McNamara Financial Services Inc. Has $1.33 Million Stock Position in Apple Inc. (NASDAQ:AAPL)

McNamara Financial Services Inc. raised its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 38.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,002 shares of the iPhone maker's stock after acquiring an additional 1,673 shares during the quarter. Apple comprises approximately 0.3% of McNamara Financial Services Inc.'s investment portfolio, making the stock its 28th biggest holding. McNamara Financial Services Inc.'s holdings in Apple were worth $1,333,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AAPL. Norges Bank acquired a new stake in Apple in the 4th quarter valued at about $46,868,648,000. GAMMA Investing LLC increased its position in Apple by 25,934.1% in the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after acquiring an additional 59,835,676 shares in the last quarter. Vanguard Group Inc. increased its position in Apple by 3.7% in the 4th 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 in the last quarter. Proficio Capital Partners LLC increased its position in Apple by 23,555.4% in the 4th 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 in the last quarter. Finally, Northern Trust Corp increased its position in Apple by 13.3% in the 4th 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 in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on AAPL shares. Needham & Company LLC restated a "hold" rating on shares of Apple in a research report on Tuesday, June 10th. Citigroup reiterated a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. Wedbush reiterated an "outperform" rating and set a $270.00 price target on shares of Apple in a research report on Tuesday, June 10th. China Renaissance started coverage on shares of Apple in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 target price for the company. Finally, Tigress Financial boosted their price target on shares of Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a report on Thursday, April 3rd. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $234.95.

Insider Buying and Selling

In other news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction that occurred on 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 owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer directly owned 4,569 shares of the company's stock, valued at approximately $941,214. This trade represents a 50.01% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

Apple Stock Performance

NASDAQ AAPL traded up $0.92 during trading on Friday, reaching $213.36. The company's stock had a trading volume of 34,955,836 shares, compared to its average volume of 53,618,682. 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 firm has a market capitalization of $3.19 trillion, a price-to-earnings ratio of 33.23, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The firm has a 50 day moving average price of $203.35 and a 200 day moving average price of $218.86.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion during 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 167.24%. The business's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.53 EPS. As a group, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Increases Dividend

The company 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, May 12th. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is 16.20%.

Apple declared that its board has initiated a share 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 repurchase up to 3.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

About Apple

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.