Monte Financial Group LLC Purchases 276 Shares of Apple Inc. (NASDAQ:AAPL)

Monte Financial Group LLC raised its position in Apple Inc. (NASDAQ:AAPLGet Rating) by 2.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 11,971 shares of the iPhone maker’s stock after buying an additional 276 shares during the period. Monte Financial Group LLC’s holdings in Apple were worth $2,090,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in AAPL. Norges Bank bought a new position in Apple in the 4th quarter valued at approximately $25,228,507,000. State Street Corp increased its position in Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after acquiring an additional 10,951,705 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Apple during the fourth quarter valued at $1,461,735,000. Capital Research Global Investors lifted its holdings in shares of Apple by 38.1% during the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock worth $5,247,094,000 after purchasing an additional 8,154,171 shares during the period. Finally, ProShare Advisors LLC grew its stake in shares of Apple by 41.8% in the fourth quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock worth $3,705,275,000 after purchasing an additional 6,154,422 shares during the last quarter. 57.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Apple

In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction on Wednesday, May 4th. The stock was 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 owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.06% of the stock is currently owned by company insiders.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $153.04 on Thursday. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. The stock has a market cap of $2.48 trillion, a PE ratio of 24.84, a price-to-earnings-growth ratio of 1.91 and a beta of 1.19. The stock’s fifty day simple moving average is $142.50 and its two-hundred day simple moving average is $158.39.

Apple (NASDAQ:AAPLGet Rating) last released its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.09. The business had revenue of $97.28 billion for the quarter, compared to analysts’ expectations of $93.99 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. The firm’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 company earned $1.40 earnings per share. As a group, analysts forecast that Apple Inc. will post 6.09 EPS for the current fiscal year.

Apple declared that its board has authorized a stock buyback plan on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

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 $0.23 dividend. The ex-dividend date of this dividend was Friday, May 6th. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 0.60%. Apple’s dividend payout ratio is currently 14.94%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on AAPL shares. Citigroup lowered their target price on Apple from $200.00 to $175.00 and set a “buy” rating for the company in a research report on Wednesday, July 13th. Fundamental Research cut their price objective on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research note on Friday, May 6th. Evercore ISI decreased their target price on shares of Apple from $210.00 to $180.00 and set an “outperform” rating for the company in a research report on Tuesday, June 28th. KeyCorp dropped their price target on shares of Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. Finally, Bank of America decreased their price objective on shares of Apple from $215.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, May 19th. Nine investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $182.73.

Apple Company Profile

(Get Rating)

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.

Further Reading

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPLGet Rating).



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