Pinion Investment Advisors LLC Has $6.79 Million Position in Apple Inc. (NASDAQ:AAPL)

Pinion Investment Advisors LLC increased its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 98.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,586 shares of the iPhone maker's stock after purchasing an additional 15,205 shares during the quarter. Apple accounts for approximately 1.5% of Pinion Investment Advisors LLC's portfolio, making the stock its 12th biggest position. Pinion Investment Advisors LLC's holdings in Apple were worth $6,794,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Apple by 3.7% in the 4th 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 in the last quarter. Geode Capital Management LLC grew its stake in Apple by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker's stock worth $84,999,145,000 after buying an additional 6,307,413 shares during the last quarter. Norges Bank purchased a new position in Apple during the 4th quarter worth approximately $46,868,648,000. Northern Trust Corp grew its stake 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 buying an additional 20,079,472 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position 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 acquiring an additional 13,137,968 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Citigroup reissued a "buy" rating on shares of Apple in a report on Tuesday, June 10th. Monness Crespi & Hardt boosted their target price on Apple to $245.00 and gave the company a "buy" rating in a report on Tuesday, June 10th. Wedbush restated an "outperform" rating and issued a $270.00 price objective on shares of Apple in a research report on Wednesday, July 9th. Loop Capital cut their target price on Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Finally, Morgan Stanley reissued an "overweight" rating on shares of Apple in a research note on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Apple currently has a consensus rating of "Moderate Buy" and a consensus price target of $235.11.

Insider Buying and Selling

In other news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the sale, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is owned by corporate insiders.

Apple Trading Down 0.1%

AAPL traded down $0.25 during trading on Wednesday, hitting $214.15. The company's stock had a trading volume of 46,876,618 shares, compared to its average volume of 53,159,595. The firm's 50 day moving average price is $204.67 and its 200-day moving average price is $215.18. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. The stock has a market cap of $3.20 trillion, a PE ratio of 33.36, a PEG ratio of 2.40 and a beta of 1.20. 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 issued its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion for 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%. The business's quarterly revenue was up 5.1% on a year-over-year basis. During the same period last year, the company posted $1.53 EPS. On average, analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a dividend of $0.26 per share. This is a boost from Apple's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Monday, May 12th. Apple's payout ratio is presently 16.20%.

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

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.