Apple Inc. $AAPL Stock Position Raised by Red Door Wealth Management LLC

Key Points

• Red Door Wealth Management LLC increased its stake in Apple Inc. by 4.1%, purchasing an additional 5,606 shares, which now represents about 4.7% of its investment portfolio, valued at $31.65 million.
• Apple's recent quarterly earnings report revealed an EPS of $1.57, exceeding analysts' expectations by $0.14, with revenues of $94.04 billion, a 9.6% increase year-over-year.
• The company also announced a share buyback plan worth $100 billion, signifying confidence in the stock's value, along with a quarterly dividend of $0.26 per share.

Red Door Wealth Management LLC raised its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 142,495 shares of the iPhone maker's stock after purchasing an additional 5,606 shares during the period. Apple accounts for approximately 4.7% of Red Door Wealth Management LLC's investment portfolio, making the stock its 2nd biggest position. Red Door Wealth Management LLC's holdings in Apple were worth $31,652,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Rochester Wealth Strategies LLC acquired a new stake in shares of Apple during the first quarter worth $369,000. Insight Inv LLC grew its holdings in Apple by 120.9% during the 1st quarter. Insight Inv LLC now owns 68,735 shares of the iPhone maker's stock worth $15,268,000 after acquiring an additional 37,617 shares during the period. Nicholson Meyer Capital Management Inc. acquired a new stake in Apple during the 1st quarter worth about $2,434,000. Nabity Jensen Investment Management Inc lifted its stake in shares of Apple by 1.0% in the 1st quarter. Nabity Jensen Investment Management Inc now owns 16,613 shares of the iPhone maker's stock valued at $3,690,000 after purchasing an additional 169 shares during the period. Finally, Argent Advisors Inc. boosted its position in shares of Apple by 18.7% during the 1st quarter. Argent Advisors Inc. now owns 32,600 shares of the iPhone maker's stock valued at $7,242,000 after purchasing an additional 5,145 shares in the last quarter. Institutional investors own 67.73% of the company's stock.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the transaction, the senior vice president directly owned 136,687 shares of the company's stock, valued at $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is owned by corporate insiders.

Apple Stock Performance

AAPL traded down $0.13 on Tuesday, hitting $230.76. The company's stock had a trading volume of 8,640,402 shares, compared to its average volume of 57,554,328. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The firm has a market cap of $3.42 trillion, a P/E ratio of 35.07, a price-to-earnings-growth ratio of 2.42 and a beta of 1.16. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The company's 50 day simple moving average is $210.28 and its 200-day simple moving average is $212.94.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%. The company had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. During the same period in the previous year, the business earned $1.40 earnings per share. The firm's quarterly revenue was up 9.6% compared to the same quarter last year. Analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple announced that its board has initiated a stock buyback plan on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Apple Dividend Announcement

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

Analyst Upgrades and Downgrades

AAPL has been the topic of several recent analyst reports. Bank of America boosted their price target on Apple from $240.00 to $250.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. UBS Group boosted their target price on shares of Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Scotiabank cut shares of Apple to a "market perform" rating in a report on Friday, May 2nd. Loop Capital cut their price objective on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research report on Wednesday, April 30th. Finally, Citigroup raised their target price on Apple from $240.00 to $245.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $237.60.

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.