Mascagni Wealth Management Inc. Invests $5.08 Million in Apple Inc. (NASDAQ:AAPL)

Mascagni Wealth Management Inc. acquired a new position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 20,273 shares of the iPhone maker's stock, valued at approximately $5,077,000. Apple comprises about 4.4% of Mascagni Wealth Management Inc.'s investment portfolio, making the stock its 2nd biggest position.

Several other hedge funds have also made changes to their positions in AAPL. Drystone LLC acquired a new position in Apple in the fourth quarter valued at $25,000. Life Planning Partners Inc acquired a new position in Apple in the fourth quarter valued at $47,000. Conquis Financial LLC acquired a new position in Apple in the fourth quarter valued at $63,000. LSV Asset Management acquired a new position in Apple in the fourth quarter valued at $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in Apple in the fourth quarter valued at $82,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Stock Up 0.2%

NASDAQ:AAPL opened at $201.50 on Tuesday. The company has a market capitalization of $3.01 trillion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 2.24 and a beta of 1.22. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The stock has a 50-day simple moving average of $202.33 and a 200 day simple moving average of $221.12. 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 quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The company's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the firm earned $1.53 earnings per share. Sell-side analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Increases Dividend

The business also recently announced 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 an increase from Apple's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Monday, May 12th. Apple's payout ratio is presently 16.20%.

Apple declared that its Board of Directors has initiated a stock buyback program on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AAPL. Jefferies Financial Group reiterated an "underperform" rating and issued a $170.62 target price (up previously from $167.88) on shares of Apple in a report on Friday, May 2nd. Citigroup reissued a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. Scotiabank lowered Apple to a "market perform" rating in a research report on Friday, May 2nd. Barclays cut their price objective on Apple from $197.00 to $173.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Finally, Tigress Financial raised their price objective on Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a research report on Thursday, April 3rd. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $234.86.

Insider Buying and Selling at Apple

In other Apple news, COO Jeffrey E. Williams sold 35,493 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $224.01, for a total value of $7,950,786.93. Following the completion of the transaction, the chief operating officer now directly owns 390,059 shares in the company, valued at $87,377,116.59. The trade was a 8.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 4,569 shares of the company's stock, valued at approximately $941,214. The trade was a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,507 shares of company stock worth $42,694,080 over the last ninety days. Company insiders own 0.06% of the company's stock.

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.

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.