Islay Capital Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,611 shares of the iPhone maker’s stock after selling 486 shares during the quarter. Apple accounts for 3.0% of Islay Capital Management LLC’s investment portfolio, making the stock its 8th biggest position. Islay Capital Management LLC’s holdings in Apple were worth $3,599,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Cardinal Capital Management Inc. lifted its stake in shares of Apple by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after purchasing an additional 221 shares in the last quarter. Shore Point Advisors LLC acquired a new position in shares of Apple during the fourth quarter worth about $41,000. St. James Investment Advisors LLC acquired a new position in shares of Apple during the fourth quarter worth about $57,000. Emerson Wealth LLC increased its position in shares of Apple by 363.6% during the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after acquiring an additional 320 shares during the last quarter. Finally, Econ Financial Services Corp increased its position in shares of Apple by 29.1% during the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after acquiring an additional 95 shares during the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on AAPL. Itau BBA Securities began coverage on Apple in a research report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 target price on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $190.00 target price on shares of Apple in a research report on Wednesday, June 8th. The Goldman Sachs Group set a $139.00 target price on Apple in a research report on Friday, July 29th. Credit Suisse Group set a $166.00 target price on Apple in a research report on Friday, July 29th. Finally, UBS Group set a $185.00 target price on Apple in a research report on Thursday, July 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $179.27.
Apple Stock Performance
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings data 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 business had revenue of $82.96 billion during 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 revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.30 earnings per share. On average, equities research analysts forecast that Apple Inc. will post 6.1 EPS for the current year.
Apple Announces Dividend
The company also recently announced 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 dividend on an annualized basis and a yield of 0.56%. Apple’s dividend payout ratio (DPR) is 15.18%.
Apple announced that its board has authorized a share repurchase program on Thursday, April 28th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
Insiders Place Their Bets
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the sale, the senior vice president now directly owns 427,334 shares in the company, valued at $70,411,823.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.06% of the stock is currently owned by insiders.
Apple Company Profile
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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