BCS Wealth Management lessened its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 9.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 24,528 shares of the iPhone maker’s stock after selling 2,691 shares during the quarter. Apple comprises approximately 1.8% of BCS Wealth Management’s portfolio, making the stock its 13th largest holding. BCS Wealth Management’s holdings in Apple were worth $4,283,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. increased its holdings in shares of 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 acquired a new stake in shares of Apple during the fourth quarter worth approximately $41,000. St. James Investment Advisors LLC acquired a new stake in shares of Apple during the fourth quarter worth approximately $57,000. Emerson Wealth LLC increased its holdings in shares of 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 grew its stake in shares of Apple by 29.1% during the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock valued at $74,000 after purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
Apple Trading Down 0.2 %
Shares of NASDAQ:AAPL opened at $165.81 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94. The company’s fifty day simple moving average is $146.03 and its 200 day simple moving average is $157.15. The firm has a market cap of $2.66 trillion, a price-to-earnings ratio of 27.36, a PEG ratio of 2.07 and a beta of 1.23.
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, beating the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The firm 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 business earned $1.30 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. As a group, research analysts forecast that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 28th that allows the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
Apple Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be paid a $0.23 dividend. The ex-dividend date is Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.55%. Apple’s payout ratio is currently 15.18%.
Analyst Upgrades and Downgrades
Several analysts have recently commented on AAPL shares. Barclays decreased their price target on shares of Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 13th. KeyCorp increased their price target on shares of Apple from $173.00 to $177.00 and gave the company an “overweight” rating in a research note on Tuesday. The Goldman Sachs Group set a $139.00 price target on shares of Apple in a research note on Friday, July 29th. Loop Capital reduced their price objective on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research note on Wednesday, May 25th. Finally, Rosenblatt Securities reduced their price objective on shares of Apple from $168.00 to $160.00 and set a “neutral” rating on the stock in a research note on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average 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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