Patriot Investment Management Inc. lifted its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 78,363 shares of the iPhone maker’s stock after purchasing an additional 2,129 shares during the period. Apple comprises about 1.2% of Patriot Investment Management Inc.’s investment portfolio, making the stock its 19th biggest holding. Patriot Investment Management Inc.’s holdings in Apple were worth $13,683,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the company. Buffington Mohr McNeal lifted its holdings in Apple by 11.6% during the 1st quarter. Buffington Mohr McNeal now owns 41,519 shares of the iPhone maker’s stock worth $7,250,000 after buying an additional 4,301 shares during the last quarter. Fi3 FINANCIAL ADVISORS LLC lifted its holdings in Apple by 3.5% during the 1st quarter. Fi3 FINANCIAL ADVISORS LLC now owns 22,209 shares of the iPhone maker’s stock worth $3,878,000 after buying an additional 749 shares during the last quarter. Valley Brook Capital Group Inc. lifted its holdings in Apple by 0.7% during the 1st quarter. Valley Brook Capital Group Inc. now owns 59,216 shares of the iPhone maker’s stock worth $10,339,000 after buying an additional 385 shares during the last quarter. Roosevelt Investment Group LLC lifted its holdings in Apple by 0.9% during the 1st quarter. Roosevelt Investment Group LLC now owns 531,193 shares of the iPhone maker’s stock worth $92,752,000 after buying an additional 4,551 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc. lifted its holdings in Apple by 3.1% during the 1st quarter. Texas Capital Bank Wealth Management Services Inc. now owns 171,034 shares of the iPhone maker’s stock worth $29,864,000 after buying an additional 5,222 shares during the last quarter. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
AAPL has been the topic of a number of research analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $190.00 target price on shares of Apple in a report on Wednesday, June 8th. Wells Fargo & Company dropped their price target on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 20th. The Goldman Sachs Group set a $139.00 price target on Apple in a research report on Friday, July 29th. Credit Suisse Group set a $166.00 price target on Apple in a research report on Friday, July 29th. Finally, Bank of America dropped their price target on Apple from $200.00 to $185.00 in a research report on Tuesday, July 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $179.27.
Insiders Place Their Bets
In other news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction dated 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 completion of the sale, the senior vice president now directly owns 427,334 shares in the company, valued at approximately $70,411,823.18. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.06% of the company’s stock.
Apple Stock Performance
AAPL opened at $172.10 on Monday. The firm has a market cap of $2.77 trillion, a PE ratio of 28.40, a P/E/G ratio of 2.23 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 business has a fifty day simple moving average of $148.26 and a 200-day simple moving average of $157.27. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last issued its 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 business had revenue of $82.96 billion during 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%. Apple’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.30 earnings per share. As a group, equities analysts predict that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple Dividend Announcement
The company 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. The ex-dividend date of this dividend was Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a yield of 0.53%. Apple’s dividend payout ratio (DPR) is currently 15.18%.
Apple announced that its Board of Directors has approved a stock buyback plan on Thursday, April 28th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits 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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