Dowling & Yahnke LLC boosted its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 489,164 shares of the iPhone maker’s stock after purchasing an additional 10,866 shares during the quarter. Apple comprises about 3.7% of Dowling & Yahnke LLC’s holdings, making the stock its 2nd largest position. Dowling & Yahnke LLC’s holdings in Apple were worth $85,413,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Elk River Wealth Management LLC grew its holdings in Apple by 49.0% in the 1st quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock valued at $29,181,000 after buying an additional 54,989 shares during the period. Piscataqua Savings Bank grew its holdings in shares of Apple by 1.5% during the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock worth $8,302,000 after purchasing an additional 684 shares during the period. Harbor Capital Advisors Inc. purchased a new stake in shares of Apple during the 1st quarter worth about $171,000. Fountainhead AM LLC grew its holdings in shares of Apple by 11.6% during the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock worth $7,732,000 after purchasing an additional 4,738 shares during the period. Finally, Primoris Wealth Advisors LLC purchased a new stake in shares of Apple during the 4th quarter worth about $4,282,000. Hedge funds and other institutional investors own 57.62% of the company’s stock.
Insiders Place Their Bets
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the sale, the senior vice president now directly owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Luca Maestri sold 96,735 shares of the stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $174.95, for a total value of $16,923,788.25. Following the completion of the transaction, the chief financial officer now owns 110,673 shares of the company’s stock, valued at $19,362,241.35. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the transaction, the senior vice president now directly owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The disclosure for this sale can be found here. 0.06% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on AAPL shares. Morgan Stanley decreased their target price on Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a report on Wednesday, July 20th. Bank of America decreased their target price on Apple from $200.00 to $185.00 in a report on Tuesday, July 26th. Deutsche Bank Aktiengesellschaft set a $175.00 target price on Apple in a report on Monday, August 1st. set a $175.00 price target on Apple in a report on Friday, July 29th. Finally, Itau BBA Securities initiated coverage on Apple in a report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price target for the company. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $181.18.
Apple Stock Performance
AAPL stock opened at $167.53 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63. The firm has a market cap of $2.69 trillion, a P/E ratio of 27.65, a P/E/G ratio of 2.17 and a beta of 1.23. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The stock’s 50 day simple moving average is $153.18 and its 200 day simple moving average is $157.36.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.06. Apple had a return on equity of 152.97% and a net margin of 25.71%. The business had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. During the same period in the prior year, the company posted $1.30 EPS. The business’s revenue was up 1.9% compared to the same quarter last year. As a group, equities research analysts predict that Apple Inc. will post 6.1 EPS for the current year.
Apple declared that its board has initiated a stock buyback program on Thursday, April 28th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Apple Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Monday, August 8th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend was Friday, August 5th. Apple’s dividend payout ratio is presently 15.18%.
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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