Morey & Quinn Wealth Partners LLC Makes New Investment in Apple Inc. (NASDAQ:AAPL)

Morey & Quinn Wealth Partners LLC bought a new position in Apple Inc. (NASDAQ:AAPL - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 30,107 shares of the iPhone maker's stock, valued at approximately $7,539,000. Apple comprises about 6.4% of Morey & Quinn Wealth Partners LLC's investment portfolio, making the stock its 3rd largest holding.

A number of other hedge funds have also recently added to or reduced their stakes in AAPL. State Street Corp boosted its position in Apple by 10.6% during the third quarter. State Street Corp now owns 584,010,284 shares of the iPhone maker's stock worth $136,074,372,000 after purchasing an additional 55,935,105 shares during the period. Vanguard Group Inc. grew its holdings in Apple by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock valued at $349,532,608,000 after purchasing an additional 49,168,843 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in Apple by 23,555.4% during the fourth quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock valued at $5,272,653,000 after purchasing an additional 20,966,232 shares during the last quarter. Geode Capital Management LLC grew its stake in Apple by 6.5% in the 3rd quarter. Geode Capital Management LLC now owns 333,857,500 shares of the iPhone maker's stock valued at $77,542,863,000 after buying an additional 20,483,787 shares during the last quarter. Finally, Strategic Financial Concepts LLC grew its stake in Apple by 25,285.2% in the 4th quarter. Strategic Financial Concepts LLC now owns 9,628,864 shares of the iPhone maker's stock valued at $2,411,260,000 after buying an additional 9,590,933 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Price Performance

Apple stock traded up $3.29 on Friday, reaching $203.92. The company's stock had a trading volume of 46,477,335 shares, compared to its average volume of 56,154,463. The business's fifty day moving average price is $201.17 and its 200 day moving average price is $224.12. The company has a market cap of $3.05 trillion, a price-to-earnings ratio of 32.37, a PEG ratio of 2.44 and a beta of 1.22. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10.

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, topping the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 160.83% and a net margin of 24.30%. The firm had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter in the prior year, the business earned $1.53 EPS. The business's revenue for the quarter was up 5.1% compared to the same quarter last year. Equities analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple declared that its board has authorized a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date was Monday, May 12th. 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 0.51%. Apple's dividend payout ratio is presently 16.20%.

Insider Activity

In other news, CFO Kevan Parekh sold 4,570 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the transaction, the chief financial officer now owns 4,569 shares of the company's stock, valued at approximately $941,214. This trade represents a 50.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the 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 transaction, the insider now owns 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 191,507 shares of company stock valued at $42,694,080. 0.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AAPL. Loop Capital lowered their target price on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Scotiabank downgraded Apple to a "market perform" rating in a research report on Friday, May 2nd. Rosenblatt Securities lowered Apple from a "buy" rating to a "neutral" rating and set a $217.00 target price on the stock. in a report on Friday, May 2nd. JPMorgan Chase & Co. lowered their target price on Apple from $270.00 to $245.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. 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 given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $235.02.

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.