Drexel Morgan & Co. Buys 194 Shares of Apple Inc. (NASDAQ:AAPL)

Drexel Morgan & Co. raised its stake in shares of Apple Inc. (NASDAQ:AAPL) by 0.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 44,296 shares of the iPhone maker’s stock after acquiring an additional 194 shares during the period. Apple makes up approximately 2.0% of Drexel Morgan & Co.’s holdings, making the stock its 14th biggest position. Drexel Morgan & Co.’s holdings in Apple were worth $9,330,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bridges Investment Management Inc. lifted its stake in shares of Apple by 99.5% in the 2nd quarter. Bridges Investment Management Inc. now owns 1,798,340 shares of the iPhone maker’s stock worth $378,766,000 after purchasing an additional 896,810 shares during the period. Callan Capital LLC lifted its stake in shares of Apple by 3.3% in the 2nd quarter. Callan Capital LLC now owns 143,851 shares of the iPhone maker’s stock worth $30,298,000 after purchasing an additional 4,544 shares during the period. Promethos Capital LLC bought a new position in shares of Apple in the 2nd quarter worth approximately $7,740,000. Canada Pension Plan Investment Board lifted its stake in shares of Apple by 2.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 11,759,611 shares of the iPhone maker’s stock worth $2,476,809,000 after purchasing an additional 227,173 shares during the period. Finally, Davidson Capital Management Inc. lifted its stake in shares of Apple by 13.1% in the 2nd quarter. Davidson Capital Management Inc. now owns 16,557 shares of the iPhone maker’s stock worth $3,487,000 after purchasing an additional 1,922 shares during the period. Institutional investors own 60.41% of the company’s stock.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $227.48 on Friday. The firm has a market capitalization of $3.44 trillion, a PE ratio of 37.41, a P/E/G ratio of 2.18 and a beta of 1.24. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.87 and a quick ratio of 0.83. The business has a 50-day moving average of $226.91 and a two-hundred day moving average of $213.51. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $237.49.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 EPS for the quarter, topping the consensus estimate of $1.60 by $0.04. Apple had a return on equity of 152.94% and a net margin of 23.97%. The company had revenue of $94.93 billion during the quarter, compared to analyst estimates of $94.52 billion. During the same period in the prior year, the firm posted $1.46 earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. As a group, research analysts forecast that Apple Inc. will post 7.43 earnings per share for the current year.

Apple Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 11th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Friday, November 8th. Apple’s payout ratio is 16.45%.

Insider Activity at Apple

In related news, insider Chris Kondo sold 8,706 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Apple news, COO Jeffrey E. Williams sold 59,730 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the transaction, the chief operating officer now owns 489,944 shares of the company’s stock, valued at $111,148,695.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Chris Kondo sold 8,706 shares of the stock in a transaction that occurred 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 directly owns 15,419 shares in the company, valued at approximately $3,469,275. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 412,746 shares of company stock valued at $93,021,362. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

AAPL has been the subject of several analyst reports. Piper Sandler reissued a “neutral” rating and issued a $225.00 target price on shares of Apple in a report on Wednesday, October 9th. The Goldman Sachs Group increased their target price on shares of Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Monness Crespi & Hardt reissued a “buy” rating and issued a $245.00 target price on shares of Apple in a report on Monday, September 9th. Moffett Nathanson initiated coverage on shares of Apple in a report on Monday, August 19th. They issued a “neutral” rating and a $211.00 target price for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $260.00 target price on shares of Apple in a report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and an average target price of $235.51.

About Apple

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.