McNamara Financial Services Inc. Grows Position in Apple Inc. (NASDAQ:AAPL)

McNamara Financial Services Inc. raised its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 38.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,002 shares of the iPhone maker's stock after buying an additional 1,673 shares during the quarter. Apple accounts for 0.3% of McNamara Financial Services Inc.'s investment portfolio, making the stock its 28th largest holding. McNamara Financial Services Inc.'s holdings in Apple were worth $1,333,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Drystone LLC acquired a new position in shares of Apple during the fourth quarter worth approximately $25,000. Life Planning Partners Inc acquired a new position in shares of Apple during the fourth quarter worth approximately $47,000. Conquis Financial LLC acquired a new position in shares of Apple during the fourth quarter worth approximately $63,000. LSV Asset Management acquired a new position in shares of Apple during the fourth quarter worth approximately $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in shares of Apple during the fourth quarter worth approximately $82,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Apple

In related news, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction dated 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 owned 4,569 shares of the company's stock, valued at approximately $941,214. This represents a 50.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the sale, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AAPL. Monness Crespi & Hardt upped their target price on Apple to $245.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Needham & Company LLC reaffirmed 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 report on Tuesday, June 10th. Scotiabank downgraded Apple to a "market perform" rating in a report on Friday, May 2nd. Finally, KeyCorp upgraded Apple from an "underweight" rating to a "sector weight" rating in a report on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $234.95.

Apple Stock Performance

Shares of AAPL stock traded up $0.92 on Friday, hitting $213.36. 34,955,836 shares of the stock were exchanged, compared to its average volume of 53,594,994. 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 PE ratio of 33.23, a P/E/G ratio of 2.38 and a beta of 1.20. 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 is $203.35 and its two-hundred day moving average is $218.66.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results 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 the consensus estimate of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The firm's quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.53 EPS. Sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has initiated a share repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its stock is undervalued.

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 paid a dividend of $0.26 per share. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. Apple's dividend payout ratio is presently 16.20%.

Apple 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.