Asset Allocation & Management Company LLC increased its position in shares of Apple Inc. (NASDAQ: AAPL – Get Rating) by 81.3% during the first quarter, according to its latest filing with the Securities & Exchange Commission. The fund held 7,250 shares of the iPhone maker after acquiring an additional 3,250 shares during the period. Asset Allocation & Management Company LLC’s holdings in Apple were worth $1,266,000 at the end of the last reporting period.
Other institutional investors and hedge funds have also recently changed their stakes in the company. Norges Bank bought a new position in Apple stock during the fourth quarter worth $25,228,507,000. State Street Corp increased its stake in Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker worth $112,422,274,000 after purchasing an additional 10,951,705 shares during the period. Miracle Mile Advisors LLC increased its stake in Apple shares by 1,841.6% in the fourth quarter. Miracle Mile Advisors LLC now owns 8,755,560 shares of the iPhone maker valued at $78,548,000 after purchasing an additional 8,304,604 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Apple stock during the fourth quarter at a value of approximately $1,461,735,000. Finally, Capital Research Global Investors increased its stake in Apple by 38.1% in the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker valued at $5,247,094,000 after acquiring an additional 8,154,171 shares in the last quarter. 57.98% of the shares are held by institutional investors and hedge funds.
A number of research analysts have recently released reports on the stock. Fundamental Research lowered its price target on Apple shares from $179.32 to $175.24 and set an “average” rating on the stock in a Friday, May 6 research report. Loop Capital cut its price target on Apple shares from $210.00 to $180.00 and set a “buy” rating on the stock in a Wednesday, May 25 research report. StockNews.com began covering Apple in a research report on Thursday, March 31. They issued a “maintaining” rating for the company. JPMorgan Chase & Co. set a target price of $200.00 on Apple in a Monday, June 20 research report. Finally, Barclays set a target price of $167.00 on Apple in a Tuesday, June 7 report. Nine investment analysts gave the stock a hold rating, twenty-four issued a buy rating and one gave the company 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 $186.55.
In other Apple news, COO Jeffrey E. Williams sold 105,901 shares of the company in a trade dated Monday, April 4. The shares were sold at an average price of $177.75, for a total transaction of $18,823,902.75. Following the sale, the COO now directly owns 489,662 shares of the company, valued at $87,037,420.50. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Additionally, SVP Deirdre O’brien sold 29,198 Apple shares in a trade dated Monday, April 4. The stock was sold at an average price of $177.77, for a total transaction of $5,190,528.46. Following the completion of the transaction, the senior vice president now owns 136,290 shares of the company, valued at approximately $24,228,273.30. The disclosure of this sale can be found here. Over the past 90 days, insiders have sold 168,099 shares of the company valued at $29,376,711. 0.06% of the shares are currently held by insiders of the company.
AAPL stock opened at $141.66 on Monday. The company has a 50-day moving average of $148.09 and a 200-day moving average of $162.18. The company has a market capitalization of $2.29 trillion, a PE ratio of 23.00, a P/E/G ratio of 1.86 and a beta of 1.20. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt ratio of 1.53.
Apple (NASDAQ:AAPL – Get Rating) last released its results 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 for the quarter, versus $93.99 billion expected by analysts. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company’s revenue for the quarter increased by 8.6% compared to the same quarter last year. During the same period a year earlier, the company posted EPS of $1.40. On average, research analysts expect Apple Inc. to post earnings per share of 6.11 for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12. Shareholders of record on Monday, May 9 received a dividend of $0.23 per share. This is an increase from Apple’s previous quarterly dividend of $0.22. This represents a dividend of $0.92 on an annualized basis and a dividend yield of 0.65%. The ex-dividend date was Friday, May 6. Apple’s dividend payout ratio is currently 14.94%.
Apple announced that its board of directors launched a stock repurchase plan on Thursday, April 28 that sees the company repurchase $90.00 billion in outstanding 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 often a sign that the company’s board of directors thinks its stock is undervalued.
Apple Company Profile (Get a rating)
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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