MainStreet Investment Advisors LLC reduced its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 325,544 shares of the iPhone maker’s stock after selling 10,444 shares during the period. Apple makes up approximately 5.3% of MainStreet Investment Advisors LLC’s investment portfolio, making the stock its 3rd biggest position. MainStreet Investment Advisors LLC’s holdings in Apple were worth $56,843,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Apple by 1.8% during the fourth 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 in the last quarter. Geode Capital Management LLC increased its holdings in shares of Apple by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock worth $46,812,958,000 after buying an additional 4,456,954 shares in the last quarter. Norges Bank acquired a new position in shares of Apple during the fourth quarter worth $25,228,507,000. Charles Schwab Investment Management Inc. increased its holdings in Apple by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock valued at $14,131,710,000 after purchasing an additional 1,273,148 shares during the period. Finally, Fisher Asset Management LLC increased its holdings in Apple by 5.1% in the fourth quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker’s stock valued at $11,361,302,000 after purchasing an additional 3,096,696 shares during the period. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Apple Price Performance
Shares of NASDAQ AAPL opened at $168.49 on Friday. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The stock has a market cap of $2.71 trillion, a price-to-earnings ratio of 27.80, a PEG ratio of 2.14 and a beta of 1.23. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86. The firm’s 50-day simple moving average is $147.38 and its 200 day simple moving average is $157.16.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, beating the consensus estimate of $1.14 by $0.06. The firm had revenue of $82.96 billion during the quarter, compared to analyst estimates of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter last year, the business posted $1.30 EPS. As a group, research analysts anticipate that Apple Inc. will post 6.1 earnings per share for the current fiscal year.
Apple announced that its Board of Directors has initiated a stock buyback program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
Apple Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Monday, August 8th were paid a $0.23 dividend. The ex-dividend date was Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.55%. Apple’s dividend payout ratio (DPR) is 15.18%.
Insider Buying and Selling at Apple
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the sale, 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 SEC, which is available at this link. Company insiders own 0.06% of the company’s stock.
Analysts Set New Price Targets
A number of research firms recently weighed in on AAPL. Fundamental Research set a $177.07 price objective on Apple and gave the company a “buy” rating in a report on Thursday, August 4th. UBS Group set a $185.00 price objective on Apple in a report on Thursday, July 21st. Itau BBA Securities began coverage on Apple in a report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price objective for the company. Barclays decreased their price objective on Apple from $167.00 to $166.00 and set an “equal weight” rating for the company in a report on Wednesday, July 13th. Finally, Credit Suisse Group set a $166.00 price target on shares of Apple in a research report on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $179.27.
Apple Company Profile
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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