New Millennium Group LLC Grows Holdings in Apple Inc. (NASDAQ:AAPL)

New Millennium Group LLC lifted its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 57,673 shares of the iPhone maker's stock after purchasing an additional 1,816 shares during the period. Apple comprises 8.4% of New Millennium Group LLC's investment portfolio, making the stock its 3rd largest holding. New Millennium Group LLC's holdings in Apple were worth $12,811,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in AAPL. Smith Salley Wealth Management lifted its stake in shares of Apple by 1.1% in the first quarter. Smith Salley Wealth Management now owns 398,461 shares of the iPhone maker's stock worth $88,510,000 after acquiring an additional 4,509 shares during the period. Saxon Interests Inc. lifted its stake in shares of Apple by 2.0% in the first quarter. Saxon Interests Inc. now owns 44,286 shares of the iPhone maker's stock worth $9,837,000 after acquiring an additional 882 shares during the period. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Apple in the first quarter worth approximately $3,453,000. Keystone Financial Services LLC lifted its stake in shares of Apple by 29.2% in the first quarter. Keystone Financial Services LLC now owns 5,754 shares of the iPhone maker's stock worth $1,278,000 after acquiring an additional 1,300 shares during the period. Finally, Koshinski Asset Management Inc. lifted its stake in shares of Apple by 2.2% in the first quarter. Koshinski Asset Management Inc. now owns 165,133 shares of the iPhone maker's stock worth $36,635,000 after acquiring an additional 3,556 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Tigress Financial lifted their price objective on Apple from $295.00 to $300.00 and gave the stock a "strong-buy" rating in a research note on Thursday, April 3rd. Scotiabank lowered Apple to a "market perform" rating in a research note on Friday, May 2nd. Needham & Company LLC restated a "hold" rating on shares of Apple in a report on Tuesday, June 10th. Bank of America restated a "buy" rating and set a $235.00 price target on shares of Apple in a report on Tuesday, June 10th. Finally, Raymond James Financial cut their price target on Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $235.27.

Apple Trading Down 0.6%

NASDAQ AAPL opened at $211.16 on Monday. The firm has a market capitalization of $3.15 trillion, a P/E ratio of 32.89, a PEG ratio of 2.36 and a beta of 1.20. The business has a fifty day simple moving average of $203.39 and a 200 day simple moving average of $216.83. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18.

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 167.24% 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. On average, analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

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

Apple declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Apple news, 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 completion of the transaction, the insider owned 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the transaction, the chief financial officer owned 4,569 shares of the company's stock, valued at $941,214. This trade represents a 50.01% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

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.

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