Capital Asset Advisory Services LLC cut its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 112,543 shares of the iPhone maker’s stock after selling 5,504 shares during the quarter. Apple comprises 2.1% of Capital Asset Advisory Services LLC’s portfolio, making the stock its 9th biggest position. Capital Asset Advisory Services LLC’s holdings in Apple were worth $19,651,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in AAPL. State Street Corp lifted its holdings in Apple by 1.8% during the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after buying an additional 10,951,705 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Apple by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock worth $46,812,958,000 after purchasing an additional 4,456,954 shares during the period. Norges Bank acquired a new stake in shares of Apple during the 4th quarter worth approximately $25,228,507,000. Charles Schwab Investment Management Inc. raised its position in shares of Apple by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock worth $14,131,710,000 after purchasing an additional 1,273,148 shares during the period. Finally, Fisher Asset Management LLC increased its position in Apple by 5.1% in the 4th quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker’s stock valued at $11,361,302,000 after acquiring an additional 3,096,696 shares during the period. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Apple Stock Performance
Apple stock opened at $165.35 on Monday. The firm’s 50 day simple moving average is $146.34 and its 200 day simple moving average is $157.01. The firm has a market capitalization of $2.66 trillion, a PE ratio of 27.29, a price-to-earnings-growth ratio of 2.14 and a beta of 1.23. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data 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. 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%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 EPS. As a group, analysts expect that Apple Inc. will post 6.1 earnings per share for the current fiscal year.
Apple declared that its board has initiated 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.
Apple Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be paid a $0.23 dividend. The ex-dividend date is Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.56%. Apple’s payout ratio is 15.18%.
Insider Buying and Selling
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the completion of the sale, the senior vice president now directly owns 427,334 shares in the company, valued at approximately $70,411,823.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.06% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on AAPL shares. Itau BBA Securities started coverage on Apple in a research report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 price target on the stock. The Goldman Sachs Group set a $139.00 target price on Apple in a research report on Friday, July 29th. Sanford C. Bernstein set a $170.00 target price on Apple in a research report on Monday, May 2nd. JPMorgan Chase & Co. set a $200.00 price objective on Apple in a research report on Monday, July 25th. Finally, Credit Suisse Group set a $166.00 price objective on Apple in a research report on Friday, July 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus target price of $179.27.
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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