Momentous Wealth Management Inc. Invests $2.93 Million in Apple Inc. (NASDAQ:AAPL)

Momentous Wealth Management Inc. acquired a new stake in Apple Inc. (NASDAQ:AAPL - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 11,695 shares of the iPhone maker's stock, valued at approximately $2,929,000. Apple comprises approximately 2.4% of Momentous Wealth Management Inc.'s investment portfolio, making the stock its 9th largest holding.

A number of other hedge funds have also added to or reduced their stakes in AAPL. Drystone LLC acquired a new position in shares of Apple during the 4th quarter worth approximately $25,000. Life Planning Partners Inc acquired a new position in shares of Apple during the 4th quarter worth approximately $47,000. SPX Gestao de Recursos Ltda bought a new position in Apple during the 3rd quarter worth $71,000. Teachers Insurance & Annuity Association of America acquired a new position in Apple in the third quarter valued at about $77,000. Finally, Pillar Financial Advisors LLC acquired a new stake in shares of Apple during the 4th quarter worth approximately $82,000. Institutional investors own 67.73% of the company's stock.

Apple Stock Up 1.6%

Shares of NASDAQ AAPL traded up $3.14 during mid-day trading on Friday, reaching $203.77. 23,305,778 shares of the company's stock traded hands, compared to its average volume of 55,992,980. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.88. The business has a 50-day simple moving average of $201.56 and a 200 day simple moving average of $224.35. The stock has a market cap of $3.04 trillion, a P/E ratio of 32.35, a PEG ratio of 2.44 and a beta of 1.22. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results 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 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 160.83% and a net margin of 24.30%. The company's quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.53 EPS. On average, analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This is a boost from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.51%. Apple's dividend payout ratio (DPR) is 16.20%.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on AAPL. Loop Capital lowered their price objective on shares of Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Maxim Group lifted their target price on Apple to $215.00 and gave the company a "hold" rating in a research report on Friday, February 21st. Monness Crespi & Hardt dropped their price objective on shares of Apple from $260.00 to $245.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. TD Cowen lowered their price target on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Finally, KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a report on Monday, April 14th. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Apple presently has a consensus rating of "Moderate Buy" and a consensus price target of $235.02.

Insider Activity

In other news, CEO Timothy D. Cook sold 108,136 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the transaction, the chief executive officer now directly owns 3,280,295 shares of the company's stock, valued at $733,637,976.75. This represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Jeffrey E. Williams sold 35,493 shares of Apple stock in a transaction 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 sale, the chief operating officer now owns 390,059 shares in the company, valued at $87,377,116.59. This trade represents a 8.34% 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 quarter. Insiders own 0.06% of the company's stock.

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.