Pettyjohn Wood & White Inc. trimmed its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 120,009 shares of the iPhone maker’s stock after selling 2,620 shares during the quarter. Apple makes up approximately 4.5% of Pettyjohn Wood & White Inc.’s portfolio, making the stock its 2nd biggest holding. Pettyjohn Wood & White Inc.’s holdings in Apple were worth $20,955,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of AAPL. Corbenic Partners LLC raised its holdings in shares of Apple by 3.6% in the 4th quarter. Corbenic Partners LLC now owns 68,976 shares of the iPhone maker’s stock valued at $12,248,000 after acquiring an additional 2,421 shares in the last quarter. Sequent Asset Management LLC raised its stake in Apple by 7.6% in the fourth quarter. Sequent Asset Management LLC now owns 2,430 shares of the iPhone maker’s stock valued at $432,000 after purchasing an additional 172 shares in the last quarter. Pineno Levin & Ford Asset Management Inc. lifted its position in Apple by 8.4% during the fourth quarter. Pineno Levin & Ford Asset Management Inc. now owns 32,407 shares of the iPhone maker’s stock valued at $5,755,000 after purchasing an additional 2,511 shares during the last quarter. Parker Investment Management LLC grew its stake in Apple by 0.5% in the 4th quarter. Parker Investment Management LLC now owns 16,295 shares of the iPhone maker’s stock worth $2,894,000 after buying an additional 84 shares in the last quarter. Finally, Franklin Parlapiano Turner & Welch LLC increased its holdings in shares of Apple by 0.8% in the 4th quarter. Franklin Parlapiano Turner & Welch LLC now owns 12,116 shares of the iPhone maker’s stock worth $2,151,000 after buying an additional 96 shares during the last quarter. 57.98% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
AAPL has been the subject of several research reports. Wells Fargo & Company cut their target price on shares of Apple from $205.00 to $185.00 and set an “overweight” rating for the company in a research report on Wednesday. Bank of America decreased their price objective on Apple from $215.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, May 19th. UBS Group set a $185.00 price target on shares of Apple in a research report on Thursday. Credit Suisse Group set a $169.00 price objective on shares of Apple in a report on Friday, April 29th. Finally, Piper Sandler reduced their target price on shares of Apple from $200.00 to $195.00 in a report on Friday, April 29th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $182.73.
Apple Stock Performance
Shares of AAPL opened at $155.35 on Friday. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. Apple Inc. has a one year low of $129.04 and a one year high of $182.94. The company has a 50-day simple moving average of $142.76 and a two-hundred day simple moving average of $158.20. The firm has a market capitalization of $2.51 trillion, a PE ratio of 25.22, a price-to-earnings-growth ratio of 1.96 and a beta of 1.19.
Apple (NASDAQ:AAPL – Get Rating) last released its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The firm had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. During the same period last year, the business earned $1.40 earnings per share. The business’s revenue was up 8.6% on a year-over-year basis. On average, analysts anticipate that Apple Inc. will post 6.09 EPS for the current fiscal year.
Apple Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 0.59%. This is a positive change from Apple’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, May 6th. Apple’s dividend payout ratio (DPR) is presently 14.94%.
Apple announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.
In other news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the completion of the transaction, the senior vice president now directly owns 452,334 shares in the company, valued at $73,151,454.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.06% of the company’s stock.
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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