Haverford Trust Co lowered its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,631,996 shares of the iPhone maker’s stock after selling 77,514 shares during the period. Apple accounts for 5.3% of Haverford Trust Co’s investment portfolio, making the stock its largest holding. Haverford Trust Co’s holdings in Apple were worth $459,573,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the business. Joseph Group Capital Management purchased a new position in Apple during the 4th quarter worth $1,631,000. Cardinal Capital Management Inc. raised its position in 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 purchased a new position in Apple during the 4th quarter worth $41,000. St. James Investment Advisors LLC purchased a new position in Apple during the 4th quarter worth $57,000. Finally, Emerson Wealth LLC raised its position in Apple by 363.6% during the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after buying an additional 320 shares during the last quarter. Institutional investors and hedge funds own 57.62% of the company’s stock.
Analyst Upgrades and Downgrades
AAPL has been the subject of a number of analyst reports. Loop Capital cut their price objective on shares of Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, May 25th. Rosenblatt Securities cut their price target on shares of Apple from $168.00 to $160.00 and set a “neutral” rating for the company in a report on Friday, July 29th. Piper Sandler cut their price target on shares of Apple from $200.00 to $195.00 in a report on Friday, April 29th. KeyCorp increased their price target on shares of Apple from $177.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, August 19th. Finally, set a $175.00 price target on shares of Apple in a report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $181.18.
Apple Price Performance
Apple stock opened at $170.03 on Friday. The firm’s 50-day moving average is $153.98 and its two-hundred day moving average is $157.35. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The stock has a market capitalization of $2.73 trillion, a P/E ratio of 28.06, a P/E/G ratio of 2.16 and a beta of 1.23.
Apple (NASDAQ:AAPL – Get Rating) last released its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The business had revenue of $82.96 billion for the quarter, compared to analysts’ expectations of $82.97 billion. During the same period last year, the company earned $1.30 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. Equities analysts predict that Apple Inc. will post 6.1 earnings per share for the current year.
Apple Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were given a $0.23 dividend. The ex-dividend date was Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.54%. Apple’s dividend payout ratio is presently 15.18%.
Apple declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Insider Buying and Selling
In related news, CFO Luca Maestri sold 96,735 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The shares were 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 of the company’s stock, valued at $19,362,241.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Apple news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the transaction, 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 SEC, which is available at this link. Also, CFO Luca Maestri sold 96,735 shares of Apple stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the transaction, the chief financial officer now directly owns 110,673 shares in the company, valued at $19,362,241.35. The disclosure for this sale can be found here. Corporate 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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