Ridgecrest Wealth Partners LLC boosted its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 107,051 shares of the iPhone maker's stock after purchasing an additional 2,214 shares during the period. Apple makes up approximately 12.5% of Ridgecrest Wealth Partners LLC's portfolio, making the stock its biggest holding. Ridgecrest Wealth Partners LLC's holdings in Apple were worth $23,779,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Apple by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock worth $349,532,608,000 after acquiring an additional 49,168,843 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Apple by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker's stock worth $84,999,145,000 after acquiring an additional 6,307,413 shares in the last quarter. Norges Bank purchased a new stake in shares of Apple during the 4th quarter worth about $46,868,648,000. Northern Trust Corp boosted its stake in shares of Apple by 13.3% during the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after acquiring an additional 20,079,472 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Apple by 14.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker's stock worth $26,220,566,000 after acquiring an additional 13,137,968 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In other Apple news, insider Chris Kondo sold 4,486 shares of the firm'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 owned 15,533 shares of the company's stock, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.06% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a research note on Friday, July 25th. Monness Crespi & Hardt lifted their price target on Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research note on Friday. KeyCorp upgraded Apple from an "underweight" rating to a "sector weight" rating in a research report on Monday, April 14th. UBS Group lifted their target price on shares of Apple from $210.00 to $220.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, Citigroup upped their target price on shares of Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Apple has a consensus rating of "Moderate Buy" and a consensus price target of $237.25.
Read Our Latest Stock Report on Apple
Apple Trading Down 2.5%
Apple stock traded down $5.19 during trading on Friday, hitting $202.38. The company had a trading volume of 97,423,066 shares, compared to its average volume of 44,912,472. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The company's 50 day simple moving average is $205.37 and its 200-day simple moving average is $213.60. The stock has a market cap of $3.02 trillion, a price-to-earnings ratio of 30.71, a price-to-earnings-growth ratio of 2.22 and a beta of 1.17.
Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating 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 company had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter last year, the company posted $1.40 EPS. The firm's revenue was up 9.6% compared to the same quarter last year. As a group, analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.
Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.
Apple Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 11th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple's dividend payout ratio (DPR) is currently 15.78%.
About Apple
(
Free Report)
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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