Rappaport Reiches Capital Management LLC Has $23.61 Million Stake in Apple Inc. (NASDAQ:AAPL)

Key Points

• Rappaport Reiches Capital Management LLC increased its stake in Apple Inc. by 1.2%, now holding a total of 106,293 shares valued at approximately $23.6 million, making it the company's 5th largest position.
• Several institutional investors, including Advanced Portfolio Management and Family Capital Management, also raised their positions in Apple, reflecting a trend of increased institutional ownership in the company.
• Analysts maintain a consensus rating of "Moderate Buy" for Apple's stock, with target prices ranging from $235 to $270 from various firms, highlighting a positive outlook despite mixed analyst ratings.

Rappaport Reiches Capital Management LLC boosted its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 106,293 shares of the iPhone maker's stock after purchasing an additional 1,248 shares during the period. Apple comprises 5.9% of Rappaport Reiches Capital Management LLC's investment portfolio, making the stock its 5th biggest position. Rappaport Reiches Capital Management LLC's holdings in Apple were worth $23,611,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Conquis Financial LLC acquired a new position in shares of Apple during the fourth quarter worth about $63,000. LSV Asset Management bought a new stake in Apple in the fourth quarter valued at about $65,000. Pillar Financial Advisors LLC bought a new position in shares of Apple during the fourth quarter valued at approximately $82,000. Compass Planning Associates Inc acquired a new stake in Apple in the fourth quarter worth approximately $96,000. Finally, Collier Financial acquired a new stake in Apple in the fourth quarter worth approximately $140,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Price Performance

Shares of Apple stock traded down $5.19 on Friday, hitting $202.38. 97,423,066 shares of the company traded hands, compared to its average volume of 44,912,472. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The company has a market cap of $3.02 trillion, a P/E ratio of 30.71, a P/E/G ratio of 2.28 and a beta of 1.17. The firm's 50-day simple moving average is $205.22 and its 200 day simple moving average is $213.98. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping 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 business had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same period in the prior year, the business earned $1.40 EPS. The company's revenue for the quarter was up 9.6% on a year-over-year basis. Analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The business 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 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 dividend payout ratio (DPR) is presently 16.20%.

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on AAPL. China Renaissance began coverage on Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target on the stock. Bank of America boosted their target price on shares of Apple from $235.00 to $240.00 and gave the company a "buy" rating in a research note on Friday. Wedbush reissued an "outperform" rating and set a $270.00 target price on shares of Apple in a research note on Wednesday. Jefferies Financial Group raised shares of Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Finally, KeyCorp raised shares of Apple from an "underweight" rating to a "sector weight" rating in a research note on Monday, April 14th. Two 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 stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $237.25.

Insider Activity

In other Apple news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction that occurred 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 transaction, the insider owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is currently owned by insiders.

About Apple

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.