Steward Partners Investment Advisory LLC cut its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,826,649 shares of the iPhone maker’s stock after selling 35,029 shares during the quarter. Apple comprises 4.9% of Steward Partners Investment Advisory LLC’s investment portfolio, making the stock its biggest holding. Steward Partners Investment Advisory LLC’s holdings in Apple were worth $318,951,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Apple in the fourth quarter worth about $25,228,507,000. State Street Corp grew its stake in shares of Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after buying an additional 10,951,705 shares during the last quarter. Capital Research Global Investors increased its position in Apple by 38.1% during the 4th quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock valued at $5,247,094,000 after buying an additional 8,154,171 shares in the last quarter. SG Americas Securities LLC raised its stake in Apple by 114.9% during the first quarter. SG Americas Securities LLC now owns 959,506 shares of the iPhone maker’s stock valued at $167,539,000 after buying an additional 7,386,473 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Apple by 41.8% in the fourth quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock worth $3,705,275,000 after acquiring an additional 6,154,422 shares in the last quarter. 57.98% of the stock is owned by hedge funds and other institutional investors.
Apple Stock Performance
NASDAQ:AAPL opened at $172.10 on Friday. The stock has a 50-day moving average price of $147.72 and a 200 day moving average price of $157.21. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The stock has a market capitalization of $2.77 trillion, a P/E ratio of 28.40, a P/E/G ratio of 2.19 and a beta of 1.23.
Apple (NASDAQ:AAPL – Get Rating) last released 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 firm had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.30 earnings per share. Equities research analysts forecast that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
Apple Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 8th were issued a $0.23 dividend. The ex-dividend date was Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.53%. Apple’s dividend payout ratio (DPR) is 15.18%.
Insider Buying and Selling
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 427,334 shares in the company, valued at approximately $70,411,823.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.06% of the stock is owned by company insiders.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on AAPL shares. set a $175.00 price target on Apple in a research report on Friday, July 29th. Loop Capital dropped their target price on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research note on Wednesday, May 25th. JPMorgan Chase & Co. set a $200.00 price target on shares of Apple in a research report on Monday, July 25th. Piper Sandler lowered their price objective on Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Finally, Morgan Stanley reduced their target price on Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a report on Wednesday, July 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $179.27.
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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