Telemus Capital LLC decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 264,189 shares of the iPhone maker’s stock after selling 6,823 shares during the quarter. Apple comprises about 4.0% of Telemus Capital LLC’s investment portfolio, making the stock its largest position. Telemus Capital LLC’s holdings in Apple were worth $46,130,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Dark Forest Capital Management LP purchased a new stake in Apple during the third quarter valued at $29,000. Joseph Group Capital Management purchased a new stake in Apple during the fourth quarter valued at $1,631,000. Shore Point Advisors LLC purchased a new stake in Apple during the fourth quarter valued at $41,000. St. James Investment Advisors LLC purchased a new stake in Apple during the fourth quarter valued at $57,000. Finally, Econ Financial Services Corp purchased a new stake in Apple during the fourth quarter valued at $58,000. 57.98% of the stock is currently owned by institutional investors.
In related news, SVP Deirdre O’brien sold 29,198 shares of the stock in a transaction that occurred on Monday, April 4th. The shares were sold at an average price of $177.77, for a total value of $5,190,528.46. Following the completion of the transaction, the senior vice president now directly owns 136,290 shares of the company’s stock, valued at approximately $24,228,273.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeffrey E. Williams sold 105,901 shares of the stock in a transaction that occurred on Monday, April 4th. The shares were sold at an average price of $177.75, for a total transaction of $18,823,902.75. Following the completion of the transaction, the chief operating officer now directly owns 489,662 shares of the company’s stock, valued at $87,037,420.50. The disclosure for this sale can be found here. Insiders sold a total of 168,099 shares of company stock valued at $29,376,711 over the last ninety days. 0.06% of the stock is currently owned by insiders.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, beating the consensus estimate of $1.43 by $0.09. The business had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company’s quarterly revenue was up 8.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.40 earnings per share. As a group, equities analysts predict that Apple Inc. will post 6.11 earnings per share for the current fiscal year.
Apple declared that its board has initiated a share 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 purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were given a $0.23 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend was Friday, May 6th. Apple’s dividend payout ratio (DPR) is presently 14.94%.
Several equities research analysts have recently weighed in on AAPL shares. The Goldman Sachs Group set a $157.00 target price on shares of Apple in a research note on Friday, June 3rd. Bank of America reduced their target price on shares of Apple from $215.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, May 19th. Evercore ISI assumed coverage on shares of Apple in a research note on Friday, March 25th. They issued a “buy” rating and a $210.00 target price on the stock. StockNews.com assumed coverage on shares of Apple in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Deutsche Bank Rese… set a $210.00 price target on shares of Apple in a report on Friday, April 8th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $186.55.
Apple Company Profile (Get Rating)
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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