Smith Shellnut Wilson LLC ADV cut its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,137 shares of the iPhone maker’s stock after selling 1,627 shares during the quarter. Apple makes up about 3.3% of Smith Shellnut Wilson LLC ADV’s holdings, making the stock its 8th biggest holding. Smith Shellnut Wilson LLC ADV’s holdings in Apple were worth $6,310,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of AAPL. Bailey Value Limited Partnership purchased a new stake in Apple during the 4th quarter valued at about $10,654,000. Ocean Capital Management LLC grew its position in Apple by 4.9% during the 4th quarter. Ocean Capital Management LLC now owns 249,252 shares of the iPhone maker’s stock valued at $44,260,000 after purchasing an additional 11,720 shares during the last quarter. Northstar Group Inc. grew its position in Apple by 2.8% during the 4th quarter. Northstar Group Inc. now owns 173,020 shares of the iPhone maker’s stock valued at $30,723,000 after purchasing an additional 4,727 shares during the last quarter. Ieq Capital LLC grew its position in Apple by 5.8% during the 4th quarter. Ieq Capital LLC now owns 1,113,756 shares of the iPhone maker’s stock valued at $197,769,000 after purchasing an additional 61,459 shares during the last quarter. Finally, Equitable Trust Co. grew its position in Apple by 2.8% during the 4th quarter. Equitable Trust Co. now owns 232,139 shares of the iPhone maker’s stock valued at $41,221,000 after purchasing an additional 6,366 shares during the last quarter. 57.98% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on AAPL. Piper Sandler cut their price objective on shares of Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Itaú Unibanco began coverage on shares of Apple in a research note on Tuesday, July 26th. They set an “underperform” rating and a $136.00 target price on the stock. Loop Capital lowered their target price on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research note on Wednesday, May 25th. Oppenheimer restated an “outperform” rating and set a $190.00 target price on shares of Apple in a research note on Wednesday, June 8th. Finally, Wells Fargo & Company lowered their target price on shares of Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. Two investment 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 assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average price target of $179.27.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the transaction, the senior vice president now directly owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.06% of the stock is currently owned by insiders.
Apple Trading Up 2.1 %
AAPL stock opened at $172.10 on Monday. The firm has a fifty day moving average price of $148.26 and a 200 day moving average price of $157.27. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86. The firm has a market cap of $2.77 trillion, a PE ratio of 28.40, a price-to-earnings-growth ratio of 2.23 and a beta of 1.23.
Apple (NASDAQ:AAPL – Get Rating) last posted its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The firm had revenue of $82.96 billion during the quarter, compared to analyst estimates of $82.97 billion. During the same period last year, the firm posted $1.30 earnings per share. Apple’s revenue for the quarter was up 1.9% compared to the same quarter last year. Sell-side analysts anticipate that Apple Inc. will post 6.1 earnings per share for the current fiscal year.
Apple Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Friday, August 5th. Apple’s dividend payout ratio (DPR) is presently 15.18%.
Apple announced that its Board of Directors has initiated a share repurchase program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
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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