Day & Ennis LLC reduced its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 82,894 shares of the iPhone maker’s stock after selling 797 shares during the period. Apple comprises 4.8% of Day & Ennis LLC’s holdings, making the stock its 3rd largest position. Day & Ennis LLC’s holdings in Apple were worth $14,474,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the business. Cardinal Capital Management Inc. lifted its position in shares of Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after acquiring an additional 221 shares in the last quarter. Shore Point Advisors LLC purchased a new position in Apple during the fourth quarter worth approximately $41,000. St. James Investment Advisors LLC purchased a new stake in Apple in the fourth quarter valued at $57,000. Emerson Wealth LLC raised its position in Apple by 363.6% in the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after purchasing an additional 320 shares during the period. Finally, Econ Financial Services Corp raised its position in Apple by 29.1% in the first 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 owned by institutional investors and hedge funds.
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, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the transaction, the senior vice president now owns 427,334 shares in the company, valued at $70,411,823.18. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.06% of the stock is currently owned by company insiders.
Apple Price Performance
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (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 analyst estimates of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.30 earnings per share. Equities research analysts anticipate that Apple Inc. will post 6.1 earnings per share for the current fiscal year.
Apple declared that its board has authorized a stock repurchase program on Thursday, April 28th that permits the company to buyback $90.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.
Apple Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be given a $0.23 dividend. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.56%. Apple’s dividend payout ratio (DPR) is 15.18%.
Analyst Upgrades and Downgrades
AAPL has been the subject of a number of research reports. Barclays dropped their price objective on Apple from $167.00 to $166.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 13th. Sanford C. Bernstein set a $170.00 price target on Apple in a report on Monday, May 2nd. Oppenheimer reissued an “outperform” rating and set a $190.00 price target on shares of Apple in a research note on Wednesday, June 8th. Morgan Stanley reduced their price target on Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. Finally, UBS Group set a $185.00 target price on Apple in a research report on Thursday, July 21st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.27.
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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