Yoffe Investment Management LLC purchased a new position in Apple Inc. (NASDAQ:AAPL - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 7,248 shares of the iPhone maker's stock, valued at approximately $1,815,000. Apple comprises about 1.8% of Yoffe Investment Management LLC's portfolio, making the stock its 10th biggest position.
A number of other institutional investors also recently added to or reduced their stakes in AAPL. Drystone LLC purchased a new stake in shares of Apple during the 4th quarter worth approximately $25,000. SPX Gestao de Recursos Ltda acquired a new position in Apple in the 3rd quarter valued at $71,000. Pillar Financial Advisors LLC acquired a new position in Apple in the 4th quarter valued at $82,000. Compass Planning Associates Inc acquired a new position in shares of Apple during the 4th quarter worth $96,000. Finally, Collier Financial acquired a new position in shares of Apple during the 4th quarter worth $140,000. Hedge funds and other institutional investors own 67.73% of the company's stock.
Insider Buying and Selling
In other Apple news, CEO Timothy D. Cook sold 108,136 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the completion of the sale, the chief executive officer now directly owns 3,280,295 shares of the company's stock, valued at approximately $733,637,976.75. This represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer now directly owns 4,569 shares of the company's stock, valued at $941,214. This represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock valued at $42,694,080 over the last 90 days. 0.06% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
A number of brokerages recently commented on AAPL. DA Davidson increased their price objective on shares of Apple from $230.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Raymond James decreased their price target on shares of Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Bank of America reissued a "buy" rating and issued a $235.00 target price on shares of Apple in a research report on Tuesday, June 10th. Monness Crespi & Hardt lifted their price target on shares of Apple to $245.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $235.00 price target on shares of Apple in a research report on Thursday, June 5th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $234.86.
Read Our Latest Stock Report on Apple
Apple Stock Performance
AAPL stock traded down $2.75 during trading on Friday, hitting $196.45. 51,345,532 shares of the company's stock traded hands, compared to its average volume of 54,742,937. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The stock has a market capitalization of $2.93 trillion, a price-to-earnings ratio of 31.18, a price-to-earnings-growth ratio of 2.44 and a beta of 1.22. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The stock has a fifty day moving average price of $201.76 and a two-hundred day moving average price of $223.02.
Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly 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 160.83%. The company had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter in the previous year, the company posted $1.53 earnings per share. The company's revenue for the quarter was up 5.1% compared to the same quarter last year. As a group, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.
Apple declared that its board has approved a share repurchase program on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is 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 issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 annualized dividend and a yield of 0.53%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is presently 16.20%.
Apple Company Profile
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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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