Tufton Capital Management lessened its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 118,908 shares of the iPhone maker’s stock after selling 5,128 shares during the quarter. Apple makes up about 3.4% of Tufton Capital Management’s investment portfolio, making the stock its 4th largest holding. Tufton Capital Management’s holdings in Apple were worth $20,762,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the stock. Norges Bank bought a new stake in Apple during the fourth quarter worth approximately $25,228,507,000. State Street Corp lifted its holdings in Apple by 1.8% during 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 stake in shares of Apple during the 4th quarter valued at $1,461,735,000. Capital Research Global Investors lifted its holdings in shares of Apple by 38.1% during the 4th 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 lifted its holdings in shares of Apple by 41.8% during the 4th 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.
Wall Street Analyst Weigh In
AAPL has been the subject of several analyst reports. Evercore ISI decreased their price objective on Apple from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, June 28th. UBS Group set a $185.00 target price on Apple in a research report on Thursday. KeyCorp cut 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. Oppenheimer reissued an “outperform” rating and issued a $190.00 target price on shares of Apple in a research report on Wednesday, June 8th. Finally, Fundamental Research cut their price target on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research report on Friday, May 6th. Nine research 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $182.73.
Apple Trading Down 0.8 %
Shares of Apple stock opened at $154.09 on Monday. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53. The company’s 50-day simple moving average is $142.90 and its 200-day simple moving average is $157.81. The firm has a market cap of $2.49 trillion, a price-to-earnings ratio of 25.01, a price-to-earnings-growth ratio of 2.00 and a beta of 1.19.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 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 analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business earned $1.40 earnings per share. As a group, equities research analysts anticipate that Apple Inc. will post 6.09 earnings per share for the current year.
Apple Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a $0.23 dividend. This is an increase from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend was Friday, May 6th. Apple’s dividend payout ratio (DPR) is presently 14.94%.
Apple declared that its board has authorized a stock repurchase program on Thursday, April 28th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Insider Transactions at Apple
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the sale, 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 Securities & Exchange Commission, which can be accessed through this link. 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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