Sunbeam Capital Management LLC Invests $2.10 Million in Apple Inc. (NASDAQ:AAPL)

Sunbeam Capital Management LLC bought a new position in shares of Apple Inc. (NASDAQ:AAPL) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 8,388 shares of the iPhone maker’s stock, valued at approximately $2,101,000. Apple comprises approximately 4.5% of Sunbeam Capital Management LLC’s portfolio, making the stock its 5th biggest position.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Michels Family Financial LLC acquired a new position in Apple in the fourth quarter valued at about $1,210,000. Peak Retirement Planning Inc. acquired a new position in Apple during the fourth quarter valued at approximately $2,623,000. Drucker Wealth 3.0 LLC boosted its position in Apple by 4.9% during the fourth quarter. Drucker Wealth 3.0 LLC now owns 67,159 shares of the iPhone maker’s stock valued at $16,818,000 after purchasing an additional 3,139 shares during the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in Apple during the fourth quarter valued at approximately $9,012,000. Finally, Ball & Co Wealth Management Inc. acquired a new position in Apple during the fourth quarter valued at approximately $947,000. Institutional investors own 67.73% of the company’s stock.

Apple Price Performance

Shares of AAPL stock opened at $196.58 on Friday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. The company’s 50-day simple moving average is $202.29 and its two-hundred day simple moving average is $222.00. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company has a market capitalization of $2.94 trillion, a P/E ratio of 30.62, a P/E/G ratio of 2.19 and a beta of 1.22.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. Apple’s revenue was up 5.1% compared to the same quarter last year. During the same period last year, the firm earned $1.53 earnings per share. As a group, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple announced that its Board of Directors has authorized a stock buyback program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Apple Increases Dividend

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

Insider Activity at Apple

In other news, CEO Timothy D. Cook sold 108,136 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total value of $24,184,616.40. Following the sale, the chief executive officer now directly owns 3,280,295 shares of the company’s stock, valued at $733,637,976.75. The trade was a 3.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Chris Kondo sold 4,486 shares of the business’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 191,507 shares of company stock worth $42,694,080 in the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on AAPL shares. Rosenblatt Securities cut Apple from a “buy” rating to a “neutral” rating and set a $217.00 price objective for the company. in a research report on Friday, May 2nd. Loop Capital lowered their price target on Apple from $230.00 to $215.00 and set a “hold” rating for the company in a report on Wednesday, April 30th. Raymond James Financial reduced their price objective on Apple from $250.00 to $230.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Bank of America reiterated a “buy” rating and issued a $235.00 price target on shares of Apple in a research report on Tuesday, June 10th. Finally, Wedbush reissued an “outperform” rating and issued a $270.00 price objective on shares of Apple in a research note on Tuesday, June 10th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $234.86.

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.