Stegent Equity Advisors Inc. trimmed its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 14.8% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 12,401 shares of the iPhone maker’s stock after selling 2,157 shares during the period. Apple comprises about 1.8% of Stegent Equity Advisors Inc.’s portfolio, making the stock its 20th largest holding. Stegent Equity Advisors Inc.’s holdings in Apple were worth $2,165,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of AAPL. Agate Pass Investment Management LLC purchased a new stake in Apple during the fourth quarter valued at $7,707,000. PrairieView Partners LLC grew its stake in shares of Apple by 8.9% during the 4th quarter. PrairieView Partners LLC now owns 35,870 shares of the iPhone maker’s stock valued at $6,369,000 after purchasing an additional 2,943 shares during the period. Avantax Advisory Services Inc. increased its position in shares of Apple by 2.3% during the 4th quarter. Avantax Advisory Services Inc. now owns 822,317 shares of the iPhone maker’s stock valued at $146,022,000 after purchasing an additional 18,256 shares during the last quarter. MorganRosel Wealth Management LLC lifted its stake in shares of Apple by 1.1% in the 4th quarter. MorganRosel Wealth Management LLC now owns 6,394 shares of the iPhone maker’s stock worth $1,135,000 after purchasing an additional 70 shares during the period. Finally, Omega Financial Group LLC boosted its holdings in shares of Apple by 3.9% in the fourth quarter. Omega Financial Group LLC now owns 9,310 shares of the iPhone maker’s stock worth $1,653,000 after buying an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Apple Price Performance
Apple stock opened at $154.09 on Friday. The company has a market cap 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 firm’s fifty day moving average is $142.90 and its 200 day moving average is $157.91. 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 52-week low of $129.04 and a 52-week high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, beating 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 company had revenue of $97.28 billion for the quarter, compared to the consensus estimate of $93.99 billion. During the same quarter in the prior year, the firm earned $1.40 earnings per share. Apple’s revenue was up 8.6% on a year-over-year basis. Sell-side analysts forecast that Apple Inc. will post 6.09 EPS for the current fiscal year.
Apple Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were paid a $0.23 dividend. 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%. This is an increase from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio is currently 14.94%.
Apple declared that its board has approved 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the stock. Barclays decreased 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. KeyCorp lowered their target price on Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. UBS Group set a $185.00 price target on Apple in a research report on Thursday. Bank of America lowered their price objective on Apple from $215.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, May 19th. Finally, Deutsche Bank Rese… set a $210.00 target price on shares of Apple in a report on Friday, April 8th. Nine equities 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $182.73.
In other news, SVP Katherine L. Adams sold 25,000 shares of the 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 sale, the senior vice president now owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.06% of the company’s stock.
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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