Abundance Wealth Counselors grew its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 13.5% during the first quarter, Holdings Channel.com reports. The firm owned 50,584 shares of the iPhone maker’s stock after buying an additional 6,001 shares during the period. Apple comprises about 2.4% of Abundance Wealth Counselors’ portfolio, making the stock its 7th biggest holding. Abundance Wealth Counselors’ holdings in Apple were worth $8,832,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Cardinal Capital Management Inc. increased its holdings in 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 buying an additional 221 shares during the last quarter. Shore Point Advisors LLC acquired a new position in Apple in the fourth quarter worth approximately $41,000. St. James Investment Advisors LLC bought a new stake in Apple during the fourth quarter worth approximately $57,000. Emerson Wealth LLC boosted its position in Apple by 363.6% during the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after purchasing an additional 320 shares during the period. Finally, Econ Financial Services Corp boosted its position in Apple by 29.1% during the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after purchasing an additional 95 shares during the period. Institutional investors and hedge funds own 57.98% of the company’s stock.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president now owns 427,334 shares in the company, valued at $70,411,823.18. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.06% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on AAPL shares. Deutsche Bank Aktiengesellschaft set a $175.00 target price on Apple in a research report on Monday, August 1st. Itau BBA Securities initiated coverage on Apple in a research report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price objective for the company. UBS Group set a $185.00 price objective on Apple in a research report on Thursday, July 21st. KeyCorp increased their price objective on Apple from $173.00 to $177.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Evercore ISI increased their price objective on Apple from $180.00 to $185.00 in a research report on Friday, July 29th. Two equities 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 given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $179.27.
Apple Price Performance
Apple stock opened at $165.35 on Friday. The business’s 50-day simple moving average is $146.34 and its 200 day simple moving average is $157.12. The stock has a market cap of $2.66 trillion, a price-to-earnings ratio of 27.29, a P/E/G ratio of 2.15 and a beta of 1.23. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.06. The business had revenue of $82.96 billion for the quarter, compared to analysts’ expectations 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 last year, the business earned $1.30 earnings per share. As a group, research analysts anticipate that Apple Inc. will post 6.1 earnings per share for the current year.
Apple Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 0.56%. The ex-dividend date is Friday, August 5th. Apple’s dividend payout ratio is 15.18%.
Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 28th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors 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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