Nvest Financial LLC bought a new stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) in the first quarter, Holdings Channel reports. The firm bought 25,725 shares of the iPhone maker’s stock, valued at approximately $4,492,000. Apple comprises 3.7% of Nvest Financial LLC’s investment portfolio, making the stock its 8th largest position.
A number of other hedge funds and other institutional investors also recently bought and sold shares of AAPL. Daniels&Tansey LLP grew its stake in shares of Apple by 1.6% in the 4th quarter. Daniels&Tansey LLP now owns 3,858 shares of the iPhone maker’s stock valued at $685,000 after purchasing an additional 60 shares during the last quarter. Donald L. Hagan LLC grew its stake in shares of Apple by 0.3% in the 1st quarter. Donald L. Hagan LLC now owns 18,220 shares of the iPhone maker’s stock valued at $3,181,000 after purchasing an additional 61 shares during the last quarter. Goodwin Daniel L grew its stake in shares of Apple by 0.5% in the 1st quarter. Goodwin Daniel L now owns 12,761 shares of the iPhone maker’s stock valued at $2,230,000 after purchasing an additional 62 shares during the last quarter. Opus Capital Group LLC grew its stake in shares of Apple by 0.3% in the 1st quarter. Opus Capital Group LLC now owns 19,081 shares of the iPhone maker’s stock valued at $3,332,000 after purchasing an additional 63 shares during the last quarter. Finally, Norwood Financial Corp grew its stake in shares of Apple by 0.9% in the 1st quarter. Norwood Financial Corp now owns 7,025 shares of the iPhone maker’s stock valued at $1,227,000 after purchasing an additional 65 shares during the last quarter. 57.98% of the stock is currently owned by hedge funds and other institutional investors.
Insider Transactions at Apple
In other news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction dated 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 completion of 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 through this link. Company insiders own 0.06% of the company’s stock.
Apple Stock Performance
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, topping the consensus estimate of $1.43 by $0.09. The company had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The firm’s 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, research analysts forecast that Apple Inc. will post 6.09 earnings per share for the current year.
Apple announced that its Board of Directors has authorized a stock buyback program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Apple Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a $0.23 dividend. This is an increase from Apple’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, May 6th. This represents a $0.92 annualized dividend and a dividend yield of 0.61%. Apple’s dividend payout ratio is presently 14.94%.
Analysts Set New Price Targets
A number of analysts recently weighed in on AAPL shares. Sanford C. Bernstein set a $170.00 price target on Apple in a research note on Monday, May 2nd. Piper Sandler decreased their price target on Apple from $200.00 to $195.00 in a research note on Friday, April 29th. Fundamental Research decreased their price target on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research note on Friday, May 6th. Citigroup decreased their price target on Apple from $200.00 to $175.00 and set a “buy” rating on the stock in a research note on Wednesday, July 13th. Finally, Oppenheimer restated an “outperform” rating and issued a $190.00 price target on shares of Apple in a research note on Wednesday, June 8th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $179.64.
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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