Handelsinvest Investeringsforvaltning grew its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 24.2% during the 1st quarter, HoldingsChannel reports. The fund owned 41,031 shares of the iPhone maker’s stock after purchasing an additional 8,000 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Apple were worth $7,164,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Cardinal Capital Management Inc. grew its holdings 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 last quarter. Shore Point Advisors LLC bought a new position in shares of Apple in the fourth quarter worth about $41,000. St. James Investment Advisors LLC bought a new position in shares of Apple in the fourth quarter worth about $57,000. Econ Financial Services Corp bought a new position in shares of Apple in the fourth quarter worth about $58,000. Finally, Emerson Wealth LLC grew its holdings 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 last quarter. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on Wednesday, May 4th. The shares were 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 approximately $73,151,454.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of research analysts have recently commented on AAPL shares. Oppenheimer restated an “outperform” rating and issued a $190.00 price target on shares of Apple in a report on Wednesday, June 8th. Morgan Stanley dropped their target price on shares of Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Rosenblatt Securities dropped their target price on shares of Apple from $184.00 to $168.00 and set a “neutral” rating on the stock in a report on Monday, May 2nd. StockNews.com began coverage on shares of Apple in a report on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Citigroup dropped their target price on shares of Apple from $200.00 to $175.00 and set a “buy” rating on the stock in a report on Wednesday, July 13th. 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’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $179.64.
Apple Price Performance
Shares of NASDAQ AAPL opened at $151.60 on Wednesday. The stock has a market capitalization of $2.45 trillion, a price-to-earnings ratio of 24.61, a PEG 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 firm’s 50 day simple moving average is $143.09 and its 200-day simple moving average is $157.63. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88.
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings data 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 business had revenue of $97.28 billion for the quarter, compared to analysts’ expectations of $93.99 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned $1.40 EPS. Analysts expect that Apple Inc. will post 6.09 EPS for the current year.
Apple announced that its board has initiated 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 buy up to 3.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
Apple Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were paid a $0.23 dividend. The ex-dividend date of this dividend was Friday, May 6th. This represents a $0.92 dividend on an annualized basis and a yield of 0.61%. This is a boost from Apple’s previous quarterly dividend of $0.22. 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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