Resolute Wealth Strategies LLC Invests $23.84 Million in Apple Inc. (NASDAQ:AAPL)

Resolute Wealth Strategies LLC purchased a new position in Apple Inc. (NASDAQ:AAPL) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 144,562 shares of the iPhone maker’s stock, valued at approximately $23,838,000. Apple accounts for approximately 20.3% of Resolute Wealth Strategies LLC’s portfolio, making the stock its largest position.

A number of other large investors have also recently made changes to their positions in AAPL. IFM Investors Pty Ltd boosted its holdings in shares of Apple by 20.0% in the first quarter. IFM Investors Pty Ltd now owns 2,615,701 shares of the iPhone maker’s stock worth $456,728,000 after acquiring an additional 435,891 shares during the period. Ironwood Wealth Management LLC. raised its position in shares of Apple by 0.4% in the first quarter. Ironwood Wealth Management LLC. now owns 240,628 shares of the iPhone maker’s stock worth $42,016,000 after buying an additional 1,040 shares in the last quarter. Markel Corp raised its position in shares of Apple by 0.7% in the first quarter. Markel Corp now owns 1,206,990 shares of the iPhone maker’s stock worth $210,752,000 after buying an additional 8,450 shares in the last quarter. Camden Capital LLC raised its position in shares of Apple by 9.2% in the first quarter. Camden Capital LLC now owns 156,364 shares of the iPhone maker’s stock worth $27,305,000 after buying an additional 13,200 shares in the last quarter. Finally, Harbor Island Capital LLC raised its position in shares of Apple by 0.3% in the first quarter. Harbor Island Capital LLC now owns 135,325 shares of the iPhone maker’s stock worth $23,629,000 after buying an additional 400 shares in the last quarter. 58.51% of the stock is owned by institutional investors.

Apple Stock Up 2.2 %

AAPL stock opened at $184.12 on Wednesday. Apple Inc. has a fifty-two week low of $124.17 and a fifty-two week high of $198.23. The business’s 50 day moving average price is $186.68 and its two-hundred day moving average price is $172.77. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.92 and a current ratio of 0.98. The company has a market capitalization of $2.88 trillion, a price-to-earnings ratio of 30.94, a price-to-earnings-growth ratio of 2.60 and a beta of 1.28.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, August 3rd. The iPhone maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.07. Apple had a return on equity of 164.92% and a net margin of 24.68%. The firm had revenue of $81.80 billion for the quarter, compared to the consensus estimate of $81.79 billion. During the same quarter in the prior year, the business earned $1.20 EPS. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, analysts forecast that Apple Inc. will post 6.04 earnings per share for the current fiscal year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were paid a $0.24 dividend. The ex-dividend date was Friday, August 11th. This represents a $0.96 annualized dividend and a dividend yield of 0.52%. Apple’s payout ratio is currently 16.13%.

Apple announced that its board has authorized a stock repurchase program on Thursday, May 4th that authorizes the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages recently issued reports on AAPL. DA Davidson downgraded Apple from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $193.00 to $185.00 in a research report on Monday, June 5th. Rosenblatt Securities downgraded Apple from a “buy” rating to a “neutral” rating and set a $198.00 price objective on the stock. in a research report on Friday, August 4th. Raymond James raised their price target on Apple from $180.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday, August 4th. TD Cowen raised their price target on Apple from $195.00 to $220.00 and gave the company an “outperform” rating in a research report on Tuesday, August 1st. Finally, KeyCorp raised their price target on Apple from $180.00 to $200.00 and gave the company an “overweight” rating in a research report on Tuesday, July 11th. Ten research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $198.86.

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 15,419 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $178.56, for a total value of $2,753,216.64. Following the sale, the senior vice president now owns 136,445 shares in the company, valued at approximately $24,363,619.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.06% of the stock is currently owned by company insiders.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.