Emerson Wealth LLC increased its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 363.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 408 shares of the iPhone maker’s stock after buying an additional 320 shares during the quarter. Emerson Wealth LLC’s holdings in Apple were worth $71,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AAPL. Cardinal Capital Management Inc. raised its stake in Apple by 5,525.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after acquiring an additional 221 shares during the last quarter. Shore Point Advisors LLC purchased a new stake in Apple during the 4th quarter valued at approximately $41,000. St. James Investment Advisors LLC purchased a new stake in Apple during the 4th quarter valued at approximately $57,000. Econ Financial Services Corp purchased a new stake in Apple during the 4th quarter valued at approximately $58,000. Finally, Castle Financial & Retirement Planning Associates Inc. purchased a new stake in Apple during the 4th quarter valued at approximately $116,000. 57.98% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, 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 legal filing with the SEC, which is available through the SEC website. 0.06% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
Several research firms have commented on AAPL. Barclays reduced their price objective on Apple from $167.00 to $166.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 13th. Fundamental Research lowered their price objective on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a report on Friday, May 6th. UBS Group set a $185.00 price objective on Apple in a report on Thursday. Sanford C. Bernstein set a $170.00 price objective on Apple in a report on Monday, May 2nd. Finally, StockNews.com began coverage on Apple in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $182.73.
Apple Stock Performance
Shares of AAPL opened at $154.09 on Friday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The company has a market capitalization of $2.49 trillion, a price-to-earnings ratio of 25.01, a PEG ratio of 2.01 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 $157.91. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data 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. The business 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 company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.40 earnings per share. On average, sell-side analysts predict that Apple Inc. will post 6.09 EPS for the current year.
Apple announced that its board has initiated a share repurchase plan on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock 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 paid a dividend of $0.23 per share. This is an increase from Apple’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, May 6th. This represents a $0.92 annualized dividend and a dividend yield of 0.60%. Apple’s dividend payout ratio is presently 14.94%.
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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