Quattro Financial Advisors LLC lifted its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 5.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,590 shares of the iPhone maker’s stock after purchasing an additional 538 shares during the period. Quattro Financial Advisors LLC’s holdings in Apple were worth $1,849,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Elk River Wealth Management LLC increased its position in shares of Apple by 49.0% during the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock worth $29,181,000 after purchasing an additional 54,989 shares in the last quarter. Piscataqua Savings Bank increased its position in shares of Apple by 1.5% during the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock worth $8,302,000 after purchasing an additional 684 shares in the last quarter. Fountainhead AM LLC increased its position in shares of Apple by 11.6% during the fourth quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock worth $7,732,000 after purchasing an additional 4,738 shares in the last quarter. Primoris Wealth Advisors LLC acquired a new position in Apple in the 4th quarter valued at about $4,282,000. Finally, Red Door Wealth Management LLC increased its position in Apple by 3.3% in the 1st quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock valued at $16,934,000 after acquiring an additional 3,087 shares during the period. Institutional investors and hedge funds own 57.98% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts recently issued reports on AAPL shares. Evercore ISI dropped their price target on Apple from $210.00 to $180.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 28th. UBS Group set a $185.00 price target on Apple in a research report on Thursday. Fundamental Research dropped their price target on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research report on Friday, May 6th. Deutsche Bank Aktiengesellschaft dropped their price target on Apple from $200.00 to $175.00 in a research report on Tuesday, June 14th. Finally, Loop Capital dropped their price target on Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $182.73.
Apple Price Performance
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company had revenue of $97.28 billion for the quarter, compared to analyst estimates of $93.99 billion. During the same quarter in the prior year, the company posted $1.40 EPS. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. On average, sell-side analysts expect that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date was Friday, May 6th. This is a positive change from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio is currently 14.94%.
Apple announced that its board has approved a share repurchase program on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to purchase 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.
Insiders Place Their Bets
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction 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 transaction, the senior vice president now owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.06% of the company’s stock.
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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