Oak Wealth Advisors LLC Raises Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Key Points

• Oak Wealth Advisors LLC increased its stake in Apple Inc. by 36.0%, holding 5,243 shares valued at approximately $1.17 million.
• Apple reported a 9.6% increase in revenue year-over-year, achieving $94.04 billion for the quarter and exceeding the consensus estimate.
• The company announced a quarterly dividend of $0.26 per share, with an annualized dividend yield of 0.5%, and a share repurchase program allowing for the buyback of up to $100 billion in shares.

Oak Wealth Advisors LLC lifted its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 36.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,243 shares of the iPhone maker's stock after buying an additional 1,388 shares during the period. Apple comprises about 0.9% of Oak Wealth Advisors LLC's holdings, making the stock its 17th largest position. Oak Wealth Advisors LLC's holdings in Apple were worth $1,165,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of AAPL. Vanguard Group Inc. raised its stake in shares of Apple by 3.7% in 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 buying an additional 49,168,843 shares during the period. Geode Capital Management LLC raised its stake in shares of Apple by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker's stock valued at $84,999,145,000 after buying an additional 6,307,413 shares during the period. Norges Bank bought a new stake in shares of Apple in the fourth quarter valued at $46,868,648,000. Northern Trust Corp lifted its holdings in Apple by 13.3% during the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after purchasing an additional 20,079,472 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Apple by 14.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker's stock worth $26,220,566,000 after purchasing an additional 13,137,968 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Trading Up 1.1%

AAPL stock traded up $2.55 during midday trading on Tuesday, reaching $229.73. 13,597,562 shares of the company traded hands, compared to its average volume of 57,717,828. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The business has a 50 day moving average of $207.35 and a 200-day moving average of $213.10. The firm has a market capitalization of $3.41 trillion, a price-to-earnings ratio of 34.89, a P/E/G ratio of 2.40 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%. The business had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. During the same period in the prior year, the business posted $1.40 earnings per share. The company's quarterly revenue was up 9.6% compared to the same quarter last year. As a group, sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Monday, August 11th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, August 11th. Apple's dividend payout ratio is presently 15.78%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on AAPL shares. UBS Group raised their price target on Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a report on Friday, August 1st. KeyCorp upgraded Apple from an "underweight" rating to a "sector weight" rating in a research report on Monday, April 14th. The Goldman Sachs Group reiterated a "buy" rating on shares of Apple in a report on Wednesday, May 21st. Evercore ISI raised their target price on Apple to $250.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Morgan Stanley raised their target price on Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Apple currently has an average rating of "Moderate Buy" and a consensus target price of $237.60.

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.