Arrow Financial Corp lessened its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 6.0% in the 1st quarter, Holdings Channel.com reports. The firm owned 139,663 shares of the iPhone maker’s stock after selling 8,966 shares during the quarter. Apple makes up about 2.9% of Arrow Financial Corp’s holdings, making the stock its 8th largest holding. Arrow Financial Corp’s holdings in Apple were worth $24,387,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the business. Solidarilty Wealth LLC purchased a new stake in shares of Apple in the 1st quarter worth approximately $19,304,000. Vista Finance LLC lifted its position in Apple by 26.9% during the first quarter. Vista Finance LLC now owns 14,402 shares of the iPhone maker’s stock valued at $2,515,000 after acquiring an additional 3,051 shares during the last quarter. Guardian Financial Partners LLC lifted its position in Apple by 7.9% during the first quarter. Guardian Financial Partners LLC now owns 14,786 shares of the iPhone maker’s stock valued at $2,391,000 after acquiring an additional 1,087 shares during the last quarter. Petix & Botte Co lifted its position in Apple by 85.4% during the first quarter. Petix & Botte Co now owns 29,472 shares of the iPhone maker’s stock valued at $5,146,000 after acquiring an additional 13,578 shares during the last quarter. Finally, Mill Capital Management LLC lifted its position in Apple by 7.2% during the first quarter. Mill Capital Management LLC now owns 654,823 shares of the iPhone maker’s stock valued at $114,339,000 after acquiring an additional 43,957 shares during the last quarter. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Apple Stock Up 3.3 %
AAPL stock opened at $162.51 on Friday. The firm has a market cap of $2.63 trillion, a PE ratio of 26.38, a P/E/G ratio of 1.97 and a beta of 1.19. 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 firm’s fifty day moving average is $144.31 and its 200 day moving average is $157.43. Apple Inc. has a one year low of $129.04 and a one year high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.06. The business had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the firm posted $1.30 earnings per share. On average, research analysts forecast that Apple Inc. will post 6.09 EPS for the current year.
Apple Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 0.57%. Apple’s payout ratio is 14.94%.
Apple declared that its board has authorized a stock buyback program on Thursday, April 28th that allows the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Analyst Ratings Changes
A number of research firms recently commented on AAPL. JPMorgan Chase & Co. set a $200.00 target price on shares of Apple in a research report on Monday, July 25th. Loop Capital decreased their target price on shares of Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, May 25th. Barclays increased their target price on shares of Apple from $166.00 to $169.00 and gave the company a “maintains” rating in a research report on Friday. Itau BBA Securities started coverage on shares of Apple in a research note on Tuesday. They set an “underperform” rating and a $136.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Apple from $200.00 to $175.00 in a research note on Tuesday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $179.04.
Insider Buying and Selling at Apple
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction on Wednesday, May 4th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.06% of the company’s stock.
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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