China Universal Asset Management Co. Ltd. lessened its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 64.2% in the first quarter, Holdings Channel reports. The fund owned 50,600 shares of the iPhone maker’s stock after selling 90,612 shares during the quarter. Apple makes up about 3.1% of China Universal Asset Management Co. Ltd.’s holdings, making the stock its 7th biggest holding. China Universal Asset Management Co. Ltd.’s holdings in Apple were worth $8,835,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of AAPL. Daniels&Tansey LLP lifted its position in Apple by 1.6% in the fourth quarter. Daniels&Tansey LLP now owns 3,858 shares of the iPhone maker’s stock worth $685,000 after purchasing an additional 60 shares during the period. Donald L. Hagan LLC lifted its position in Apple by 0.3% in the first quarter. Donald L. Hagan LLC now owns 18,220 shares of the iPhone maker’s stock worth $3,181,000 after purchasing an additional 61 shares during the period. Goodwin Daniel L lifted its position in Apple by 0.5% in the first quarter. Goodwin Daniel L now owns 12,761 shares of the iPhone maker’s stock worth $2,230,000 after purchasing an additional 62 shares during the period. Hanlon Investment Management Inc. lifted its position in Apple by 0.7% in the fourth quarter. Hanlon Investment Management Inc. now owns 10,124 shares of the iPhone maker’s stock worth $1,798,000 after purchasing an additional 66 shares during the period. Finally, Investors Research Corp lifted its position in Apple by 0.4% in the first quarter. Investors Research Corp now owns 16,117 shares of the iPhone maker’s stock worth $2,814,000 after purchasing an additional 66 shares during the period. 57.98% of the stock is currently owned by hedge funds and other institutional investors.
In other news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is owned by company insiders.
Apple Price Performance
NASDAQ AAPL opened at $154.09 on Friday. The firm has a market cap of $2.49 trillion, a P/E ratio of 25.01, a price-to-earnings-growth ratio of 2.01 and a beta of 1.19. The stock’s 50-day moving average is $142.90 and its two-hundred day moving average is $157.91. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. 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 (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. The business had revenue of $97.28 billion for the quarter, compared to the consensus estimate of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The firm’s revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business earned $1.40 EPS. On average, analysts anticipate that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple announced that its board has authorized a stock repurchase plan on Thursday, April 28th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
Apple Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 0.60%. This is a boost from Apple’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, May 6th. Apple’s dividend payout ratio is currently 14.94%.
Wall Street Analyst Weigh In
AAPL has been the topic of several recent research reports. JPMorgan Chase & Co. set a $200.00 price target on shares of Apple in a research report on Friday, July 1st. Sanford C. Bernstein set a $170.00 price target on shares of Apple in a research report on Monday, May 2nd. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Apple from $200.00 to $175.00 in a research report on Tuesday, June 14th. KeyCorp decreased 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, Fundamental Research decreased their price target on shares of Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research report on Friday, May 6th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $182.73.
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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