Marco Investment Management LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.0% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 274,316 shares of the iPhone maker's stock after selling 2,830 shares during the period. Apple comprises about 5.9% of Marco Investment Management LLC's holdings, making the stock its 2nd largest holding. Marco Investment Management LLC's holdings in Apple were worth $68,694,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Drystone LLC purchased a new position in shares of Apple during the 4th quarter worth approximately $25,000. SPX Gestao de Recursos Ltda purchased a new position in shares of Apple during the 3rd quarter worth approximately $71,000. Teachers Insurance & Annuity Association of America purchased a new position in shares of Apple during the 3rd quarter worth approximately $77,000. Compass Planning Associates Inc purchased a new position in shares of Apple during the 4th quarter worth approximately $96,000. Finally, Collier Financial purchased a new position in shares of Apple during the 4th quarter worth approximately $140,000. Hedge funds and other institutional investors own 67.73% of the company's stock.
Analyst Ratings Changes
Several analysts recently weighed in on AAPL shares. The Goldman Sachs Group cut their price target on Apple from $259.00 to $256.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Tigress Financial upped their price target on Apple from $295.00 to $300.00 and gave the stock a "strong-buy" rating in a research note on Thursday, April 3rd. Monness Crespi & Hardt cut their price target on Apple from $260.00 to $245.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Barclays cut their price target on Apple from $197.00 to $173.00 and set an "underweight" rating on the stock in a research note on Wednesday, April 30th. Finally, UBS Group cut their price target on Apple from $236.00 to $210.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $235.80.
Check Out Our Latest Stock Report on Apple
Insiders Place Their Bets
In other news, CFO Kevan Parekh sold 4,570 shares of the firm's 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 completion of the transaction, the chief financial officer now owns 4,569 shares in the company, valued at $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider now owns 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,507 shares of company stock worth $42,694,080. Corporate insiders own 0.06% of the company's stock.
Apple Stock Performance
Apple stock traded down $0.19 during trading on Friday, reaching $211.26. The company had a trading volume of 53,614,750 shares, compared to its average volume of 55,997,127. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The firm's 50-day simple moving average is $206.09 and its 200 day simple moving average is $226.66. The firm has a market capitalization of $3.16 trillion, a price-to-earnings ratio of 33.53, a price-to-earnings-growth ratio of 2.44 and a beta of 1.27. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26.
Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. Apple had a return on equity of 160.83% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. During the same quarter in the prior year, the business posted $1.53 EPS. Apple's revenue for the quarter was up 5.1% compared to the same quarter last year. Sell-side analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is presently 16.20%.
Apple declared that its board has approved a stock buyback program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.
Apple 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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