Phoenix Wealth Advisors raised its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 72.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,706 shares of the iPhone maker’s stock after acquiring an additional 13,769 shares during the period. Apple comprises about 5.8% of Phoenix Wealth Advisors’ investment portfolio, making the stock its largest holding. Phoenix Wealth Advisors’ holdings in Apple were worth $5,620,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Crumly & Associates Inc. grew its stake in Apple by 7.7% in the first quarter. Crumly & Associates Inc. now owns 19,100 shares of the iPhone maker’s stock valued at $3,335,000 after acquiring an additional 1,369 shares during the period. Signaturefd LLC grew its stake in Apple by 3.9% in the first quarter. Signaturefd LLC now owns 395,393 shares of the iPhone maker’s stock valued at $69,040,000 after acquiring an additional 14,943 shares during the period. Marshall & Sullivan Inc. WA boosted its position in shares of Apple by 4.5% during the first quarter. Marshall & Sullivan Inc. WA now owns 17,436 shares of the iPhone maker’s stock worth $3,045,000 after buying an additional 754 shares during the period. Northwest Wealth Management LLC boosted its position in shares of Apple by 4.8% during the first quarter. Northwest Wealth Management LLC now owns 39,159 shares of the iPhone maker’s stock worth $6,838,000 after buying an additional 1,801 shares during the period. Finally, West Bancorporation Inc. boosted its position in shares of Apple by 105.2% during the first quarter. West Bancorporation Inc. now owns 19,512 shares of the iPhone maker’s stock worth $3,407,000 after buying an additional 10,004 shares during the period. 57.98% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
AAPL has been the subject of several recent research reports. set a $175.00 price objective on Apple in a research report on Friday, July 29th. Barclays reduced their price objective on Apple from $167.00 to $166.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 13th. KeyCorp upped their price objective on Apple from $173.00 to $177.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 2nd. Loop Capital dropped their target price on Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. Finally, Oppenheimer reiterated an “outperform” rating and set a $190.00 target price on shares of Apple in a report on Wednesday, June 8th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.27.
Insider Buying and Selling at Apple
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the sale, the senior vice president now owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.06% of the company’s stock.
Apple Trading Down 0.4 %
Shares of NASDAQ:AAPL opened at $168.49 on Friday. The company has a market capitalization of $2.71 trillion, a P/E ratio of 27.80, a P/E/G 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 debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. The business’s 50 day simple moving average is $147.38 and its 200 day simple moving average is $157.16.
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The business had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.30 earnings per share. On average, research analysts anticipate that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Friday, August 5th. Apple’s dividend payout ratio is currently 15.18%.
Apple announced that its Board of Directors has authorized a share buyback plan 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 plans are generally an indication that the company’s board believes its stock is undervalued.
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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