Asset Advisors Investment Management LLC increased its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 29.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,591 shares of the iPhone maker’s stock after acquiring an additional 2,665 shares during the quarter. Asset Advisors Investment Management LLC’s holdings in Apple were worth $2,024,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. lifted its stake in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after acquiring an additional 221 shares during the period. Shore Point Advisors LLC purchased a new stake in Apple in the fourth quarter worth $41,000. St. James Investment Advisors LLC purchased a new stake in Apple in the fourth quarter worth $57,000. Econ Financial Services Corp purchased a new stake in Apple in the fourth quarter worth $58,000. Finally, Castle Financial & Retirement Planning Associates Inc. purchased a new stake in Apple in the fourth quarter worth $116,000. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Apple Stock Up 1.5 %
Shares of AAPL opened at $155.35 on Friday. The business’s 50 day moving average is $142.76 and its 200 day moving average is $158.20. The company has a market capitalization of $2.51 trillion, a PE ratio of 25.22, a price-to-earnings-growth ratio of 1.96 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.
Apple announced that its board has initiated a share buyback program on Thursday, April 28th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
Apple Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were paid a $0.23 dividend. This is an increase from Apple’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, May 6th. This represents a $0.92 dividend on an annualized basis and a yield of 0.59%. Apple’s payout ratio is presently 14.94%.
Insiders Place Their Bets
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the sale, the senior vice president now owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.06% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the company. Sanford C. Bernstein set a $170.00 price objective on Apple in a report on Monday, May 2nd. UBS Group set a $185.00 price objective on Apple in a report on Thursday. Loop Capital decreased their price objective on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, May 25th. Morgan Stanley decreased their price objective on Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Bank of America reduced their price target on Apple from $215.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, May 19th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $182.73.
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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