Rialto Wealth Management LLC bought a new stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 15,363 shares of the iPhone maker's stock, valued at approximately $3,847,000. Apple makes up about 1.3% of Rialto Wealth Management LLC's holdings, making the stock its 20th largest position.
Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its stake in Apple by 10.6% in the 3rd quarter. State Street Corp now owns 584,010,284 shares of the iPhone maker's stock valued at $136,074,372,000 after buying an additional 55,935,105 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of Apple by 23,555.4% in the fourth quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock valued at $5,272,653,000 after buying an additional 20,966,232 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Apple by 6.5% in the third quarter. Geode Capital Management LLC now owns 333,857,500 shares of the iPhone maker's stock worth $77,542,863,000 after buying an additional 20,483,787 shares in the last quarter. FMR LLC grew its stake in Apple by 5.3% during the 3rd quarter. FMR LLC now owns 363,859,362 shares of the iPhone maker's stock valued at $84,779,231,000 after acquiring an additional 18,224,005 shares in the last quarter. Finally, Strategic Financial Concepts LLC boosted its position in shares of Apple by 25,285.2% during the 4th quarter. Strategic Financial Concepts LLC now owns 9,628,864 shares of the iPhone maker's stock valued at $2,411,260,000 after acquiring an additional 9,590,933 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.
Apple Stock Performance
Shares of NASDAQ:AAPL traded down $2.48 during trading hours on Monday, hitting $208.78. The stock had a trading volume of 45,304,005 shares, compared to its average volume of 55,954,362. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The firm has a market capitalization of $3.12 trillion, a price-to-earnings ratio of 33.14, a PEG ratio of 2.44 and a beta of 1.27. The stock's fifty day simple moving average is $206.09 and its 200 day simple moving average is $226.67. 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 (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating analysts' consensus estimates 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 business's revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter last year, the business earned $1.53 earnings per share. Sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple announced that its Board of Directors has authorized a share buyback program on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.
Apple Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.50%. The ex-dividend date was Monday, May 12th. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is 16.20%.
Insider Buying and Selling
In other Apple news, COO Jeffrey E. Williams sold 35,493 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $224.01, for a total value of $7,950,786.93. Following the transaction, the chief operating officer now owns 390,059 shares in the company, valued at approximately $87,377,116.59. This represents a 8.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Katherine L. Adams sold 38,822 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $223.67, for a total value of $8,683,316.74. Following the sale, the senior vice president now owns 179,158 shares of the company's stock, valued at approximately $40,072,269.86. This represents a 17.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 191,507 shares of company stock valued at $42,694,080. Company insiders own 0.06% of the company's stock.
Analyst Ratings Changes
AAPL has been the topic of several research analyst reports. TD Cowen reduced their price objective on shares of Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Morgan Stanley reissued an "overweight" rating on shares of Apple in a research note on Monday, May 12th. Maxim Group increased their price objective on shares of Apple to $215.00 and gave the stock a "hold" rating in a research report on Friday, February 21st. Monness Crespi & Hardt cut their target price on Apple from $260.00 to $245.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, Barclays reduced their price target on shares of Apple from $197.00 to $173.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 30th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Apple presently has a consensus rating of "Moderate Buy" and a consensus price target of $235.80.
View Our Latest Analysis on AAPL
About Apple
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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.
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