Concorde Asset Management LLC lifted its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 15.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,375 shares of the iPhone maker’s stock after acquiring an additional 1,488 shares during the quarter. Apple comprises about 1.3% of Concorde Asset Management LLC’s investment portfolio, making the stock its 20th biggest holding. Concorde Asset Management LLC’s holdings in Apple were worth $1,985,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Rise Advisors LLC grew its position in Apple by 4.5% in the first quarter. Rise Advisors LLC now owns 22,331 shares of the iPhone maker’s stock worth $3,899,000 after buying an additional 971 shares during the last quarter. Hanson & Doremus Investment Management grew its position in Apple by 1.3% in the first quarter. Hanson & Doremus Investment Management now owns 35,893 shares of the iPhone maker’s stock worth $6,267,000 after buying an additional 473 shares during the last quarter. Tillar Wenstrup Advisors LLC grew its position in Apple by 1.9% in the first quarter. Tillar Wenstrup Advisors LLC now owns 14,343 shares of the iPhone maker’s stock worth $2,505,000 after buying an additional 262 shares during the last quarter. Goepper Burkhardt LLC grew its position in Apple by 2.4% in the first quarter. Goepper Burkhardt LLC now owns 36,078 shares of the iPhone maker’s stock worth $6,300,000 after buying an additional 840 shares during the last quarter. Finally, Hotaling Investment Management LLC grew its position in Apple by 0.5% in the first quarter. Hotaling Investment Management LLC now owns 135,368 shares of the iPhone maker’s stock worth $23,637,000 after buying an additional 711 shares during the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
Apple Stock Performance
NASDAQ:AAPL opened at $155.35 on Friday. The firm has a market capitalization of $2.51 trillion, a P/E ratio of 25.22, a P/E/G ratio of 1.96 and a beta of 1.19. The company has a fifty day moving average of $142.76 and a 200-day moving average of $158.20. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53. Apple Inc. has a twelve month low of $129.04 and a twelve month high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. The firm had revenue of $97.28 billion for the quarter, compared to the consensus estimate of $93.99 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.40 EPS. As a group, sell-side analysts anticipate that Apple Inc. will post 6.09 EPS for the current year.
Apple Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were issued a $0.23 dividend. This is an increase from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date was Friday, May 6th. Apple’s payout ratio is 14.94%.
Apple declared that its Board of Directors has authorized a share buyback program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on AAPL. Credit Suisse Group set a $169.00 price objective on shares of Apple in a research note on Friday, April 29th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Apple from $200.00 to $175.00 in a research note on Tuesday, June 14th. Wells Fargo & Company decreased their price objective on shares of Apple from $205.00 to $185.00 and set an “overweight” rating for the company in a research note on Wednesday. Sanford C. Bernstein set a $170.00 price objective on shares of Apple in a research note on Monday, May 2nd. Finally, Citigroup decreased their price objective on shares of Apple from $200.00 to $175.00 and set a “buy” rating for the company in a research note on Wednesday, July 13th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and an average target price of $182.73.
Insider Buying and Selling
In related news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total value of $4,043,000.00. Following the transaction, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.06% of the stock is owned by insiders.
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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