Planning Alternatives Ltd. ADV reduced its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,326 shares of the iPhone maker’s stock after selling 962 shares during the quarter. Apple comprises 1.5% of Planning Alternatives Ltd. ADV’s holdings, making the stock its 13th largest position. Planning Alternatives Ltd. ADV’s holdings in Apple were worth $9,137,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently bought and sold shares of AAPL. Cardinal Capital Management Inc. boosted its stake in Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after purchasing an additional 221 shares during the period. Shore Point Advisors LLC acquired a new position in shares of Apple in the fourth quarter valued at about $41,000. St. James Investment Advisors LLC bought a new position in Apple during the fourth quarter worth about $57,000. Emerson Wealth LLC raised its stake in Apple by 363.6% in the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after purchasing an additional 320 shares in the last quarter. Finally, Econ Financial Services Corp boosted its holdings in Apple by 29.1% in the 1st quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock valued at $74,000 after purchasing an additional 95 shares during the period. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on AAPL shares. set a $175.00 price target on shares of Apple in a research report on Friday, July 29th. Piper Sandler dropped their price objective on Apple from $200.00 to $195.00 in a report on Friday, April 29th. JPMorgan Chase & Co. set a $200.00 target price on Apple in a report on Monday, July 25th. Deutsche Bank Aktiengesellschaft set a $175.00 price target on Apple in a research note on Monday. Finally, Credit Suisse Group set a $166.00 price objective on shares of Apple in a research note on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and an average price target of $179.21.
Apple Stock Up 3.8 %
Apple (NASDAQ:AAPL – Get Rating) last announced its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The firm had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.30 EPS. On average, analysts anticipate that Apple Inc. will post 6.11 EPS for the current year.
Apple Announces Dividend
The business also recently announced 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 0.55%. The ex-dividend date of this dividend is Friday, August 5th. Apple’s payout ratio is presently 15.18%.
Apple declared that its Board of Directors has approved 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 repurchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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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