Financial Management Network Inc. reduced its stake in Apple Inc. (NASDAQ: AAPL – Get a rating) by 0.3% in the first quarter, HoldingsChannel reports. The company held 66,712 shares of the iPhone maker after selling 180 shares during the period. Apple accounts for about 6.0% of Financial Management Network Inc.’s holdings, making the stock its 3rd largest position. Financial Management Network Inc.’s holdings in Apple were worth $11,904,000 when it last filed with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also increased or reduced their stake in the company. Inspire Advisors LLC increased its holdings of Apple shares by 43.9% in the first quarter. Inspire Advisors LLC now owns 7,139 shares of the iPhone maker worth $1,247,000 after acquiring 2,177 additional shares last quarter. Zhang Financial LLC increased its holdings of Apple shares by 10.6% in the first quarter. Zhang Financial LLC now owns 185,032 shares of the iPhone maker worth $32,308,000 after buying an additional 17,764 shares last quarter. Apricus Wealth LLC increased its holdings of Apple shares by 2.7% in the first quarter. Apricus Wealth LLC now owns 18,006 shares of the iPhone maker worth $3,011,000 after buying an additional 480 shares in the last quarter. Waddell & Associates LLC increased its holdings of Apple shares 1.5% in the first quarter. Waddell & Associates LLC now owns 51,992 shares of the iPhone maker worth $9,078,000 after buying an additional 750 shares last quarter. Finally, Western Pacific Wealth Management LP increased its holdings of Apple shares by 0.3% in the first quarter. Western Pacific Wealth Management LP now owns 58,706 shares of the iPhone maker worth $10,250,000 after buying 179 additional shares last quarter. Institutional investors hold 57.98% of the company’s shares.
Apple shares down 2.1%
Shares of NASDAQ: AAPL opened at $147.07 on Tuesday. The company has a market capitalization of $2.38 trillion, a price/earnings ratio of 23.88, a P/E/G ratio of 1.95 and a beta of 1.19. The company has a debt ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. The company’s 50-day moving average is $142.44 and its 200-day moving average is $158.48. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94.
Apple (NASDAQ: AAPL – Get a rating) last released its quarterly earnings data on Thursday, April 28. The iPhone maker reported EPS of $1.52 for the quarter, beating analyst consensus estimates of $1.43 by $0.09. The company posted revenue of $97.28 billion in the quarter, versus analyst estimates of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company’s revenue for the quarter increased 8.6% on an annual basis. During the same period a year earlier, the company posted EPS of $1.40. Equity research analysts expect Apple Inc. to post earnings per share of 6.09 for the current year.
Apple announced that its board of directors authorized a stock repurchase plan on Thursday, April 28 that sees the company repurchase $90.00 billion worth of stock. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Stock buyback plans are usually a sign that a company’s management believes its stock is undervalued.
Apple increases its dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12. Investors of record on Monday, May 9 received a dividend of $0.23. This represents a dividend of $0.92 on an annualized basis and a yield of 0.63%. The ex-dividend date was Friday, May 6. This is a boost from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio is currently 14.94%.
Insider activity at Apple
In other news, please Katherine L. Adams sold 25,000 shares of the company in a trade dated Wednesday, May 4. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. As a result of the transaction, the senior vice president now directly owns 452,334 shares of the company, valued at $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. 0.06% of the shares are held by insiders.
A Wall Street analyst gives his opinion
A number of research analysts have recently released reports on AAPL shares. JPMorgan Chase & Co. set a price target of $200.00 on Apple in a Friday July 1 report. KeyCorp cut its price target on Apple from $191.00 to $173.00 and set an “overweight” rating for the company in a Tuesday, July 12 research report. UBS Group set a price target of $185.00 on Apple in a research report on Tuesday, June 21. Goldman Sachs Group set a price target of $130.00 on Apple in a research report on Tuesday. Finally, Oppenheimer reissued an “outperform” rating and set a price target of $190.00 on Apple shares in a Wednesday, June 8 research report. Nine research analysts gave the stock a hold rating, twenty-four gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $183.49.
Apple Company Profile
Apple Inc designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories worldwide. It also sells various related services. Additionally, the company offers iPhone, a range of smartphones; Mac, a line of personal computers; iPad, a range of versatile tablets; AirPods Max, an over-ear wireless headset; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats products, HomePod and iPod touch.
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