Northstar Asset Management LLC reduced its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 204,660 shares of the iPhone maker’s stock after selling 1,250 shares during the quarter. Apple accounts for 9.1% of Northstar Asset Management LLC’s holdings, making the stock its 2nd largest position. Northstar Asset Management LLC’s holdings in Apple were worth $35,736,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently bought and sold shares of the stock. Ridgecrest Wealth Partners LLC increased its position in shares of Apple by 2.4% in the first quarter. Ridgecrest Wealth Partners LLC now owns 114,701 shares of the iPhone maker’s stock valued at $20,028,000 after buying an additional 2,717 shares in the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Apple by 1.9% in the first quarter. Stratos Wealth Partners LTD. now owns 1,066,060 shares of the iPhone maker’s stock valued at $186,145,000 after buying an additional 19,397 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Apple by 4.1% in the first quarter. Exchange Traded Concepts LLC now owns 260,106 shares of the iPhone maker’s stock valued at $45,417,000 after buying an additional 10,316 shares in the last quarter. Granite Bay Wealth Management LLC increased its position in shares of Apple by 2.5% in the first quarter. Granite Bay Wealth Management LLC now owns 35,438 shares of the iPhone maker’s stock valued at $6,188,000 after buying an additional 861 shares in the last quarter. Finally, MinichMacGregor Wealth Management LLC increased its position in shares of Apple by 2.5% in the first quarter. MinichMacGregor Wealth Management LLC now owns 11,964 shares of the iPhone maker’s stock valued at $2,089,000 after buying an additional 296 shares in the last quarter. 57.98% of the stock is currently owned by hedge funds and other institutional investors.
Apple Price Performance
AAPL stock opened at $157.35 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. The company has a market capitalization of $2.55 trillion, a PE ratio of 25.54, a P/E/G ratio of 1.97 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 business’s fifty day moving average price is $143.81 and its 200 day moving average price is $157.52.
Apple announced that its Board of Directors has authorized a stock buyback program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
Apple Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 0.58%. Apple’s dividend payout ratio (DPR) is 14.94%.
Insiders Place Their Bets
In other Apple 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 transaction of $4,043,000.00. Following the sale, the senior vice president now owns 452,334 shares in the company, valued at approximately $73,151,454.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.06% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of analysts have recently commented on AAPL shares. StockNews.com started coverage on Apple in a research report on Thursday, March 31st. They issued a “hold” rating for the company. Itaú Unibanco started coverage on Apple in a research report on Tuesday. They issued an “underperform” rating and a $136.00 price objective for the company. Wells Fargo & Company lowered their price target on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. Barclays lowered their price target on Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 13th. Finally, UBS Group set a $185.00 price target on Apple in a research note on Thursday, July 21st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $178.82.
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.
- Get a free copy of the StockNews.com research report on Apple (AAPL)
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