Sound Income Strategies LLC boosted its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 7.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 94,972 shares of the iPhone maker's stock after buying an additional 6,220 shares during the quarter. Apple accounts for approximately 1.2% of Sound Income Strategies LLC's portfolio, making the stock its 18th largest holding. Sound Income Strategies LLC's holdings in Apple were worth $21,096,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advanced Portfolio Management LLC raised its stake in shares of Apple by 0.3% in the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock valued at $3,260,000 after acquiring an additional 47 shares in the last quarter. Family Capital Management Inc. raised its stake in shares of Apple by 0.3% in the fourth quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker's stock valued at $4,235,000 after acquiring an additional 48 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA raised its stake in shares of Apple by 0.3% in the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker's stock valued at $4,178,000 after acquiring an additional 48 shares in the last quarter. Scarborough Advisors LLC raised its stake in shares of Apple by 0.3% in the fourth quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker's stock valued at $3,992,000 after acquiring an additional 51 shares in the last quarter. Finally, Disciplined Investments LLC raised its stake in shares of Apple by 0.7% in the fourth quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker's stock valued at $1,794,000 after acquiring an additional 51 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on the stock. Monness Crespi & Hardt upped their price objective on shares of Apple to $245.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. JPMorgan Chase & Co. upped their price objective on shares of Apple from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Thursday. Raymond James Financial decreased their price objective on shares of Apple from $250.00 to $230.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Needham & Company LLC restated a "hold" rating on shares of Apple in a research note on Tuesday, June 10th. Finally, KeyCorp raised shares of Apple from an "underweight" rating to a "sector weight" rating in a report on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $235.11.
Get Our Latest Research Report on AAPL
Insider Buying and Selling at Apple
In other Apple news, insider Chris Kondo sold 4,486 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the sale, the insider directly owned 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer directly owned 4,569 shares in the company, valued at approximately $941,214. The trade was a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.06% of the company's stock.
Apple Stock Up 0.5%
Shares of NASDAQ AAPL traded up $1.13 during midday trading on Monday, hitting $212.31. The stock had a trading volume of 40,713,768 shares, compared to its average volume of 53,135,758. The business's 50 day moving average is $204.57 and its 200-day moving average is $215.41. The company has a market cap of $3.17 trillion, a P/E ratio of 33.05, a PEG ratio of 2.36 and a beta of 1.20. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18.
Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. During the same period in the previous year, the business posted $1.53 earnings per share. The firm's quarterly revenue was up 5.1% compared to the same quarter last year. As a group, analysts predict that Apple Inc. will post 7.28 EPS for the current year.
Apple Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a dividend of $0.26 per share. This is an increase from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.49%. The ex-dividend date was Monday, May 12th. Apple's dividend payout ratio (DPR) is presently 16.20%.
Apple declared that its board has authorized a stock repurchase plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.
Apple Company Profile
(
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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