Violich Capital Management Inc. decreased its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 334,343 shares of the iPhone maker’s stock after selling 10,419 shares during the period. Apple makes up 8.6% of Violich Capital Management Inc.’s portfolio, making the stock its 2nd biggest position. Violich Capital Management Inc.’s holdings in Apple were worth $58,380,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of AAPL. Norges Bank purchased a new stake in shares of Apple in the fourth quarter worth about $25,228,507,000. State Street Corp boosted its position in shares of Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after buying an additional 10,951,705 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in Apple in the fourth quarter valued at about $1,461,735,000. Capital Research Global Investors boosted its holdings in Apple by 38.1% in the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock valued at $5,247,094,000 after purchasing an additional 8,154,171 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Apple by 41.8% in the fourth quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock valued at $3,705,275,000 after purchasing an additional 6,154,422 shares during the last quarter. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on AAPL shares. KeyCorp reduced their price target on Apple from $191.00 to $173.00 and set an “overweight” rating for the company in a report on Tuesday, July 12th. Piper Sandler reduced their price target on Apple from $200.00 to $195.00 in a report on Friday, April 29th. Deutsche Bank Rese… set a $210.00 price target on Apple in a report on Friday, April 8th. Evercore ISI reduced their price target on Apple from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, June 28th. Finally, Credit Suisse Group set a $169.00 target price on Apple in a report on Friday, April 29th. Nine analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $182.73.
Apple Stock Down 0.7 %
Shares of AAPL stock opened at $152.95 on Tuesday. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94. The stock has a market cap of $2.48 trillion, a PE ratio of 24.83, a price-to-earnings-growth ratio of 2.00 and a beta of 1.19. The business’s fifty day moving average is $143.05 and its 200-day moving average is $157.67. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93.
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings results 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. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company had revenue of $97.28 billion for the quarter, compared to analysts’ expectations of $93.99 billion. During the same period last year, the firm earned $1.40 EPS. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities analysts expect that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a dividend of $0.23 per share. The ex-dividend date was Friday, May 6th. This is a boost 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 (DPR) is 14.94%.
Apple announced that its board has authorized a stock repurchase program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
In other news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.06% of the stock is owned by insiders.
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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