Heartwood Wealth Advisors LLC boosted its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 46.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,886 shares of the iPhone maker’s stock after acquiring an additional 3,154 shares during the period. Heartwood Wealth Advisors LLC’s holdings in Apple were worth $1,726,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Cardinal Capital Management Inc. lifted its position in shares of Apple by 5,525.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after buying an additional 221 shares during the last quarter. Shore Point Advisors LLC acquired a new stake in shares of Apple during the fourth quarter valued at about $41,000. St. James Investment Advisors LLC bought a new stake in shares of Apple during the fourth quarter worth about $57,000. Econ Financial Services Corp acquired a new position in shares of Apple in the fourth quarter valued at approximately $58,000. Finally, Emerson Wealth LLC increased its stake in shares of Apple by 363.6% in the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after buying an additional 320 shares during the period. Institutional investors own 57.98% of the company’s stock.
Apple Price Performance
Shares of AAPL opened at $151.60 on Wednesday. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The business’s fifty day moving average is $143.09 and its 200 day moving average is $157.63. 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 stock has a market cap of $2.45 trillion, a P/E ratio of 24.61, a P/E/G ratio of 2.00 and a beta of 1.19.
Apple (NASDAQ:AAPL – Get Rating) last issued 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 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 business earned $1.40 EPS. Apple’s quarterly revenue was up 8.6% compared to the same quarter last year. Sell-side analysts anticipate that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple declared that its Board of Directors has authorized a stock repurchase plan on Thursday, April 28th that authorizes the company to buyback $90.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Apple Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend 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 yield of 0.61%. Apple’s dividend payout ratio (DPR) is 14.94%.
Insider Buying and Selling at Apple
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the firm’s 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 document filed with the SEC, which is available through this hyperlink. Company insiders own 0.06% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have recently issued reports on AAPL shares. JPMorgan Chase & Co. set a $200.00 price objective on Apple in a research note on Monday. Credit Suisse Group set a $169.00 price objective on Apple in a research note on Friday, April 29th. Bank of America lowered their price objective on Apple from $200.00 to $185.00 in a research note on Tuesday. StockNews.com began coverage on shares of Apple in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Piper Sandler decreased their target price on shares of Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $179.64.
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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