Pariax LLC Trims Stock Holdings in Apple Inc. (NASDAQ:AAPL)

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Pariax LLC trimmed its holdings in Apple Inc. (NASDAQ:AAPLGet Rating) by 84.5% in the first quarter, Holdings Channel reports. The institutional investor owned 1,200 shares of the iPhone maker’s stock after selling 6,566 shares during the quarter. Apple accounts for approximately 0.2% of Pariax LLC’s investment portfolio, making the stock its 27th biggest holding. Pariax LLC’s holdings in Apple were worth $210,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Cardinal Capital Management Inc. grew its stake in Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after buying an additional 221 shares in the last quarter. Shore Point Advisors LLC purchased a new position in shares of Apple during the 4th quarter valued at $41,000. St. James Investment Advisors LLC purchased a new position in shares of Apple during the 4th quarter valued at $57,000. Econ Financial Services Corp purchased a new position in shares of Apple during the 4th quarter valued at $58,000. Finally, Emerson Wealth LLC grew its position in shares of Apple by 363.6% during the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after purchasing an additional 320 shares in the last quarter. 57.98% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Fundamental Research reduced their price target on shares of Apple from $179.32 to $175.24 and set an “average” rating for the company in a research report on Friday, May 6th. Oppenheimer restated an “outperform” rating and set a $190.00 price target on shares of Apple in a research report on Wednesday, June 8th. Wells Fargo & Company reduced their price target on shares of Apple from $205.00 to $185.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. UBS Group set a $185.00 price target on shares of Apple in a research report on Thursday, July 21st. Finally, Citigroup upped their target price on shares of Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $179.04.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $162.51 on Friday. The company has a market cap of $2.63 trillion, a price-to-earnings ratio of 26.38, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. The company has a 50-day moving average price of $144.31 and a 200-day moving average price of $157.43. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. During the same period in the prior year, the firm earned $1.30 earnings per share. Apple’s revenue was up 1.9% on a year-over-year basis. As a group, equities analysts anticipate that Apple Inc. will post 6.09 EPS for the current year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.57%. Apple’s payout ratio is currently 14.94%.

Apple announced that its Board of Directors has authorized a share buyback program on Thursday, April 28th that allows the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated Wednesday, May 4th. The shares were 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 of the company’s stock, valued at $73,151,454.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.06% of the stock is owned by insiders.

Apple Profile

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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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