Vision Capital Management Inc. reduced its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 13.5% during the first quarter, Holdings Channel.com reports. The fund owned 223,289 shares of the iPhone maker’s stock after selling 34,865 shares during the quarter. Apple accounts for approximately 6.4% of Vision Capital Management Inc.’s investment portfolio, making the stock its 3rd largest position. Vision Capital Management Inc.’s holdings in Apple were worth $38,989,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of AAPL. Norges Bank acquired a new position in Apple during the fourth quarter worth about $25,228,507,000. State Street Corp increased its stake in Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after purchasing an additional 10,951,705 shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Apple in the 4th quarter worth about $1,461,735,000. Capital Research Global Investors increased its stake in Apple by 38.1% in the 4th quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock worth $5,247,094,000 after purchasing an additional 8,154,171 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in Apple by 41.8% in the 4th quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock worth $3,705,275,000 after purchasing an additional 6,154,422 shares in the last quarter. 57.98% of the stock is owned by institutional investors and hedge funds.
Apple Price Performance
Apple stock opened at $165.35 on Friday. 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 $2.66 trillion, a P/E ratio of 27.29, a P/E/G ratio of 2.15 and a beta of 1.23. The business’s fifty day moving average is $146.34 and its two-hundred day moving average is $157.12. Apple Inc. has a 52 week low of $129.04 and a 52 week high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data 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 company had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. The business’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.30 earnings per share. Equities research analysts forecast that Apple Inc. will post 6.1 earnings per share for the current fiscal year.
Apple declared that its Board of Directors has initiated a stock repurchase plan on Thursday, April 28th that permits the company to buyback $90.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
Apple Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date is Friday, August 5th. Apple’s dividend payout ratio is currently 15.18%.
Insiders Place Their Bets
In other news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the transaction, the senior vice president now owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.06% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on AAPL shares. Piper Sandler decreased their price objective on Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Fundamental Research set a $177.07 price objective on Apple and gave the stock a “buy” rating in a research report on Thursday. Citigroup lifted their price target on Apple from $175.00 to $185.00 and gave the company a “buy” rating in a report on Friday, July 29th. Itaú Unibanco initiated coverage on Apple in a report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 price target for the company. Finally, Morgan Stanley reduced their price target on Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a report on Wednesday, July 20th. Two equities research 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 issued a strong buy rating to the company. According to MarketBeat, Apple currently has an average rating of “Moderate Buy” and an average 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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