Hoylecohen LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 701,869 shares of the iPhone maker’s stock after selling 11,275 shares during the period. Apple accounts for about 10.5% of Hoylecohen LLC’s investment portfolio, making the stock its largest position. Hoylecohen LLC’s holdings in Apple were worth $122,553,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. Cardinal Capital Management Inc. raised its stake in Apple by 5,525.0% during 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 period. Shore Point Advisors LLC purchased a new stake in Apple during the 4th quarter valued at approximately $41,000. St. James Investment Advisors LLC bought a new stake in shares of Apple during the fourth quarter valued at approximately $57,000. Emerson Wealth LLC lifted its holdings in shares of 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 buying 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 first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after acquiring an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 57.62% of the company’s stock.
Apple Trading Down 0.1 %
AAPL opened at $173.03 on Wednesday. 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 stock’s fifty day moving average is $149.28 and its two-hundred day moving average is $157.40. The company has a market capitalization of $2.78 trillion, a P/E ratio of 28.55, a PEG ratio of 2.23 and a beta of 1.23. Apple Inc. has a 52 week low of $129.04 and a 52 week high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, beating the consensus estimate of $1.14 by $0.06. Apple had a return on equity of 152.97% and a net margin of 25.71%. The firm had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. During the same quarter last year, the firm posted $1.30 earnings per share. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. Analysts forecast that Apple Inc. will post 6.1 earnings per share for the current year.
Apple Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 8th were given a $0.23 dividend. The ex-dividend date of this dividend was Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.53%. Apple’s payout ratio is presently 15.18%.
Apple announced that its Board of Directors has authorized a share repurchase program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
AAPL has been the topic of several research analyst reports. Credit Suisse Group upgraded shares of Apple from a “neutral” rating to an “outperform” rating in a research note on Tuesday. Evercore ISI increased their price target on Apple from $180.00 to $185.00 in a research note on Friday, July 29th. UBS Group set a $185.00 price objective on Apple in a research note on Thursday, July 21st. Deutsche Bank Aktiengesellschaft set a $175.00 target price on Apple in a research report on Monday, August 1st. Finally, Rosenblatt Securities reduced their price target 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. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus target price of $179.27.
In other Apple 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 completion of the sale, 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 can be accessed through this link. Insiders own 0.06% of the company’s stock.
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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