Solidarilty Wealth LLC bought a new stake in Apple Inc. (NASDAQ:AAPL – Get Rating) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 115,316 shares of the iPhone maker’s stock, valued at approximately $19,304,000. Apple accounts for about 10.8% of Solidarilty Wealth LLC’s portfolio, making the stock its largest position.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Cardinal Capital Management Inc. lifted its holdings in shares of Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after purchasing an additional 221 shares in the last quarter. Shore Point Advisors LLC bought a new stake in shares of Apple in the fourth quarter valued at about $41,000. St. James Investment Advisors LLC bought a new stake in shares of Apple in the fourth quarter valued at about $57,000. Econ Financial Services Corp bought a new stake in shares of Apple in the fourth quarter valued at about $58,000. Finally, Emerson Wealth LLC lifted its holdings in shares of Apple by 363.6% in the first 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 owned by institutional investors and hedge funds.
Apple Price Performance
Apple stock opened at $162.51 on Friday. The company has a market capitalization of $2.63 trillion, a price-to-earnings ratio of 26.38, a PEG ratio of 1.97 and a beta of 1.19. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. The stock’s 50 day moving average is $144.31 and its 200-day moving average is $157.43.
Apple (NASDAQ:AAPL – Get Rating) last issued 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. The business had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.30 earnings per share. Equities research analysts expect that Apple Inc. will post 6.09 EPS for the current year.
Apple announced that its board has authorized a stock repurchase program on Thursday, April 28th that allows the company to buyback $90.00 billion in shares. This buyback authorization allows the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.
Apple Dividend Announcement
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 given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.57%. Apple’s dividend payout ratio is currently 14.94%.
Insider Buying and Selling
In related news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the sale, the senior vice president now owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of brokerages have recently commented on AAPL. Deutsche Bank Aktiengesellschaft cut their price target on Apple from $200.00 to $175.00 in a report on Tuesday, June 14th. Credit Suisse Group set a $166.00 target price on Apple in a report on Friday. Citigroup upped their target price on Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a report on Friday. JPMorgan Chase & Co. set a $200.00 target price on Apple in a report on Monday, July 25th. Finally, Oppenheimer reiterated an “outperform” rating and set a $190.00 target price on shares of Apple in a report on Wednesday, June 8th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $179.04.
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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