Pinnacle Wealth Management Group Inc. lifted its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.4% in the first quarter, Holdings Channel.com reports. The fund owned 37,075 shares of the iPhone maker’s stock after acquiring an additional 525 shares during the quarter. Apple makes up approximately 4.9% of Pinnacle Wealth Management Group Inc.’s investment portfolio, making the stock its 4th biggest position. Pinnacle Wealth Management Group Inc.’s holdings in Apple were worth $6,474,000 as of its most recent SEC filing.
Other hedge funds also recently made changes to their positions in the company. Empirical Finance LLC grew its stake in Apple by 11.3% during the first quarter. Empirical Finance LLC now owns 307,340 shares of the iPhone maker’s stock worth $53,665,000 after purchasing an additional 31,327 shares during the period. Simmons Bank grew its stake in Apple by 0.8% during the first quarter. Simmons Bank now owns 110,520 shares of the iPhone maker’s stock worth $19,298,000 after purchasing an additional 915 shares during the period. Cordasco Financial Network grew its stake in Apple by 1.4% during the first quarter. Cordasco Financial Network now owns 19,104 shares of the iPhone maker’s stock worth $3,336,000 after purchasing an additional 259 shares during the period. Gyroscope Capital Management Group LLC grew its stake in Apple by 81.1% during the first quarter. Gyroscope Capital Management Group LLC now owns 45,770 shares of the iPhone maker’s stock worth $7,992,000 after purchasing an additional 20,494 shares during the period. Finally, Mayflower Financial Advisors LLC grew its stake in Apple by 0.3% during the first quarter. Mayflower Financial Advisors LLC now owns 100,882 shares of the iPhone maker’s stock worth $16,811,000 after purchasing an additional 337 shares during the period. 57.98% of the stock is currently owned by institutional investors.
In other news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the transaction, the senior vice president now directly owns 452,334 shares in the company, valued at $73,151,454.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.06% of the stock is owned by company insiders.
Apple Price Performance
Shares of NASDAQ AAPL opened at $151.00 on Wednesday. The stock has a market cap of $2.44 trillion, a PE ratio of 24.51, a price-to-earnings-growth ratio of 1.95 and a beta of 1.19. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The stock has a fifty day moving average of $142.37 and a 200-day moving average of $158.43.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.09. The company had revenue of $97.28 billion during the quarter, compared to analysts’ expectations of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.40 earnings per share. Equities research analysts anticipate that Apple Inc. will post 6.09 earnings per share for the current year.
Apple declared that its board has approved a stock buyback program on Thursday, April 28th that allows the company to buyback $90.00 billion in shares. This buyback authorization allows the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
Apple Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a $0.23 dividend. The ex-dividend date was Friday, May 6th. This is a boost from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 0.61%. Apple’s payout ratio is 14.94%.
Wall Street Analyst Weigh In
Several research firms recently commented on AAPL. Rosenblatt Securities decreased their target price on Apple from $184.00 to $168.00 and set a “neutral” rating for the company in a research note on Monday, May 2nd. Fundamental Research reduced their price objective on Apple from $179.32 to $175.24 and set an “average” rating for the company in a research note on Friday, May 6th. Oppenheimer reissued an “outperform” rating and issued a $190.00 price objective on shares of Apple in a research note on Wednesday, June 8th. The Goldman Sachs Group set a $130.00 price objective on Apple in a research note on Tuesday. Finally, Deutsche Bank Rese… set a $210.00 price objective on Apple in a research note on Friday, April 8th. Nine analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $183.49.
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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