Means Investment CO. Inc. Reduces Position in Apple Inc. (NASDAQ:AAPL)

Means Investment CO. Inc. lessened its position in Apple Inc. (NASDAQ:AAPLGet Rating) by 0.6% during the 1st quarter, HoldingsChannel.com reports. The fund owned 452,907 shares of the iPhone maker’s stock after selling 2,698 shares during the period. Apple accounts for about 14.3% of Means Investment CO. Inc.’s investment portfolio, making the stock its largest holding. Means Investment CO. Inc.’s holdings in Apple were worth $79,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Cardinal Capital Management Inc. increased its holdings in shares of Apple by 5,525.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after purchasing an additional 221 shares during the period. Shore Point Advisors LLC bought a new position in shares of Apple during the 4th quarter worth about $41,000. St. James Investment Advisors LLC bought a new position in shares of Apple during the 4th quarter worth about $57,000. Econ Financial Services Corp acquired a new stake in shares of Apple during the 4th quarter valued at about $58,000. Finally, Emerson Wealth LLC boosted its position in shares of Apple by 363.6% during the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after acquiring an additional 320 shares in the last quarter. Institutional investors own 57.98% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on AAPL shares. JPMorgan Chase & Co. set a $200.00 target price on shares of Apple in a research report on Monday. Credit Suisse Group set a $169.00 target price on shares of Apple in a research report on Friday, April 29th. Itau BBA Securities started coverage on shares of Apple in a research report on Tuesday. They set an “underperform” rating and a $136.00 target price on the stock. KeyCorp decreased their target price on shares of Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. Finally, Itaú Unibanco began coverage on shares of Apple in a research report on Tuesday. They issued an “underperform” rating and a $136.00 price target on the stock. Two 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $179.64.

Insider Buying and Selling at Apple

In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The shares were 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.06% of the company’s stock.

Apple Stock Up 3.4 %

Shares of NASDAQ:AAPL opened at $156.79 on Thursday. Apple Inc. has a 52 week low of $129.04 and a 52 week high of $182.94. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The company has a market capitalization of $2.54 trillion, a PE ratio of 25.45, a PEG ratio of 1.98 and a beta of 1.19. The company has a 50 day moving average price of $143.41 and a two-hundred day moving average price of $157.62.

Apple (NASDAQ:AAPLGet Rating) last issued its 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. Apple had a net margin of 26.41% and a return on equity of 152.88%. The firm had revenue of $97.28 billion during the quarter, compared to the consensus estimate of $93.99 billion. During the same quarter in the prior year, the firm earned $1.40 earnings per share. The business’s quarterly revenue was up 8.6% on a year-over-year basis. Analysts forecast that Apple Inc. will post 6.09 earnings per share for the current year.

Apple declared that its board has authorized a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Apple Company Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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