Apple Inc. (NASDAQ:AAPL) Stake Lessened by Parallel Advisors LLC

Parallel Advisors LLC lowered its stake in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 3.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 613,694 shares of the iPhone maker’s stock after selling 20,862 shares during the quarter. Apple comprises 4.3% of Parallel Advisors LLC’s portfolio, making the stock its 2nd largest position. Parallel Advisors LLC’s holdings in Apple were worth $109,096,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Cardinal Capital Management Inc. boosted its stake in 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 acquiring an additional 221 shares in the last quarter. Shore Point Advisors LLC bought a new stake in Apple during the fourth quarter worth about $41,000. St. James Investment Advisors LLC bought a new position in shares of Apple in the fourth quarter worth approximately $57,000. Emerson Wealth LLC lifted 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 worth $71,000 after buying an additional 320 shares in the last quarter. Finally, Econ Financial Services Corp lifted 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 worth $74,000 after buying an additional 95 shares in the last quarter. Institutional investors own 57.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Raymond James dropped their target price on shares of Apple from $190.00 to $185.00 and set a “maintains” rating on the stock in a research note on Friday, July 29th. Rosenblatt Securities dropped their target price on shares of Apple from $168.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, July 29th. Oppenheimer reiterated an “outperform” rating and issued a $190.00 target price on shares of Apple in a research note on Wednesday, June 8th. Sanford C. Bernstein set a $170.00 target price on shares of Apple in a research note on Monday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft set a $175.00 target price on shares of Apple in a research note on Monday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.21.

Apple Stock Performance

Shares of NASDAQ AAPL opened at $166.13 on Thursday. The firm has a fifty day moving average price of $145.58 and a 200-day moving average price of $157.20. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. The stock has a market cap of $2.69 trillion, a PE ratio of 27.41, a price-to-earnings-growth ratio of 2.09 and a beta of 1.23. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last posted its 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. The company had revenue of $82.96 billion during the quarter, compared to analysts’ expectations of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. Apple’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the company posted $1.30 earnings per share. Equities analysts anticipate that Apple Inc. will post 6.11 earnings per share for the current fiscal year.

Apple Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be paid a dividend of $0.23 per share. The ex-dividend date is Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.55%. Apple’s payout ratio is 15.18%.

Apple declared that its board has authorized a stock buyback plan on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Apple Profile

(Get Rating)

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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