Envestnet Portfolio Solutions Inc. Raises Holdings in Apple Inc. (NASDAQ:AAPL)

Envestnet Portfolio Solutions Inc. increased its position in shares of Apple Inc. (NASDAQ:AAPL) by 9.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 875,674 shares of the iPhone maker’s stock after acquiring an additional 77,170 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Apple were worth $219,286,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of AAPL. Atlanta Consulting Group Advisors LLC boosted its position in Apple by 4.0% during the third quarter. Atlanta Consulting Group Advisors LLC now owns 20,320 shares of the iPhone maker’s stock worth $4,735,000 after acquiring an additional 776 shares during the last quarter. Tower Bridge Advisors boosted its position in Apple by 0.6% during the third quarter. Tower Bridge Advisors now owns 237,376 shares of the iPhone maker’s stock worth $55,309,000 after acquiring an additional 1,308 shares during the last quarter. Concord Asset Management LLC VA boosted its position in Apple by 10.1% during the third quarter. Concord Asset Management LLC VA now owns 66,396 shares of the iPhone maker’s stock worth $15,470,000 after acquiring an additional 6,071 shares during the last quarter. RiverPark Advisors LLC boosted its position in Apple by 8.1% during the third quarter. RiverPark Advisors LLC now owns 31,685 shares of the iPhone maker’s stock worth $7,383,000 after acquiring an additional 2,368 shares during the last quarter. Finally, Cardano Risk Management B.V. boosted its holdings in shares of Apple by 2.9% in the 3rd quarter. Cardano Risk Management B.V. now owns 3,723,104 shares of the iPhone maker’s stock valued at $876,483,000 after purchasing an additional 103,856 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Insider Activity

In other news, SVP Katherine L. Adams sold 38,822 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.67, for a total value of $8,683,316.74. Following the completion of the transaction, the senior vice president now directly owns 179,158 shares in the company, valued at $40,072,269.86. This trade represents a 17.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Chris Kondo sold 4,486 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, the insider now owns 15,533 shares of the company’s stock, valued at $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock worth $42,694,080 over the last three months. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AAPL shares. Tigress Financial lifted their price target on shares of Apple from $295.00 to $300.00 and gave the company a “strong-buy” rating in a report on Thursday, April 3rd. Scotiabank lowered shares of Apple to a “market perform” rating in a report on Friday, May 2nd. China Renaissance started coverage on shares of Apple in a report on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price target on the stock. KeyCorp upgraded shares of Apple from an “underweight” rating to a “sector weight” rating in a report on Monday, April 14th. Finally, Redburn Partners set a $230.00 price target on shares of Apple in a report on Friday, January 31st. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $235.80.

Apple Trading Down 3.0%

Apple stock opened at $195.27 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The firm has a 50-day moving average price of $205.04 and a two-hundred day moving average price of $225.94. The firm has a market capitalization of $2.92 trillion, a price-to-earnings ratio of 31.00, a PEG ratio of 2.44 and a beta of 1.27. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 160.83%. Apple’s revenue was up 5.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.53 EPS. Sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple announced that its board has approved a stock repurchase plan on Thursday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a $0.26 dividend. The ex-dividend date was Monday, May 12th. This is a boost from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.53%. Apple’s dividend payout ratio (DPR) is 16.20%.

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.