Pine Valley Investments Ltd Liability Co cut its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 202,738 shares of the iPhone maker's stock after selling 6,574 shares during the period. Apple accounts for approximately 3.0% of Pine Valley Investments Ltd Liability Co's investment portfolio, making the stock its biggest holding. Pine Valley Investments Ltd Liability Co's holdings in Apple were worth $50,770,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Pring Turner Capital Group Inc. lifted its holdings in Apple by 0.5% during the 4th quarter. Pring Turner Capital Group Inc. now owns 11,169 shares of the iPhone maker's stock worth $2,797,000 after purchasing an additional 60 shares in the last quarter. Prasad Wealth Partners LLC purchased a new stake in Apple in the fourth quarter worth approximately $2,287,000. BankPlus Trust Department purchased a new position in shares of Apple in the fourth quarter worth about $12,613,000. Portland Financial Advisors Inc bought a new stake in Apple in the fourth quarter valued at approximately $406,000. Finally, Quartz Partners LLC boosted its position in Apple by 1.8% during the 4th quarter. Quartz Partners LLC now owns 26,629 shares of the iPhone maker's stock valued at $6,668,000 after buying an additional 470 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.
Insider Transactions at Apple
In other Apple news, CFO Kevan Parekh sold 4,570 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the sale, the chief financial officer now owns 4,569 shares in the company, valued at approximately $941,214. This trade represents a 50.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy D. Cook sold 108,136 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total value of $24,184,616.40. Following the transaction, the chief executive officer now owns 3,280,295 shares of the company's stock, valued at $733,637,976.75. This represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 187,021 shares of company stock valued at $41,760,140. 0.06% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several research analysts have commented on AAPL shares. Morgan Stanley upped their price objective on shares of Apple from $220.00 to $235.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. DA Davidson upped their price target on shares of Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday. Maxim Group lifted their target price on Apple to $215.00 and gave the stock a "hold" rating in a report on Friday, February 21st. Evercore ISI boosted their target price on shares of Apple from $260.00 to $275.00 and gave the company an "outperform" rating in a research note on Tuesday, March 18th. Finally, Needham & Company LLC restated a "buy" rating and set a $225.00 target price on shares of Apple in a research report on Friday. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Apple currently has an average rating of "Moderate Buy" and a consensus price target of $235.80.
Read Our Latest Stock Analysis on AAPL
Apple Stock Down 3.1 %
Shares of AAPL stock traded down $6.46 during mid-day trading on Monday, reaching $198.89. 67,364,869 shares of the company were exchanged, compared to its average volume of 56,243,494. The business's 50 day simple moving average is $212.15 and its 200 day simple moving average is $228.58. The company has a market capitalization of $2.99 trillion, a P/E ratio of 31.57, a P/E/G ratio of 2.44 and a beta of 1.26. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92.
Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a return on equity of 160.83% and a net margin of 24.30%. The business's revenue was up 5.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.53 earnings per share. Research analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.
Apple announced that its board has approved a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its stock is undervalued.
Apple Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 12th will be paid a $0.26 dividend. This is an increase from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.52%. The ex-dividend date is Monday, May 12th. Apple's dividend payout ratio is currently 15.87%.
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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