Transcend Capital Advisors LLC Purchases 24,482 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• Transcend Capital Advisors LLC increased its holdings in Apple Inc. by 5.6%, owning approximately $102.98 million, which makes it the firm's biggest investment.
• Apple reported $1.57 earnings per share for the latest quarter, exceeding analysts’ expectations of $1.43, along with a 9.6% increase in revenue year-over-year.
• The company announced a $100 billion stock repurchase program, indicating confidence that its shares are undervalued, alongside a quarterly dividend of $0.26 per share.

Transcend Capital Advisors LLC lifted its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 463,601 shares of the iPhone maker's stock after acquiring an additional 24,482 shares during the period. Apple accounts for approximately 7.2% of Transcend Capital Advisors LLC's portfolio, making the stock its biggest position. Transcend Capital Advisors LLC's holdings in Apple were worth $102,980,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Life Planning Partners Inc acquired a new stake in shares of Apple during the 4th quarter worth about $47,000. Conquis Financial LLC acquired a new stake in shares of Apple during the 4th quarter worth about $63,000. LSV Asset Management acquired a new stake in shares of Apple during the 4th quarter worth about $65,000. Pillar Financial Advisors LLC acquired a new position in Apple in the 4th quarter valued at about $82,000. Finally, Compass Planning Associates Inc acquired a new position in Apple in the 4th quarter valued at about $96,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Price Performance

AAPL stock traded up $2.56 on Tuesday, reaching $229.74. 41,781,765 shares of the company's stock were exchanged, compared to its average volume of 57,888,410. The stock has a fifty day moving average of $207.35 and a 200-day moving average of $213.10. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The firm has a market cap of $3.41 trillion, a PE ratio of 34.86, a P/E/G ratio of 2.40 and a beta of 1.16. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share 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 firm had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. During the same quarter in the prior year, the company posted $1.40 earnings per share. Apple's quarterly revenue was up 9.6% on a year-over-year basis. As a group, equities analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 11th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.5%. Apple's dividend payout ratio is 15.78%.

Apple announced that its board has authorized a stock buyback 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 reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have weighed in on AAPL. Loop Capital dropped their target price on Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. lifted their target price on Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a research report on Monday, April 14th. Finally, Rosenblatt Securities reaffirmed a "neutral" rating and issued a $217.00 target price on shares of Apple in a research report on Tuesday, July 29th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $237.60.

About Apple

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.