New York State Teachers Retirement System lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,505,277 shares of the iPhone maker’s stock after selling 79,930 shares during the period. Apple accounts for approximately 6.6% of New York State Teachers Retirement System’s holdings, making the stock its biggest position. New York State Teachers Retirement System owned 0.11% of Apple worth $3,231,206,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the business. Elk River Wealth Management LLC boosted its stake in Apple by 49.0% in the 1st 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 in the last quarter. Piscataqua Savings Bank boosted its stake in Apple by 1.5% in the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock worth $8,302,000 after purchasing an additional 684 shares in the last quarter. Fountainhead AM LLC boosted its stake in Apple by 11.6% in the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock worth $7,732,000 after purchasing an additional 4,738 shares in the last quarter. Primoris Wealth Advisors LLC bought a new position in Apple in the 4th quarter worth about $4,282,000. Finally, Red Door Wealth Management LLC boosted its stake 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 in the last quarter. Institutional investors own 57.98% of the company’s stock.
Apple Stock Up 3.3 %
NASDAQ AAPL opened at $162.51 on Friday. 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 company has a market capitalization of $2.63 trillion, a P/E ratio of 26.38, a P/E/G ratio of 1.97 and a beta of 1.19. Apple Inc. has a one year low of $129.04 and a one year high of $182.94. The stock has a 50 day moving average price of $144.31 and a 200-day moving average price of $157.31.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.06. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. During the same quarter in the prior year, the firm posted $1.30 EPS. Apple’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, equities analysts predict that Apple Inc. will post 6.09 EPS for the current fiscal year.
Apple announced that its board has authorized a share repurchase 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 buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Apple Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.57%. Apple’s payout ratio is presently 14.94%.
Insider Activity 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 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 in the company, valued at $73,151,454.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.06% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
A number of equities analysts have weighed in on the company. Oppenheimer reissued an “outperform” rating and issued a $190.00 target price on shares of Apple in a research report on Wednesday, June 8th. Wells Fargo & Company decreased their target price on Apple from $205.00 to $185.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. Itau BBA Securities assumed coverage on Apple in a research report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 target price for the company. Barclays boosted their target price on Apple from $166.00 to $169.00 and gave the stock a “maintains” rating in a research report on Friday. Finally, Raymond James decreased their target price on Apple from $190.00 to $185.00 and set a “maintains” rating for the company in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $179.04.
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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