Bond & Devick Financial Network Inc. lowered its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.9% in the first quarter, Holdings Channel reports. The institutional investor owned 9,295 shares of the iPhone maker’s stock after selling 80 shares during the period. Apple makes up about 1.3% of Bond & Devick Financial Network Inc.’s portfolio, making the stock its 16th largest position. Bond & Devick Financial Network Inc.’s holdings in Apple were worth $1,623,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of AAPL. Cardinal Capital Management Inc. increased its position in shares of 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 purchasing an additional 221 shares during the period. Shore Point Advisors LLC bought a new position in shares of Apple in the fourth quarter worth $41,000. St. James Investment Advisors LLC bought a new position in shares of Apple in the fourth quarter worth $57,000. Econ Financial Services Corp bought a new position in shares of Apple in the fourth quarter worth $58,000. Finally, Emerson Wealth LLC increased its position in shares of 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 purchasing an additional 320 shares during the period. Institutional investors and hedge funds own 57.98% of the company’s stock.
Apple Price Performance
Shares of AAPL opened at $151.60 on Wednesday. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The business’s 50 day moving average price is $143.09 and its two-hundred day moving average price is $157.63. The firm has a market cap of $2.45 trillion, a PE ratio of 24.61, a price-to-earnings-growth 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 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 analyst estimates of $93.99 billion. During the same period in the prior year, the firm earned $1.40 earnings per share. Apple’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, equities analysts anticipate that Apple Inc. will post 6.09 EPS for the current year.
Apple declared that its Board of Directors has authorized a share repurchase program on Thursday, April 28th that permits the company to buyback $90.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
Apple Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.61%. This is a positive change from Apple’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, May 6th. Apple’s dividend payout ratio is presently 14.94%.
Insider Transactions at Apple
In other news, SVP Katherine L. Adams sold 25,000 shares of the company’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 transaction, 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 through the SEC website. 0.06% of the stock is owned by insiders.
Wall Street Analyst Weigh In
A number of brokerages recently commented on AAPL. StockNews.com began coverage on Apple in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Sanford C. Bernstein set a $170.00 target price on Apple in a research report on Monday, May 2nd. Itaú Unibanco started coverage on Apple in a research report on Tuesday. They issued an “underperform” rating and a $136.00 target price on the stock. Credit Suisse Group set a $169.00 target price on Apple in a research report on Friday, April 29th. Finally, Evercore ISI decreased their target price on Apple from $210.00 to $180.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 28th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently 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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