Balentine LLC Acquires 39,523 Shares of Apple Inc. (NASDAQ:AAPL)

Balentine LLC raised its holdings in Apple Inc. (NASDAQ:AAPLFree Report) by 22.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 216,463 shares of the iPhone maker’s stock after purchasing an additional 39,523 shares during the quarter. Apple accounts for 1.3% of Balentine LLC’s investment portfolio, making the stock its 12th largest position. Balentine LLC’s holdings in Apple were worth $41,676,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of AAPL. Insight Wealth Partners LLC grew its stake in shares of Apple by 2.5% during the 3rd quarter. Insight Wealth Partners LLC now owns 6,969 shares of the iPhone maker’s stock worth $1,193,000 after acquiring an additional 168 shares during the period. Cedar Wealth Management LLC grew its stake in shares of Apple by 14.3% during the 3rd quarter. Cedar Wealth Management LLC now owns 7,548 shares of the iPhone maker’s stock worth $1,292,000 after acquiring an additional 943 shares during the period. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of Apple by 1,954.8% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 480,552 shares of the iPhone maker’s stock worth $82,270,000 after acquiring an additional 457,165 shares during the period. Grove Bank & Trust grew its stake in shares of Apple by 0.3% during the 3rd quarter. Grove Bank & Trust now owns 173,422 shares of the iPhone maker’s stock worth $29,692,000 after acquiring an additional 542 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Apple by 3.5% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 1,803,224 shares of the iPhone maker’s stock worth $308,730,000 after acquiring an additional 60,162 shares during the period. Institutional investors own 60.41% of the company’s stock.

Analyst Ratings Changes

AAPL has been the subject of several research reports. Sanford C. Bernstein upgraded Apple from a “market perform” rating to an “outperform” rating and set a $195.00 price target for the company in a research note on Monday, April 29th. Barclays increased their price objective on Apple from $158.00 to $164.00 and gave the stock an “underweight” rating in a report on Friday, May 3rd. Itau BBA Securities raised Apple from an “underperform” rating to a “market perform” rating and increased their price objective for the stock from $162.00 to $188.00 in a report on Friday, May 3rd. UBS Group reissued a “hold” rating and set a $190.00 price objective on shares of Apple in a report on Monday, March 25th. Finally, Tigress Financial increased their price objective on Apple from $240.00 to $245.00 and gave the stock a “strong-buy” rating in a report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $205.59.

Check Out Our Latest Stock Report on AAPL

Insider Buying and Selling

In related news, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the transaction, the director now directly owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Timothy D. Cook sold 99,183 shares of Apple stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $170.03, for a total value of $16,864,085.49. Following the sale, 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 filing with the SEC, which is available through this link. Also, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the sale, the director now owns 4,359,576 shares in the company, valued at $835,207,570.08. The disclosure for this sale can be found here. Insiders have sold a total of 346,270 shares of company stock worth $60,880,196 in the last ninety days. 0.06% of the stock is owned by insiders.

Apple Price Performance

Shares of Apple stock opened at $194.48 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $2.98 trillion, a PE ratio of 30.25, a price-to-earnings-growth ratio of 2.37 and a beta of 1.25. The business’s 50-day moving average price is $179.40 and its 200-day moving average price is $183.45. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $199.62.

Apple (NASDAQ:AAPLGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The business had revenue of $90.75 billion for the quarter, compared to analyst estimates of $90.37 billion. During the same period last year, the company earned $1.52 EPS. Apple’s revenue for the quarter was down 4.3% compared to the same quarter last year. Sell-side analysts forecast that Apple Inc. will post 6.57 EPS for the current fiscal year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.51%. This is a positive change from Apple’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, May 10th. Apple’s dividend payout ratio (DPR) is presently 15.55%.

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

Apple Company 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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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