9,549 Shares in Apple Inc. (NASDAQ:AAPL) Purchased by Richmond Investment Services LLC

Richmond Investment Services LLC purchased a new position in Apple Inc. (NASDAQ:AAPL) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,549 shares of the iPhone maker’s stock, valued at approximately $2,391,000. Apple makes up about 1.3% of Richmond Investment Services LLC’s holdings, making the stock its 17th largest position.

A number of other institutional investors also recently bought and sold shares of AAPL. Norges Bank bought a new position in Apple in the fourth quarter worth about $46,868,648,000. Vanguard Group Inc. raised its stake in Apple by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker’s stock worth $349,532,608,000 after buying an additional 49,168,843 shares in the last quarter. Proficio Capital Partners LLC raised its stake in Apple by 23,555.4% in the fourth quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker’s stock worth $5,272,653,000 after buying an additional 20,966,232 shares in the last quarter. Northern Trust Corp raised its stake in Apple by 13.3% in the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker’s stock worth $42,918,365,000 after buying an additional 20,079,472 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Apple by 14.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker’s stock worth $26,220,566,000 after buying an additional 13,137,968 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Citigroup restated a “buy” rating on shares of Apple in a report on Tuesday, June 10th. China Renaissance assumed coverage on shares of Apple in a report on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on shares of Apple from $270.00 to $245.00 and set an “overweight” rating on the stock in a report on Monday, April 14th. The Goldman Sachs Group restated a “buy” rating on shares of Apple in a report on Wednesday, May 21st. Finally, TD Cowen cut their price objective on shares of Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus target price of $234.86.

Insiders Place Their Bets

In other news, insider Chris Kondo sold 4,486 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 15,533 shares in the company, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Timothy D. Cook sold 108,136 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the sale, the chief executive officer now owns 3,280,295 shares in the company, valued at $733,637,976.75. The trade was a 3.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 191,507 shares of company stock worth $42,694,080. Company insiders own 0.06% of the company’s stock.

Apple Trading Up 0.5%

Shares of AAPL stock opened at $196.58 on Thursday. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The firm’s 50 day moving average is $202.17 and its 200 day moving average is $222.30. The stock has a market capitalization of $2.94 trillion, a P/E ratio of 30.62, a P/E/G ratio of 2.18 and a beta of 1.22.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company had revenue of $95.36 billion for the quarter, compared to analysts’ expectations of $94.04 billion. During the same quarter last year, the company posted $1.53 earnings per share. The firm’s quarterly revenue was up 5.1% on a year-over-year basis. Research analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

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

Apple announced that its Board of Directors has approved a stock buyback plan on Thursday, May 1st that permits the company to buyback $100.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Apple Company 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.