7,107 Shares in Apple Inc. (NASDAQ:AAPL) Purchased by Riggs Capital Management LLC

Riggs Capital Management LLC bought a new stake in Apple Inc. (NASDAQ:AAPL - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 7,107 shares of the iPhone maker's stock, valued at approximately $1,780,000. Apple comprises about 1.7% of Riggs Capital Management LLC's portfolio, making the stock its 15th biggest holding.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Drystone LLC acquired a new position in shares of Apple during the 4th quarter valued at $25,000. SPX Gestao de Recursos Ltda acquired a new stake in Apple in the 3rd quarter valued at $71,000. Pillar Financial Advisors LLC purchased a new position in Apple in the fourth quarter valued at about $82,000. Compass Planning Associates Inc acquired a new position in shares of Apple during the fourth quarter worth about $96,000. Finally, Collier Financial purchased a new stake in shares of Apple in the fourth quarter worth about $140,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Insider Activity at Apple

In other Apple news, SVP Katherine L. Adams sold 38,822 shares of the firm's 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 directly owns 179,158 shares in the company, valued at approximately $40,072,269.86. This trade represents a 17.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction 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 now directly owns 15,533 shares of the company's stock, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock worth $42,694,080 in the last 90 days. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on AAPL shares. Wedbush reiterated an "outperform" rating and issued a $270.00 target price on shares of Apple in a research note on Tuesday. Bank of America reaffirmed a "buy" rating and issued a $235.00 price objective on shares of Apple in a research report on Tuesday. Maxim Group lifted their price objective on shares of Apple to $215.00 and gave the company a "hold" rating in a research note on Friday, February 21st. Needham & Company LLC restated a "hold" rating on shares of Apple in a research note on Tuesday. Finally, Rosenblatt Securities lowered shares of Apple from a "buy" rating to a "neutral" rating and set a $217.00 price target for the company. in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Apple presently has an average rating of "Moderate Buy" and a consensus target price of $234.86.

Apple Stock Performance

Shares of Apple stock traded up $1.22 during trading hours on Tuesday, reaching $202.67. The company's stock had a trading volume of 52,015,754 shares, compared to its average volume of 56,214,415. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company's 50 day simple moving average is $200.72 and its 200 day simple moving average is $223.92. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92. The stock has a market cap of $3.03 trillion, a P/E ratio of 32.17, a price-to-earnings-growth ratio of 2.44 and a beta of 1.22.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion for the quarter, compared to analysts' expectations of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 160.83%. Apple's revenue was up 5.1% on a year-over-year basis. During the same quarter last year, the company posted $1.53 earnings per share. As a group, analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its board has approved a stock buyback plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.51%. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is currently 16.20%.

Apple Company 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.