Proffitt & Goodson Inc. Acquires 1,398 Shares of Apple Inc. $AAPL

Key Points

• Proffitt & Goodson Inc. increased its stake in Apple Inc. by 7.5% during the first quarter, holding 20,080 shares worth approximately $4.46 million.
• Apple reported a 9.6% year-over-year revenue growth for the recent quarter, generating $94.04 billion in revenue and surpassing analysts' estimates.
• The company announced a quarterly dividend of $0.26 per share, providing a dividend yield of 0.5% with a payout ratio of 15.78%.

Proffitt & Goodson Inc. grew its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,080 shares of the iPhone maker's stock after purchasing an additional 1,398 shares during the period. Apple comprises about 0.7% of Proffitt & Goodson Inc.'s portfolio, making the stock its 20th largest position. Proffitt & Goodson Inc.'s holdings in Apple were worth $4,460,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AAPL. Life Planning Partners Inc purchased a new position in shares of Apple in the 4th quarter worth about $47,000. Elite Financial Inc. bought a new stake in Apple in the first quarter worth about $58,000. Conquis Financial LLC purchased a new position in Apple in the fourth quarter valued at about $63,000. LSV Asset Management bought a new position in shares of Apple during the 4th quarter valued at approximately $65,000. Finally, Pillar Financial Advisors LLC bought a new position in shares of Apple during the 4th quarter valued at approximately $82,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AAPL has been the topic of a number of research reports. Jefferies Financial Group raised shares of Apple from an "underperform" rating to a "hold" rating in a report on Friday, July 18th. UBS Group raised their target price on Apple from $210.00 to $220.00 and gave the stock a "neutral" rating in a research report on Friday, August 1st. Citigroup increased their price target on Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Morgan Stanley boosted their price objective on Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, TD Cowen cut their target price on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Apple currently has a consensus rating of "Moderate Buy" and an average price target of $237.98.

Apple Trading Up 1.3%

Shares of NASDAQ:AAPL traded up $2.86 on Friday, reaching $227.76. 42,431,176 shares of the company traded hands, compared to its average volume of 61,854,304. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The business's 50-day simple moving average is $212.52 and its 200 day simple moving average is $212.96. The stock has a market capitalization of $3.38 trillion, a P/E ratio of 34.56, a price-to-earnings-growth ratio of 2.38 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 for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business's quarterly revenue was up 9.6% compared to the same quarter last year. During the same period last year, the company earned $1.40 EPS. As a group, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were given a dividend of $0.26 per share. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. Apple's payout ratio is currently 15.78%.

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

Insider Buying and Selling

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.06% of the stock is owned by company insiders.

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.