TruNorth Capital Management LLC Invests $1.72 Million in Apple Inc. (NASDAQ:AAPL)

TruNorth Capital Management LLC purchased a new position in shares of Apple Inc. (NASDAQ:AAPL) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,004 shares of the iPhone maker’s stock, valued at approximately $1,716,000. Apple comprises about 0.6% of TruNorth Capital Management LLC’s portfolio, making the stock its 21st largest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Flagstone Financial Management raised its stake in Apple by 0.9% in the fourth quarter. Flagstone Financial Management now owns 6,092 shares of the iPhone maker’s stock valued at $1,173,000 after purchasing an additional 56 shares in the last quarter. Stableford Capital II LLC raised its stake in Apple by 0.3% in the first quarter. Stableford Capital II LLC now owns 17,156 shares of the iPhone maker’s stock valued at $2,942,000 after purchasing an additional 59 shares in the last quarter. Kwmg LLC grew its position in Apple by 0.6% in the first quarter. Kwmg LLC now owns 10,640 shares of the iPhone maker’s stock valued at $1,825,000 after acquiring an additional 60 shares during the last quarter. Greylin Investment Management Inc grew its position in Apple by 0.4% in the first quarter. Greylin Investment Management Inc now owns 16,711 shares of the iPhone maker’s stock valued at $2,866,000 after acquiring an additional 61 shares during the last quarter. Finally, Ruedi Wealth Management Inc. grew its position in Apple by 0.3% in the first quarter. Ruedi Wealth Management Inc. now owns 20,036 shares of the iPhone maker’s stock valued at $3,436,000 after acquiring an additional 62 shares during the last quarter. Institutional investors own 60.41% of the company’s stock.

Apple Trading Up 1.0 %

Shares of Apple stock opened at $226.84 on Friday. The company has a market capitalization of $3.48 trillion, a P/E ratio of 35.28, a price-to-earnings-growth ratio of 2.60 and a beta of 1.24. 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 fifty day simple moving average of $220.32 and a 200 day simple moving average of $194.44. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $237.23.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. The firm had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. Apple had a return on equity of 145.35% and a net margin of 26.44%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.26 EPS. On average, sell-side analysts anticipate that Apple Inc. will post 6.61 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a yield of 0.44%. Apple’s dividend payout ratio (DPR) is presently 15.55%.

Apple declared that its board has authorized a stock repurchase program on Thursday, May 2nd that permits the company to buyback $110.00 billion in shares. This buyback authorization permits the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. StockNews.com upgraded Apple from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. Piper Sandler Companies reiterated a “neutral” rating and issued a $225.00 target price (up previously from $190.00) on shares of Apple in a research report on Tuesday, July 9th. Sanford C. Bernstein lifted their target price on Apple from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday, June 21st. Loop Capital upgraded Apple from a “hold” rating to a “buy” rating and boosted their price target for the stock from $170.00 to $300.00 in a report on Monday, July 15th. Finally, UBS Group restated a “neutral” rating and set a $190.00 price target on shares of Apple in a report on Monday, July 1st. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $233.63.

Insider Buying and Selling at Apple

In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the company’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 completion of the transaction, the director now owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the company’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 completion of the transaction, the director now owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Chris Kondo sold 8,706 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total value of $1,958,850.00. Following the transaction, the insider now owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The disclosure for this sale can be found here. Insiders sold 188,884 shares of company stock worth $38,092,387 in the last quarter. 0.06% of the stock is currently owned by company insiders.

Apple Profile

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.