Aaron Wealth Advisors LLC lifted its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 30,391.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,075,085 shares of the iPhone maker’s stock after purchasing an additional 25,989,570 shares during the quarter. Apple comprises about 2.1% of Aaron Wealth Advisors LLC’s investment portfolio, making the stock its 9th largest holding. Aaron Wealth Advisors LLC owned 0.16% of Apple worth $149,333,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Cardinal Capital Management Inc. raised its position in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after acquiring an additional 221 shares in the last quarter. Shore Point Advisors LLC bought a new stake in Apple in the fourth quarter worth about $41,000. St. James Investment Advisors LLC bought a new stake in Apple in the fourth quarter worth about $57,000. Emerson Wealth LLC raised its position in Apple by 363.6% in the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after acquiring an additional 320 shares in the last quarter. Finally, Econ Financial Services Corp raised its position in Apple by 29.1% in the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after acquiring an additional 95 shares in the last quarter. 57.62% of the stock is currently owned by institutional investors.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s 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 in the company, valued at $70,411,823.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Apple news, CFO Luca Maestri sold 96,735 shares of the company’s 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 sale, the chief financial officer now directly owns 110,673 shares in the company, valued at $19,362,241.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the sale, the senior vice president now owns 427,334 shares in the company, valued at $70,411,823.18. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
AAPL has been the topic of several research reports. Oppenheimer reiterated an “outperform” rating and issued a $190.00 price target on shares of Apple in a research report on Wednesday, June 8th. JPMorgan Chase & Co. set a $200.00 price objective on Apple in a report on Monday. UBS Group set a $185.00 price objective on Apple in a report on Thursday, July 21st. Wells Fargo & Company cut their price objective on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Finally, Evercore ISI boosted their price objective on Apple from $180.00 to $185.00 in a report on Friday, July 29th. 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 issued a strong buy rating to the company. According to MarketBeat, Apple presently has an average rating of “Moderate Buy” and a consensus target price of $181.18.
Apple Stock Up 1.5 %
Shares of AAPL stock opened at $170.03 on Friday. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94. The firm has a market cap of $2.73 trillion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 2.16 and a beta of 1.23. The stock has a 50 day moving average of $153.98 and a 200-day moving average of $157.35. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63.
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. Apple had a return on equity of 152.97% and a net margin of 25.71%. The company had revenue of $82.96 billion during the quarter, compared to analyst estimates of $82.97 billion. During the same period in the previous year, the company earned $1.30 earnings per share. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities analysts predict that Apple Inc. will post 6.1 EPS for the current year.
Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Apple Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were paid a $0.23 dividend. The ex-dividend date was Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.54%. Apple’s payout ratio is 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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