Palumbo Wealth Management LLC Has $11.66 Million Stake in Apple Inc. (NASDAQ:AAPL)

Key Points

• Palumbo Wealth Management LLC increased its stake in Apple Inc. by 16.3%, owning 52,467 shares valued at approximately $11.65 million, making it the firm's fourth largest holding.
• Apple reported a 9.6% increase in quarterly revenue, reaching $94.04 billion, and surpassed earnings expectations with $1.57 earnings per share.
• The company has approved a $100 billion share repurchase program, indicating management's belief that the stock is undervalued.

Palumbo Wealth Management LLC grew its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 16.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,467 shares of the iPhone maker's stock after purchasing an additional 7,341 shares during the quarter. Apple comprises about 3.9% of Palumbo Wealth Management LLC's portfolio, making the stock its 4th biggest holding. Palumbo Wealth Management LLC's holdings in Apple were worth $11,655,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Friday Financial boosted its stake in shares of Apple by 232.2% in the first quarter. Friday Financial now owns 16,902 shares of the iPhone maker's stock valued at $3,784,000 after buying an additional 11,814 shares during the period. Jericho Financial LLP raised its position in Apple by 2.4% during the first quarter. Jericho Financial LLP now owns 31,297 shares of the iPhone maker's stock valued at $6,952,000 after purchasing an additional 719 shares in the last quarter. Ridgecrest Wealth Partners LLC raised its position in Apple by 2.1% during the first quarter. Ridgecrest Wealth Partners LLC now owns 107,051 shares of the iPhone maker's stock valued at $23,779,000 after purchasing an additional 2,214 shares in the last quarter. Crumly & Associates Inc. raised its position in Apple by 1.0% during the first quarter. Crumly & Associates Inc. now owns 19,609 shares of the iPhone maker's stock valued at $4,356,000 after purchasing an additional 186 shares in the last quarter. Finally, Kennedy Investment Group raised its position in Apple by 0.5% during the first quarter. Kennedy Investment Group now owns 73,040 shares of the iPhone maker's stock valued at $16,224,000 after purchasing an additional 395 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Insider Activity

In other news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction 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 sale, the insider directly owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.06% of the company's stock.

Apple Price Performance

NASDAQ:AAPL traded down $5.19 during trading hours on Friday, hitting $202.38. The stock had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. The company has a 50 day simple moving average of $205.37 and a two-hundred day simple moving average of $213.60. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The firm has a market capitalization of $3.02 trillion, a price-to-earnings ratio of 30.71, a P/E/G ratio of 2.22 and a beta of 1.17.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 172.48%. The firm had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. During the same period last year, the firm earned $1.40 EPS. The business's quarterly revenue was up 9.6% compared to the same quarter last year. Research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

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

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Monday, August 11th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple's payout ratio is currently 15.78%.

Analyst Ratings Changes

Several research analysts have commented on AAPL shares. Scotiabank downgraded shares of Apple to a "market perform" rating in a research report on Friday, May 2nd. DA Davidson reiterated a "buy" rating and set a $250.00 price target on shares of Apple in a report on Friday. China Renaissance began coverage on shares of Apple in a report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price target for the company. Jefferies Financial Group upgraded shares of Apple from an "underperform" rating to a "hold" rating in a report on Friday, July 18th. Finally, Bank of America upped their price target on shares of Apple from $235.00 to $240.00 and gave the stock a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $237.25.

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.