Tanager Wealth Management LLP Has $16.40 Million Stake in Apple Inc. (NASDAQ:AAPL)

Key Points

• Tanager Wealth Management LLP has reduced its stake in Apple Inc. by 4.7%, selling 3,601 shares during the first quarter, and now holds 73,810 shares valued at approximately $16.4 million.
• Analysts have issued mixed ratings for Apple, with a consensus target price of $237.60 and various price objectives set by different firms ranging from $210 to $270.
• Apple recently announced a quarterly dividend of $0.26 per share, and also authorized a substantial $100 billion stock buyback plan, indicating confidence in its share value.

Tanager Wealth Management LLP lessened its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,810 shares of the iPhone maker's stock after selling 3,601 shares during the period. Apple comprises 2.1% of Tanager Wealth Management LLP's investment portfolio, making the stock its 16th biggest holding. Tanager Wealth Management LLP's holdings in Apple were worth $16,395,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AAPL. Burkett Financial Services LLC raised its position in Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after buying an additional 93 shares during the last quarter. Avid Wealth Partners LLC raised its position in Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock worth $935,000 after buying an additional 930 shares during the last quarter. OneAscent Wealth Management LLC raised its position in Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock worth $2,337,000 after buying an additional 409 shares during the last quarter. TruWealth Advisors LLC raised its position in Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock worth $42,045,000 after buying an additional 5,120 shares during the last quarter. Finally, Allstate Corp raised its position in Apple by 3,368.2% during the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock worth $113,062,000 after buying an additional 438,471 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Stock Performance

Shares of AAPL traded up $2.56 during midday trading on Tuesday, hitting $229.74. 41,781,765 shares of the stock traded hands, compared to its average volume of 57,888,410. 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 $3.41 trillion, a PE ratio of 34.86, a price-to-earnings-growth ratio of 2.40 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The business's 50 day moving average price is $207.35 and its two-hundred day moving average price is $213.10.

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

Apple announced that its Board of Directors has approved a stock repurchase program on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management 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. The ex-dividend date is Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.5%. Apple's payout ratio is 15.78%.

Analyst Ratings Changes

AAPL has been the subject of a number of analyst reports. Jefferies Financial Group upgraded shares of Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Loop Capital lowered their price target on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. TD Cowen lowered their price target on shares of Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Monness Crespi & Hardt upped their price target on shares of Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Finally, Evercore ISI upped their price target on shares of Apple to $250.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Apple has a consensus rating of "Moderate Buy" and a consensus target price 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.