BCGM Wealth Management LLC Grows Position in Apple Inc. (NASDAQ:AAPL)

BCGM Wealth Management LLC raised its position in Apple Inc. (NASDAQ:AAPLGet Rating) by 0.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,033 shares of the iPhone maker’s stock after buying an additional 132 shares during the quarter. Apple makes up approximately 1.8% of BCGM Wealth Management LLC’s portfolio, making the stock its 13th biggest position. BCGM Wealth Management LLC’s holdings in Apple were worth $3,316,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Cardinal Capital Management Inc. grew its stake in shares of Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after purchasing an additional 221 shares during the last quarter. Shore Point Advisors LLC purchased a new stake in shares of Apple in the fourth quarter valued at approximately $41,000. St. James Investment Advisors LLC acquired a new position in Apple during the fourth quarter worth $57,000. Emerson Wealth LLC raised its position in Apple by 363.6% in the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after acquiring an additional 320 shares in the last quarter. Finally, Econ Financial Services Corp boosted its position in shares of Apple by 29.1% during the 1st quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after purchasing an additional 95 shares in the last quarter. 57.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on AAPL. Loop Capital reduced their price objective on shares of Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. set a $175.00 price target on Apple in a research note on Friday, July 29th. Oppenheimer restated an “outperform” rating and issued a $190.00 price target on shares of Apple in a report on Wednesday, June 8th. Itau BBA Securities began coverage on Apple in a report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 price objective for the company. Finally, Morgan Stanley lowered their target price on Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Two investment 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $179.27.

Apple Stock Up 2.1 %

Shares of NASDAQ AAPL opened at $172.10 on Friday. The stock has a market capitalization of $2.77 trillion, a PE ratio of 28.40, a P/E/G ratio of 2.19 and a beta of 1.23. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. The firm has a fifty day moving average of $147.72 and a 200-day moving average of $157.21. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The company had revenue of $82.96 billion during 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 firm’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.30 earnings per share. On average, analysts anticipate that Apple Inc. will post 6.1 EPS for the current year.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Monday, August 8th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.53%. Apple’s dividend payout ratio is currently 15.18%.

Apple announced that its board has initiated a share repurchase plan on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the completion of the sale, the senior vice president now directly owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.06% of the company’s stock.

Apple Profile

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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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