AMI Asset Management Corp trimmed its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.8% in the 1st quarter, HoldingsChannel reports. The firm owned 673,792 shares of the iPhone maker’s stock after selling 5,281 shares during the quarter. Apple makes up about 6.1% of AMI Asset Management Corp’s portfolio, making the stock its biggest position. AMI Asset Management Corp’s holdings in Apple were worth $117,651,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the stock. Rocky Mountain Advisers LLC lifted its holdings in shares of Apple by 5.1% during the first quarter. Rocky Mountain Advisers LLC now owns 6,227 shares of the iPhone maker’s stock valued at $1,087,000 after purchasing an additional 301 shares during the last quarter. ARGI Investment Services LLC lifted its stake in Apple by 1.0% in the 1st quarter. ARGI Investment Services LLC now owns 113,200 shares of the iPhone maker’s stock worth $19,766,000 after acquiring an additional 1,126 shares in the last quarter. Key Financial Inc lifted its stake in Apple by 4.6% in the 1st quarter. Key Financial Inc now owns 97,718 shares of the iPhone maker’s stock worth $17,063,000 after acquiring an additional 4,288 shares in the last quarter. Patron Partners LLC lifted its stake in Apple by 1.9% in the 1st quarter. Patron Partners LLC now owns 48,677 shares of the iPhone maker’s stock worth $8,499,000 after acquiring an additional 913 shares in the last quarter. Finally, Augustine Asset Management Inc. lifted its stake in Apple by 0.3% in the 1st quarter. Augustine Asset Management Inc. now owns 132,894 shares of the iPhone maker’s stock worth $23,205,000 after acquiring an additional 391 shares in the last quarter. 57.98% of the stock is owned by hedge funds and other institutional investors.
Apple Price Performance
Shares of AAPL stock opened at $162.51 on Monday. The stock has a 50 day moving average of $144.31 and a two-hundred day moving average of $157.20. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94. 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 (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $82.97 billion. During the same quarter last year, the company earned $1.30 EPS. The company’s quarterly revenue was up 1.9% on a year-over-year basis. As a group, equities analysts expect that Apple Inc. will post 6.09 EPS for the current year.
Apple Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be given a $0.23 dividend. The ex-dividend date is Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.57%. Apple’s dividend payout ratio is currently 14.94%.
Apple declared that its board has approved a stock buyback program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes 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 board of directors believes its shares are undervalued.
Wall Street Analysts Forecast Growth
AAPL has been the subject of several research analyst reports. KeyCorp reduced their price objective on Apple from $191.00 to $173.00 and set an “overweight” rating for the company in a research note on Tuesday, July 12th. Evercore ISI upped their target price on Apple from $180.00 to $185.00 in a research report on Friday. Deutsche Bank Aktiengesellschaft dropped their target price on Apple from $200.00 to $175.00 in a research report on Tuesday, June 14th. Piper Sandler dropped their target price on Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Finally, JPMorgan Chase & Co. set a $200.00 target price on Apple in a research report on Monday, July 25th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $179.04.
Insider Buying and Selling
In related news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the completion of the transaction, the senior vice president now owns 452,334 shares in the company, valued at approximately $73,151,454.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.06% of the stock is owned by corporate insiders.
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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