Miller Financial Services LLC Acquires Shares of 19,787 Apple Inc. (NASDAQ:AAPL)

Miller Financial Services LLC bought a new stake in Apple Inc. (NASDAQ:AAPL - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 19,787 shares of the iPhone maker's stock, valued at approximately $4,955,000. Apple makes up 4.2% of Miller Financial Services LLC's investment portfolio, making the stock its 3rd biggest holding.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. SPX Gestao de Recursos Ltda boosted its stake in shares of Apple by 3,178.7% in the 4th quarter. SPX Gestao de Recursos Ltda now owns 10,000 shares of the iPhone maker's stock valued at $2,504,000 after purchasing an additional 9,695 shares in the last quarter. Global View Capital Management LLC bought a new position in Apple in the 4th quarter valued at approximately $1,584,000. Briaud Financial Planning Inc boosted its position in Apple by 59.9% in the fourth quarter. Briaud Financial Planning Inc now owns 10,321 shares of the iPhone maker's stock valued at $2,584,000 after buying an additional 3,865 shares in the last quarter. Sollinda Capital Management LLC grew its stake in shares of Apple by 92.4% during the fourth quarter. Sollinda Capital Management LLC now owns 16,766 shares of the iPhone maker's stock worth $4,198,000 after buying an additional 8,051 shares during the last quarter. Finally, Citizens Financial Group Inc. RI increased its holdings in shares of Apple by 5.4% during the fourth quarter. Citizens Financial Group Inc. RI now owns 893,366 shares of the iPhone maker's stock worth $223,717,000 after buying an additional 45,952 shares in the last quarter. Institutional investors own 67.73% of the company's stock.

Analyst Upgrades and Downgrades

AAPL has been the topic of several recent research reports. Jefferies Financial Group reissued an "underperform" rating and set a $170.62 price objective (up previously from $167.88) on shares of Apple in a report on Friday, May 2nd. DA Davidson lifted their price target on Apple from $230.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. The Goldman Sachs Group reduced their price target on Apple from $259.00 to $256.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. China Renaissance began coverage on shares of Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price objective for the company. Finally, UBS Group cut their target price on shares of Apple from $236.00 to $210.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 23rd. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $235.80.

Apple Stock Performance

Shares of Apple stock opened at $206.86 on Wednesday. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The business has a 50 day moving average price of $205.87 and a 200-day moving average price of $226.43. The company has a market cap of $3.09 trillion, a PE ratio of 32.83, a price-to-earnings-growth ratio of 2.44 and a beta of 1.27.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a return on equity of 160.83% and a net margin of 24.30%. Apple's quarterly revenue was up 5.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.53 EPS. Equities analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.50%. Apple's dividend payout ratio (DPR) is currently 16.20%.

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

Insider Transactions at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the sale, the insider now owns 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kevan Parekh sold 4,570 shares of the business's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the transaction, the chief financial officer now owns 4,569 shares in the company, 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 have sold 191,507 shares of company stock worth $42,694,080 in 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.

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