Apple Inc. (NASDAQ:AAPL) Shares Sold by Penbrook Management LLC

Penbrook Management LLC trimmed its position in Apple Inc. (NASDAQ:AAPLGet Rating) by 7.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,261 shares of the iPhone maker’s stock after selling 1,040 shares during the quarter. Apple comprises 1.5% of Penbrook Management LLC’s investment portfolio, making the stock its 14th biggest position. Penbrook Management LLC’s holdings in Apple were worth $2,316,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of AAPL. Cardinal Capital Management Inc. raised its stake in shares of Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after acquiring an additional 221 shares during the period. Shore Point Advisors LLC purchased a new stake in shares of Apple in the 4th quarter valued at approximately $41,000. St. James Investment Advisors LLC purchased a new stake in shares of Apple in the 4th quarter valued at approximately $57,000. Econ Financial Services Corp purchased a new stake in shares of Apple in the 4th quarter valued at approximately $58,000. Finally, Emerson Wealth LLC raised its stake in shares of Apple by 363.6% in the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after acquiring an additional 320 shares during the period. 57.98% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Performance

Shares of AAPL stock opened at $156.79 on Thursday. The stock has a market capitalization of $2.54 trillion, a PE ratio of 25.45, a price-to-earnings-growth ratio of 1.98 and a beta of 1.19. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The stock’s 50-day moving average price is $143.41 and its 200 day moving average price is $157.62. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53.

Apple (NASDAQ:AAPLGet Rating) last issued its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.09. The firm had revenue of $97.28 billion for the quarter, compared to analysts’ expectations 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 quarter in the previous year, the firm posted $1.40 EPS. As a group, equities research analysts forecast that Apple Inc. will post 6.09 EPS for the current year.

Apple declared that its board has initiated a stock buyback program 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 stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at Apple

In related news, SVP Katherine L. Adams sold 25,000 shares of the business’s 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 transaction, the senior vice president now owns 452,334 shares in the company, valued at approximately $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on AAPL shares. UBS Group set a $185.00 target price on shares of Apple in a research note on Thursday, July 21st. StockNews.com started coverage on shares of Apple in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Sanford C. Bernstein set a $170.00 target price on shares of Apple in a research note on Monday, May 2nd. Citigroup cut their target price on shares of Apple from $200.00 to $175.00 and set a “buy” rating on the stock in a research note on Wednesday, July 13th. Finally, JPMorgan Chase & Co. set a $200.00 target price on shares of Apple in a research note on Monday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $179.64.

Apple Profile

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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.

Further Reading

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