Main Street Research LLC increased its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 0.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 369,578 shares of the iPhone maker's stock after purchasing an additional 2,234 shares during the period. Apple makes up 5.8% of Main Street Research LLC's portfolio, making the stock its biggest position. Main Street Research LLC's holdings in Apple were worth $92,550,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Rebalance LLC boosted its stake in shares of Apple by 2.3% in the 4th quarter. Rebalance LLC now owns 11,179 shares of the iPhone maker's stock valued at $2,800,000 after purchasing an additional 256 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Apple by 4.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,363,902 shares of the iPhone maker's stock valued at $2,094,488,000 after purchasing an additional 323,988 shares during the last quarter. Bell Investment Advisors Inc boosted its position in Apple by 0.3% in the fourth quarter. Bell Investment Advisors Inc now owns 28,020 shares of the iPhone maker's stock valued at $7,017,000 after buying an additional 79 shares in the last quarter. SLT Holdings LLC bought a new stake in Apple during the fourth quarter worth about $9,062,000. Finally, Enterprise Financial Services Corp grew its stake in Apple by 0.6% during the fourth quarter. Enterprise Financial Services Corp now owns 46,026 shares of the iPhone maker's stock worth $11,526,000 after buying an additional 260 shares during the last quarter. Institutional investors own 67.73% of the company's stock.
Apple Stock Down 2.3%
AAPL traded down $4.77 during trading on Wednesday, hitting $202.09. The company had a trading volume of 59,113,086 shares, compared to its average volume of 55,963,045. The company has a market capitalization of $3.02 trillion, a PE ratio of 32.08, a PEG ratio of 2.44 and a beta of 1.27. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The firm's 50-day moving average price is $205.87 and its 200 day moving average price is $226.43.
Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. Apple had a return on equity of 160.83% and a net margin of 24.30%. Apple's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.53 earnings per share. As a group, equities analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.
Apple Increases Dividend
The firm also recently declared 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. This represents a $1.04 annualized dividend and a yield of 0.51%. The ex-dividend date was Monday, May 12th. Apple's payout ratio is presently 16.20%.
Apple declared that its board has approved a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of research firms have recently issued reports on AAPL. JPMorgan Chase & Co. cut their target price on shares of Apple from $270.00 to $245.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. China Renaissance began coverage on Apple in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price objective for the company. Scotiabank cut Apple to a "market perform" rating in a report on Friday, May 2nd. Barclays lowered their target price on Apple from $197.00 to $173.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $225.00 price target on shares of Apple in a research report on Friday, May 2nd. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $235.80.
View Our Latest Research Report on AAPL
Insider Transactions at Apple
In other news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Katherine L. Adams sold 38,822 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $223.67, for a total value of $8,683,316.74. Following the completion of the sale, the senior vice president now owns 179,158 shares in the company, valued at approximately $40,072,269.86. This trade represents a 17.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,507 shares of company stock worth $42,694,080 in the last three months. Insiders own 0.06% of the company's stock.
Apple Company Profile
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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.
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