Intact Investment Management Inc. Cuts Stock Position in Apple Inc. (NASDAQ:AAPL)

Intact Investment Management Inc. lessened its holdings in Apple Inc. (NASDAQ:AAPLFree Report) by 5.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 43,500 shares of the iPhone maker’s stock after selling 2,500 shares during the period. Intact Investment Management Inc.’s holdings in Apple were worth $8,375,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Wyrmwood Management LLC increased its stake in Apple by 69.0% in the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after buying an additional 69 shares in the last quarter. Gilfoyle & Co LLC grew its position in shares of Apple by 118.0% during the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after purchasing an additional 118 shares in the last quarter. PayPay Securities Corp grew its position in shares of Apple by 70.2% during the third quarter. PayPay Securities Corp now owns 509 shares of the iPhone maker’s stock valued at $87,000 after purchasing an additional 210 shares in the last quarter. Friedenthal Financial purchased a new position in shares of Apple during the fourth quarter valued at about $111,000. Finally, Cordant Inc. grew its position in shares of Apple by 27.7% during the third quarter. Cordant Inc. now owns 645 shares of the iPhone maker’s stock valued at $110,000 after purchasing an additional 140 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Insider Transactions at Apple

In other news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $170.03, for a total value of $16,864,085.49. Following the transaction, the chief executive officer now directly owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Apple news, SVP Deirdre O’brien sold 54,732 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the sale, the senior vice president now directly owns 136,572 shares in the company, valued at approximately $23,068,376.52. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Timothy D. Cook sold 99,183 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the sale, the chief executive officer now owns 3,377,407 shares in the company, valued at $574,260,512.21. The disclosure for this sale can be found here. In the last three months, insiders have sold 271,270 shares of company stock worth $46,511,696. 0.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AAPL. Itau BBA Securities raised shares of Apple from an “underperform” rating to a “market perform” rating and increased their price target for the company from $162.00 to $188.00 in a report on Friday, May 3rd. The Goldman Sachs Group raised their price objective on shares of Apple from $223.00 to $232.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Loop Capital decreased their price objective on shares of Apple from $185.00 to $170.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Piper Sandler decreased their price objective on shares of Apple from $205.00 to $190.00 and set a “neutral” rating for the company in a research note on Friday, February 2nd. Finally, Wedbush raised their price objective on shares of Apple from $250.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, May 24th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $205.44.

Read Our Latest Stock Analysis on AAPL

Apple Stock Performance

Apple stock opened at $190.29 on Thursday. The firm has a 50 day simple moving average of $176.73 and a 200-day simple moving average of $183.17. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $199.62. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99. The stock has a market cap of $2.92 trillion, a price-to-earnings ratio of 29.59, a price-to-earnings-growth ratio of 2.32 and a beta of 1.26.

Apple (NASDAQ:AAPLGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business had revenue of $90.75 billion during the quarter, compared to analysts’ expectations of $90.37 billion. During the same quarter in the prior year, the company posted $1.52 EPS. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, analysts expect that Apple Inc. will post 6.57 EPS for the current year.

Apple announced that its board has initiated a share buyback program on Thursday, May 2nd that allows the company to buyback $110.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were issued a $0.25 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 0.53%. The ex-dividend date was Friday, May 10th. Apple’s dividend payout ratio is currently 15.55%.

Apple Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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