Prevail Innovative Wealth Advisors LLC Increases Stake in Apple Inc. (NASDAQ:AAPL)

Prevail Innovative Wealth Advisors LLC increased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 219.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 23,791 shares of the iPhone maker's stock after purchasing an additional 16,345 shares during the quarter. Apple makes up 1.7% of Prevail Innovative Wealth Advisors LLC's holdings, making the stock its 13th largest position. Prevail Innovative Wealth Advisors LLC's holdings in Apple were worth $5,958,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the company. OneAscent Wealth Management LLC raised its holdings in Apple by 4.6% in the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after acquiring an additional 409 shares during the period. Allstate Corp grew its position in shares of Apple by 3,368.2% during the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock worth $113,062,000 after purchasing an additional 438,471 shares in the last quarter. Vinva Investment Management Ltd boosted its position in shares of Apple by 12.4% during the 4th quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker's stock worth $192,700,000 after acquiring an additional 83,997 shares in the last quarter. Safe Harbor Fiduciary LLC acquired a new stake in shares of Apple during the 3rd quarter worth approximately $4,972,000. Finally, SYM FINANCIAL Corp boosted its position in shares of Apple by 6.3% during the 3rd quarter. SYM FINANCIAL Corp now owns 28,626 shares of the iPhone maker's stock worth $6,670,000 after acquiring an additional 1,695 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Apple Stock Performance

AAPL stock traded down $3.89 during mid-day trading on Wednesday, hitting $198.78. The company had a trading volume of 60,780,621 shares, compared to its average volume of 55,606,411. The firm has a market cap of $2.97 trillion, a PE ratio of 31.55, a price-to-earnings-growth ratio of 2.44 and a beta of 1.22. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The stock's fifty day moving average price is $200.71 and its two-hundred day moving average price is $223.77.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS 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 net margin of 24.30% and a return on equity of 160.83%. The company's revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.53 earnings per share. On average, analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple declared that its board has approved a share buyback program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a $0.26 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.52%. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is 16.20%.

Insider Activity

In other Apple news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Timothy D. Cook sold 108,136 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the completion of the transaction, the chief executive officer now directly owns 3,280,295 shares of the company's stock, valued at approximately $733,637,976.75. This represents a 3.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,507 shares of company stock valued at $42,694,080 over the last quarter. Company insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AAPL. Evercore ISI increased their price objective on shares of Apple to $250.00 and gave the company a "buy" rating in a research note on Friday, June 6th. JPMorgan Chase & Co. dropped their price target on shares of Apple from $270.00 to $245.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. Monness Crespi & Hardt lifted their target price on shares of Apple to $245.00 and gave the stock a "buy" rating in a research note on Tuesday. China Renaissance started coverage on shares of Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target for the company. Finally, DA Davidson raised their price target on shares of Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $234.86.

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.