Optas LLC grew its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,726 shares of the iPhone maker’s stock after buying an additional 1,285 shares during the period. Apple accounts for 3.4% of Optas LLC’s investment portfolio, making the stock its 8th largest position. Optas LLC’s holdings in Apple were worth $10,429,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the stock. Cardinal Capital Management Inc. increased 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 valued at $39,000 after purchasing an additional 221 shares during the last quarter. Shore Point Advisors LLC bought a new position in Apple during the 4th quarter worth approximately $41,000. St. James Investment Advisors LLC bought a new position in Apple during the 4th quarter worth approximately $57,000. Econ Financial Services Corp bought a new position in Apple during the 4th quarter worth approximately $58,000. Finally, Emerson Wealth LLC grew 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 acquiring an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Credit Suisse Group set a $169.00 price objective on Apple in a report on Friday, April 29th. Bank of America dropped their price objective on Apple from $200.00 to $185.00 in a report on Tuesday. Fundamental Research dropped their price objective on Apple from $179.32 to $175.24 and set an “average” rating for the company in a report on Friday, May 6th. Itau BBA Securities assumed coverage on Apple in a report on Tuesday. They issued an “underperform” rating and a $136.00 price objective for the company. Finally, Deutsche Bank Rese… set a $210.00 price objective on Apple in a report on Friday, April 8th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus price target of $179.64.
Insiders Place Their Bets
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction that occurred 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 sale, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.06% of the stock is currently owned by insiders.
Apple Price Performance
NASDAQ:AAPL opened at $151.60 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. The company has a market capitalization 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 Inc. has a 12 month low of $129.04 and a 12 month high of $182.94. The business’s 50-day moving average is $143.09 and its 200 day moving average is $157.63.
Apple (NASDAQ:AAPL – Get Rating) last posted its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. The company had revenue of $97.28 billion for the quarter, compared to the consensus estimate of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.40 earnings per share. On average, equities research analysts forecast that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
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. 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%. The ex-dividend date of this dividend was Friday, May 6th. Apple’s payout ratio is presently 14.94%.
Apple declared that its board has approved 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 reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
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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