Somerset Group LLC Purchases 165 Shares of Apple Inc. (NASDAQ:AAPL)

Somerset Group LLC raised its position in Apple Inc. (NASDAQ:AAPLFree Report) by 0.5% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 35,657 shares of the iPhone maker’s stock after purchasing an additional 165 shares during the period. Apple comprises approximately 5.8% of Somerset Group LLC’s portfolio, making the stock its 4th biggest holding. Somerset Group LLC’s holdings in Apple were worth $6,864,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Wyrmwood Management LLC lifted its position in shares of Apple by 69.0% in the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after acquiring an additional 69 shares in the last quarter. Gilfoyle & Co LLC lifted its position in shares of Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after acquiring an additional 118 shares in the last quarter. PayPay Securities Corp lifted its position in shares of Apple by 70.2% in the third quarter. PayPay Securities Corp now owns 509 shares of the iPhone maker’s stock valued at $87,000 after acquiring an additional 210 shares in the last quarter. Friedenthal Financial purchased a new stake in shares of Apple in the fourth quarter valued at $111,000. Finally, Cordant Inc. lifted its position in shares of Apple by 27.7% in the third quarter. Cordant Inc. now owns 645 shares of the iPhone maker’s stock valued at $110,000 after acquiring an additional 140 shares in the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

Apple Price Performance

AAPL stock opened at $196.89 on Friday. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $199.62. The stock’s 50 day moving average is $179.90 and its two-hundred day moving average is $183.43. The company has a market capitalization of $3.02 trillion, a PE ratio of 30.62, a P/E/G ratio of 2.37 and a beta of 1.25.

Apple (NASDAQ:AAPLGet Free Report) last posted its quarterly earnings data 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 company had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. During the same period in the previous year, the business earned $1.52 EPS. Apple’s revenue for the quarter was down 4.3% compared to the same quarter last year. Analysts predict that Apple Inc. will post 6.57 earnings per share for the current fiscal year.

Apple declared that its Board of Directors has initiated a share buyback program on Thursday, May 2nd that allows the company to buyback $110.00 billion in shares. This buyback authorization allows the iPhone maker to buy up to 3.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.51%. This is an increase from Apple’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, May 10th. Apple’s payout ratio is 15.55%.

Insider Activity

In other news, Director Arthur D. Levinson sold 75,000 shares of the business’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 value of $14,368,500.00. Following the completion of the sale, the director now directly owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Apple news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction 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 transaction, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 346,270 shares of company stock worth $60,880,196. 0.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on AAPL. Loop Capital reduced their target price on Apple from $185.00 to $170.00 and set a “hold” rating on the stock in a research report on Monday, April 1st. Canaccord Genuity Group increased their target price on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Morgan Stanley reiterated an “overweight” rating and set a $216.00 target price on shares of Apple in a research report on Tuesday, June 4th. Monness Crespi & Hardt reiterated a “buy” rating and set a $205.00 target price on shares of Apple in a research report on Thursday. Finally, Itau BBA Securities upgraded Apple from an “underperform” rating to a “market perform” rating and increased their target price for the stock from $162.00 to $188.00 in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $205.59.

View Our Latest Research Report on Apple

About Apple

(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

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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