Archvest Wealth Advisors Inc. decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,691 shares of the iPhone maker’s stock after selling 258 shares during the quarter. Apple accounts for approximately 3.9% of Archvest Wealth Advisors Inc.’s portfolio, making the stock its 9th largest position. Archvest Wealth Advisors Inc.’s holdings in Apple were worth $4,311,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cardinal Capital Management Inc. boosted its position in shares of Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after purchasing an additional 221 shares during the period. Shore Point Advisors LLC purchased a new stake in Apple in the fourth quarter worth about $41,000. St. James Investment Advisors LLC bought a new stake in Apple during the fourth quarter valued at about $57,000. Emerson Wealth LLC raised its stake in 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 buying an additional 320 shares during the last quarter. Finally, Econ Financial Services Corp increased its position in shares of Apple by 29.1% in the 1st quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock valued at $74,000 after acquiring an additional 95 shares during the period. 57.62% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at Apple
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction that occurred 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 sale, the senior vice president now directly owns 427,334 shares in the company, valued at $70,411,823.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.06% of the company’s stock.
Analysts Set New Price Targets
Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. set a $200.00 target price on shares of Apple in a research report on Monday, July 25th. Bank of America cut their price target on Apple from $200.00 to $185.00 in a research note on Tuesday, July 26th. Rosenblatt Securities lowered their price objective on shares of Apple from $168.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday, July 29th. Morgan Stanley reduced their target price on Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a report on Wednesday, July 20th. Finally, KeyCorp boosted their price target on Apple from $173.00 to $177.00 and gave the stock an “overweight” rating in a report on Tuesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $180.94.
Apple Price Performance
Shares of AAPL opened at $174.55 on Thursday. The stock has a market cap of $2.81 trillion, a PE ratio of 28.80, a price-to-earnings-growth ratio of 2.24 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 firm has a fifty day moving average price of $149.82 and a 200 day moving average price of $157.52. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82.
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The business had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.30 earnings per share. As a group, sell-side analysts anticipate that Apple Inc. will post 6.1 EPS for the current year.
Apple declared that its board has initiated a share repurchase plan on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Apple Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Monday, August 8th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date was Friday, August 5th. Apple’s payout ratio is 15.18%.
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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