Keybank National Association OH cut its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.7% in the first quarter, Holdings Channel reports. The institutional investor owned 6,684,780 shares of the iPhone maker’s stock after selling 116,202 shares during the quarter. Apple accounts for about 4.9% of Keybank National Association OH’s portfolio, making the stock its 3rd biggest holding. Keybank National Association OH’s holdings in Apple were worth $1,167,229,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of AAPL. Cardinal Capital Management Inc. lifted its holdings in shares of Apple by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after buying an additional 221 shares during the last quarter. Shore Point Advisors LLC acquired a new position in shares of Apple in the fourth quarter valued at $41,000. St. James Investment Advisors LLC acquired a new position in shares of Apple in the fourth quarter valued at $57,000. Emerson Wealth LLC raised its stake in shares of Apple by 363.6% in the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after purchasing an additional 320 shares in the last quarter. Finally, Econ Financial Services Corp raised its stake in shares of Apple by 29.1% in the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock valued at $74,000 after purchasing an additional 95 shares in the last quarter. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Apple Stock Down 0.2 %
Shares of Apple stock opened at $165.81 on Friday. The business’s 50 day simple moving average is $146.03 and its 200 day simple moving average is $157.15. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The firm has a market cap of $2.66 trillion, a PE ratio of 27.36, a P/E/G ratio of 2.07 and a beta of 1.23. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86.
Apple (NASDAQ:AAPL – Get Rating) last announced its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Apple had a return on equity of 152.97% and a net margin of 25.71%. The business had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. During the same quarter last year, the firm earned $1.30 EPS. Apple’s revenue for the quarter was up 1.9% compared to the same quarter last year. On average, analysts predict that Apple Inc. will post 6.1 earnings per share for the current fiscal year.
Apple Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date is Friday, August 5th. Apple’s dividend payout ratio is presently 15.18%.
Apple declared that its board has authorized a share buyback plan on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of brokerages recently commented on AAPL. The Goldman Sachs Group set a $139.00 target price on Apple in a research note on Friday, July 29th. Barclays cut their target price on Apple from $167.00 to $166.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 13th. UBS Group set a $185.00 target price on Apple in a research note on Thursday, July 21st. Fundamental Research set a $177.07 target price on Apple and gave the company a “buy” rating in a research note on Thursday. Finally, Rosenblatt Securities dropped their price objective on Apple from $168.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $179.27.
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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