Stewart & Patten Co. LLC decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 5.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 214,813 shares of the iPhone maker’s stock after selling 13,487 shares during the quarter. Apple comprises about 6.0% of Stewart & Patten Co. LLC’s portfolio, making the stock its 2nd biggest holding. Stewart & Patten Co. LLC’s holdings in Apple were worth $37,508,000 at the end of the most recent quarter.
A number of other large investors have also modified their holdings of AAPL. Cardinal Capital Management Inc. grew its holdings in shares of Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after purchasing an additional 221 shares during the period. Shore Point Advisors LLC purchased a new stake in shares of Apple in the fourth quarter valued at about $41,000. St. James Investment Advisors LLC acquired a new position in Apple in the fourth quarter valued at about $57,000. Econ Financial Services Corp acquired a new position in Apple in the fourth quarter valued at about $58,000. Finally, Castle Financial & Retirement Planning Associates Inc. acquired a new position in Apple in the fourth quarter valued at about $116,000. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on 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 in the company, valued at approximately $73,151,454.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.06% of the stock is currently owned by insiders.
Apple Stock Performance
Shares of AAPL opened at $154.09 on Friday. 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 firm has a market cap of $2.49 trillion, a PE ratio of 25.01, a price-to-earnings-growth ratio of 1.98 and a beta of 1.19. The company’s 50 day simple moving average is $142.90 and its 200-day simple moving average is $158.03. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last announced its earnings results 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. Apple had a net margin of 26.41% and a return on equity of 152.88%. The business had revenue of $97.28 billion for the quarter, compared to analyst estimates of $93.99 billion. During the same period last year, the firm posted $1.40 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts predict that Apple Inc. will post 6.09 EPS for the current year.
Apple announced that its board has approved a share 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 buy up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Apple Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.60%. This is a positive change from Apple’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, May 6th. Apple’s dividend payout ratio (DPR) is 14.94%.
Wall Street Analyst Weigh In
A number of research analysts have commented on the stock. Morgan Stanley decreased their target price on shares of Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a research report on Wednesday. Loop Capital decreased their target price on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Apple from $200.00 to $175.00 in a research report on Tuesday, June 14th. Barclays reduced their price target on shares of Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 13th. Finally, Fundamental Research reduced 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 investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $182.73.
Apple Company Profile
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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