" and a consensus target price of $251.47.

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.

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