Root Financial Partners LLC Increases Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Root Financial Partners LLC grew its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 34.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 101,001 shares of the iPhone maker's stock after purchasing an additional 25,978 shares during the quarter. Apple comprises about 2.4% of Root Financial Partners LLC's holdings, making the stock its 12th biggest holding. Root Financial Partners LLC's holdings in Apple were worth $22,440,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Life Planning Partners Inc acquired a new position in shares of Apple during the fourth quarter valued at about $47,000. Conquis Financial LLC acquired a new position in shares of Apple during the fourth quarter valued at about $63,000. LSV Asset Management acquired a new position in shares of Apple during the fourth quarter valued at about $65,000. Pillar Financial Advisors LLC acquired a new position in shares of Apple during the fourth quarter valued at about $82,000. Finally, Compass Planning Associates Inc acquired a new position in Apple in the 4th quarter worth approximately $96,000. 67.73% of the stock is currently owned by institutional investors.

Apple Price Performance

NASDAQ AAPL traded down $2.06 during mid-day trading on Friday, hitting $230.73. The stock had a trading volume of 31,276,517 shares, compared to its average volume of 57,842,020. The firm's 50 day moving average is $209.13 and its 200 day moving average is $213.37. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The stock has a market capitalization of $3.42 trillion, a price-to-earnings ratio of 35.01, a PEG ratio of 2.44 and a beta of 1.16.

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

Apple declared that its Board of Directors has approved a stock repurchase program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Apple Dividend Announcement

The business 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 of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. Apple's dividend payout ratio (DPR) is 15.78%.

Insider Activity

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction dated 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 transaction, the senior vice president owned 136,687 shares of the company's stock, valued at $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AAPL. Evercore ISI reiterated an "outperform" rating and issued a $250.00 price target on shares of Apple in a report on Wednesday. Rosenblatt Securities reiterated a "neutral" rating and issued a $217.00 price target on shares of Apple in a report on Tuesday, July 29th. Bank of America increased their price target on shares of Apple from $240.00 to $250.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Monness Crespi & Hardt upped their price objective on Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, China Renaissance initiated coverage on Apple in a research report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price objective on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $237.60.

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.