Mystic Asset Management Inc. Has $28.37 Million Position in Apple Inc. (NASDAQ:AAPL)

Mystic Asset Management Inc. boosted its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 123.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 113,299 shares of the iPhone maker's stock after acquiring an additional 62,573 shares during the period. Apple makes up approximately 7.6% of Mystic Asset Management Inc.'s investment portfolio, making the stock its largest holding. Mystic Asset Management Inc.'s holdings in Apple were worth $28,372,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Joseph Group Capital Management lifted its holdings in shares of Apple by 18.6% in the third quarter. Joseph Group Capital Management now owns 17,435 shares of the iPhone maker's stock valued at $4,062,000 after purchasing an additional 2,733 shares in the last quarter. EnRich Financial Partners LLC lifted its holdings in shares of Apple by 0.7% in the third quarter. EnRich Financial Partners LLC now owns 9,356 shares of the iPhone maker's stock valued at $2,180,000 after purchasing an additional 66 shares in the last quarter. Aviance Capital Partners LLC lifted its holdings in shares of Apple by 0.5% in the third quarter. Aviance Capital Partners LLC now owns 265,834 shares of the iPhone maker's stock valued at $61,943,000 after purchasing an additional 1,251 shares in the last quarter. Lindenwold Advisors INC increased its position in shares of Apple by 1.1% in the third quarter. Lindenwold Advisors INC now owns 41,244 shares of the iPhone maker's stock valued at $9,610,000 after acquiring an additional 431 shares during the last quarter. Finally, Amara Financial LLC. acquired a new stake in shares of Apple in the third quarter valued at about $288,000. 67.73% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Kevan Parekh sold 4,570 shares of the 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 now owns 4,569 shares of the company's stock, valued at $941,214. This represents a 50.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction on 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 now owns 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% 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 valued at $42,694,080 over the last 90 days. 0.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AAPL. 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. Scotiabank downgraded Apple to a "market perform" rating in a research report on Friday, May 2nd. Redburn Partners set a $230.00 target price on Apple in a research report on Friday, January 31st. Argus raised Apple to a "strong-buy" rating in a research report on Friday, January 31st. Finally, DA Davidson lifted their target price on Apple from $230.00 to $250.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $235.80.

Apple Stock Performance

Shares of Apple stock traded down $0.94 on Friday, hitting $199.01. The stock had a trading volume of 70,744,759 shares, compared to its average volume of 56,229,633. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The business's 50 day moving average is $203.10 and its two-hundred day moving average is $225.02. 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 stock has a market cap of $2.97 trillion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 2.44 and a beta of 1.27.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion for 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 firm's revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.53 earnings per share. Analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple declared that its Board of Directors has approved a share buyback plan 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 stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is currently 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.