DMG Group LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 5.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 125,568 shares of the iPhone maker’s stock after selling 6,942 shares during the period. Apple makes up about 22.7% of DMG Group LLC’s holdings, making the stock its biggest position. DMG Group LLC’s holdings in Apple were worth $20,316,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Elk River Wealth Management LLC raised its position in shares of Apple by 49.0% during the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock worth $29,181,000 after purchasing an additional 54,989 shares during the period. Piscataqua Savings Bank raised its position in Apple by 1.5% during the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after buying an additional 684 shares during the period. Fountainhead AM LLC raised its position in Apple by 11.6% during the fourth quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock valued at $7,732,000 after buying an additional 4,738 shares during the period. Primoris Wealth Advisors LLC acquired a new position in Apple during the fourth quarter valued at $4,282,000. Finally, Red Door Wealth Management LLC increased its position in Apple by 3.3% in the 1st quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock worth $16,934,000 after purchasing an additional 3,087 shares during the last quarter. 57.98% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the sale, the senior vice president now owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.06% of the company’s stock.
Analyst Upgrades and Downgrades
AAPL has been the topic of several research reports. JPMorgan Chase & Co. set a $200.00 target price on Apple in a research report on Friday, July 1st. StockNews.com initiated coverage on Apple in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. KeyCorp dropped their target price on Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. UBS Group set a $185.00 price target on Apple in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Apple from $200.00 to $175.00 in a research note on Tuesday, June 14th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $182.73.
Apple Stock Down 0.8 %
NASDAQ:AAPL opened at $154.09 on Monday. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53. The firm has a market capitalization of $2.49 trillion, a P/E ratio of 25.01, a P/E/G ratio of 2.00 and a beta of 1.19. The stock’s fifty day simple moving average is $142.90 and its 200-day simple moving average is $157.81.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The business had revenue of $97.28 billion for the quarter, compared to analyst estimates of $93.99 billion. During the same period last year, the company earned $1.40 EPS. The firm’s revenue was up 8.6% on a year-over-year basis. Equities research analysts expect that Apple Inc. will post 6.09 earnings per share for the current year.
Apple announced that its Board of Directors has initiated a share repurchase program on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Apple Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were paid a $0.23 dividend. This is an increase from Apple’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, May 6th. This represents a $0.92 annualized dividend and a dividend yield of 0.60%. Apple’s dividend payout ratio (DPR) is currently 14.94%.
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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