First Affirmative Financial Network Boosts Holdings in Apple Inc. (NASDAQ:AAPL)

First Affirmative Financial Network boosted its position in shares of Apple Inc. (NASDAQ:AAPLFree Report) by 8.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,997 shares of the iPhone maker’s stock after acquiring an additional 1,700 shares during the quarter. Apple accounts for approximately 2.8% of First Affirmative Financial Network’s investment portfolio, making the stock its 5th biggest holding. First Affirmative Financial Network’s holdings in Apple were worth $3,772,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AAPL. Capital CS Group LLC raised its position in shares of Apple by 111.6% in the first quarter. Capital CS Group LLC now owns 4,762 shares of the iPhone maker’s stock valued at $817,000 after purchasing an additional 45,729 shares during the period. Allied Investment Advisors LLC grew its stake in Apple by 2.7% during the first quarter. Allied Investment Advisors LLC now owns 82,976 shares of the iPhone maker’s stock worth $14,229,000 after buying an additional 2,166 shares in the last quarter. Cadent Capital Advisors LLC grew its stake in Apple by 25.7% during the first quarter. Cadent Capital Advisors LLC now owns 43,457 shares of the iPhone maker’s stock worth $7,452,000 after buying an additional 8,877 shares in the last quarter. Midwest Financial Group LLC grew its stake in Apple by 4.3% during the first quarter. Midwest Financial Group LLC now owns 38,192 shares of the iPhone maker’s stock worth $6,549,000 after buying an additional 1,561 shares in the last quarter. Finally, MCIA Inc grew its stake in Apple by 4.9% during the first quarter. MCIA Inc now owns 22,970 shares of the iPhone maker’s stock worth $3,897,000 after buying an additional 1,079 shares in the last quarter. 60.41% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $574,260,512.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $574,260,512.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were 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. In the last ninety days, insiders have sold 346,270 shares of company stock valued at $60,880,196. 0.06% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AAPL. Sanford C. Bernstein increased their price objective on shares of Apple from $195.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, June 21st. JPMorgan Chase & Co. raised their price target on shares of Apple from $225.00 to $245.00 and gave the company an “overweight” rating in a research note on Tuesday, June 18th. Citigroup reduced their price target on shares of Apple from $220.00 to $210.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Needham & Company LLC restated a “buy” rating and issued a $220.00 price target on shares of Apple in a research note on Tuesday, June 11th. Finally, Barclays restated an “underweight” rating and issued a $164.00 price target on shares of Apple in a research note on Tuesday, June 11th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and an average price target of $212.46.

Check Out Our Latest Stock Analysis on Apple

Apple Price Performance

AAPL opened at $209.07 on Wednesday. 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 company has a market capitalization of $3.21 trillion, a price-to-earnings ratio of 32.51, a P/E/G ratio of 2.52 and a beta of 1.25. The firm’s fifty day moving average price is $189.37 and its two-hundred day moving average price is $184.94. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $220.20.

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 analysts’ consensus estimates of $1.51 by $0.02. The firm had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.52 EPS. As a group, analysts anticipate that Apple Inc. will post 6.58 earnings per share for the current fiscal year.

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

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 issued a $0.25 dividend. This is an increase from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date was Friday, May 10th. Apple’s payout ratio is 15.55%.

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.

Further Reading

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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