Towerpoint Wealth LLC Grows Holdings in Apple Inc. (NASDAQ:AAPL)

Towerpoint Wealth LLC increased its stake in Apple Inc. (NASDAQ:AAPLFree Report) by 6.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,353 shares of the iPhone maker’s stock after buying an additional 1,195 shares during the period. Apple comprises about 1.8% of Towerpoint Wealth LLC’s investment portfolio, making the stock its 15th largest position. Towerpoint Wealth LLC’s holdings in Apple were worth $3,490,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Wyrmwood Management LLC grew its position in shares of 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 acquiring an additional 69 shares in the last quarter. Gilfoyle & Co LLC boosted its holdings in Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 118 shares during the period. A.P. Gilfoyle & Co. L.P. acquired a new position in Apple in the fourth quarter worth $39,000. University of Texas Texas AM Investment Managment Co. increased its stake in Apple by 657.1% during the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock valued at $82,000 after purchasing an additional 368 shares during the last quarter. Finally, Clarity Asset Management Inc. acquired a new stake in shares of Apple during the fourth quarter worth $85,000. 60.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on AAPL. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Apple in a report on Monday. Melius Research upped their target price on Apple from $227.00 to $260.00 and gave the company a “buy” rating in a report on Monday, June 24th. Barclays reiterated an “underweight” rating and set a $164.00 price target on shares of Apple in a research report on Tuesday, June 11th. Loop Capital reduced their price objective on Apple from $185.00 to $170.00 and set a “hold” rating for the company in a research report on Monday, April 1st. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $216.00 target price on shares of Apple in a research report on Tuesday, June 11th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Apple currently has a consensus rating of “Moderate Buy” and a consensus target price of $215.71.

View Our Latest Research Report on Apple

Insider Transactions at Apple

In related news, Director Arthur D. Levinson sold 75,000 shares of Apple 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 directly owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Apple news, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction dated 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 owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Chris Kondo sold 4,999 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total transaction of $951,809.60. Following the completion of the sale, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The disclosure for this sale can be found here. Insiders sold a total of 192,355 shares of company stock valued at $34,771,329 in the last three months. 0.06% of the stock is currently owned by corporate insiders.

Apple Price Performance

Shares of Apple stock opened at $221.55 on Friday. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $221.55. 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 stock has a market cap of $3.40 trillion, a PE ratio of 34.46, a price-to-earnings-growth ratio of 2.68 and a beta of 1.24. The company’s 50-day moving average price is $195.26 and its two-hundred day moving average price is $185.85.

Apple (NASDAQ:AAPLGet Free Report) last released its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $90.37 billion. During the same period in the previous year, the firm earned $1.52 EPS. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Apple Inc. will post 6.59 EPS for the current fiscal year.

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 given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date was Friday, May 10th. This is an increase from Apple’s previous quarterly dividend of $0.24. Apple’s dividend payout ratio is 15.55%.

Apple announced that its Board of Directors has initiated a stock buyback program on Thursday, May 2nd that permits the company to buyback $110.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management 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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