Ridgecrest Wealth Partners LLC Grows Stock Position in Apple Inc. (NASDAQ:AAPL)

Ridgecrest Wealth Partners LLC grew its position in Apple Inc. (NASDAQ:AAPLFree Report) by 6.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 103,867 shares of the iPhone maker’s stock after acquiring an additional 5,930 shares during the quarter. Apple makes up approximately 10.6% of Ridgecrest Wealth Partners LLC’s holdings, making the stock its largest position. Ridgecrest Wealth Partners LLC’s holdings in Apple were worth $17,811,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wyrmwood Management LLC boosted its position in Apple by 69.0% during the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after purchasing an additional 69 shares during the period. A.P. Gilfoyle & Co. L.P. acquired a new stake in Apple in the fourth quarter worth $39,000. Gilfoyle & Co LLC boosted its holdings 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 acquiring an additional 118 shares during the period. University of Texas Texas AM Investment Managment Co. boosted its holdings in shares of 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 acquiring an additional 368 shares during the period. Finally, Clarity Asset Management Inc. bought a new position in shares of Apple during the fourth quarter worth about $85,000. 60.41% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, COO Jeffrey E. Williams sold 59,162 shares of Apple stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $172.22, for a total transaction of $10,188,879.64. Following the completion of the sale, the chief operating officer now directly owns 489,944 shares in the company, valued at approximately $84,378,155.68. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, COO Jeffrey E. Williams sold 59,162 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $172.22, for a total transaction of $10,188,879.64. Following the transaction, the chief operating officer now owns 489,944 shares in the company, valued at approximately $84,378,155.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Luca Maestri sold 53,194 shares of the company’s stock in a transaction on Thursday, April 11th. The stock was sold at an average price of $174.12, for a total transaction of $9,262,139.28. Following the completion of the sale, the chief financial officer now owns 107,788 shares of the company’s stock, valued at $18,768,046.56. The disclosure for this sale can be found here. Insiders have sold a total of 192,355 shares of company stock valued at $34,771,329 in the last three months. Insiders own 0.06% of the company’s stock.

Apple Trading Up 0.7 %

NASDAQ:AAPL opened at $227.82 on Tuesday. 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 $3.49 trillion, a PE ratio of 35.43, a price-to-earnings-growth ratio of 2.75 and a beta of 1.24. The stock’s 50-day moving average is $198.52 and its two-hundred day moving average is $186.41. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $227.85.

Apple (NASDAQ:AAPLGet Free Report) last released its earnings results 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. Apple had a net margin of 26.31% and a return on equity of 148.33%. The company had revenue of $90.75 billion during the quarter, compared to the consensus estimate of $90.37 billion. During the same quarter in the prior year, the firm earned $1.52 EPS. The company’s revenue was down 4.3% compared to the same quarter last year. As a group, equities research analysts forecast that Apple Inc. will post 6.59 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has initiated a share repurchase program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a yield of 0.44%. This is an increase from Apple’s previous quarterly dividend of $0.24. Apple’s payout ratio is 15.55%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on AAPL shares. Tigress Financial boosted their target price on shares of Apple from $240.00 to $245.00 and gave the company a “strong-buy” rating in a research note on Thursday, May 30th. Oppenheimer raised their target price on Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, June 28th. Canaccord Genuity Group boosted their price target on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Saturday, May 4th. Needham & Company LLC reissued a “buy” rating and set a $220.00 price target on shares of Apple in a report on Monday, July 1st. Finally, Rosenblatt Securities upgraded shares of Apple from a “neutral” rating to a “buy” rating and increased their target price for the company from $196.00 to $260.00 in a research report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $215.71.

Check Out Our Latest Report on Apple

Apple Profile

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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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