Consolidated Planning Corp reduced its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,097 shares of the iPhone maker’s stock after selling 86 shares during the period. Apple comprises 4.0% of Consolidated Planning Corp’s investment portfolio, making the stock its 5th biggest position. Consolidated Planning Corp’s holdings in Apple were worth $5,779,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Cardinal Capital Management Inc. increased its position in Apple by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after buying an additional 221 shares in the last quarter. Shore Point Advisors LLC purchased a new position in Apple during the fourth quarter worth $41,000. St. James Investment Advisors LLC purchased a new position in Apple during the fourth quarter worth $57,000. Emerson Wealth LLC increased its position in Apple by 363.6% during the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after buying an additional 320 shares in the last quarter. Finally, Econ Financial Services Corp increased its position in Apple by 29.1% during the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after buying an additional 95 shares in the last quarter. 57.62% of the stock is owned by hedge funds and other institutional investors.
Apple Stock Up 0.6 %
Shares of NASDAQ AAPL opened at $173.19 on Tuesday. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94. The firm has a market cap of $2.78 trillion, a price-to-earnings ratio of 28.58, a PEG ratio of 2.23 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 stock’s 50-day simple moving average is $148.80 and its 200-day simple moving average is $157.29.
Apple (NASDAQ:AAPL – Get Rating) last announced its 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 return on equity of 152.97% and a net margin of 25.71%. The business had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. During the same period in the previous year, the company earned $1.30 earnings per share. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, equities analysts anticipate that Apple Inc. will post 6.1 earnings per share for the current fiscal year.
Apple Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 8th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Friday, August 5th. Apple’s payout ratio is 15.18%.
Apple announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 28th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Analyst Ratings Changes
AAPL has been the subject of several recent research reports. Wells Fargo & Company dropped their price target on Apple from $205.00 to $185.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. The Goldman Sachs Group set a $139.00 price objective on Apple in a report on Friday, July 29th. Bank of America decreased their price objective on Apple from $200.00 to $185.00 in a report on Tuesday, July 26th. Deutsche Bank Aktiengesellschaft set a $175.00 price objective on Apple in a report on Monday, August 1st. Finally, Piper Sandler decreased their price objective on Apple from $200.00 to $195.00 in a report on Friday, April 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.27.
Insider Transactions at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was 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 directly owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.06% of the company’s stock.
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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