Yoffe Investment Management LLC Acquires New Position in Apple Inc. (NASDAQ:AAPL)

Yoffe Investment Management LLC purchased a new position in shares of Apple Inc. (NASDAQ:AAPL) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,212 shares of the iPhone maker’s stock, valued at approximately $1,556,000. Apple comprises about 2.2% of Yoffe Investment Management LLC’s portfolio, making the stock its 8th biggest position.

Other hedge funds and other institutional investors also recently modified their holdings of the company. LifeWealth Investments LLC bought a new position in Apple during the 4th quarter valued at $6,167,000. Capital A Wealth Management LLC acquired a new stake in Apple in the 4th quarter valued at about $1,062,000. Financial Advisory Corp acquired a new stake in shares of Apple during the fourth quarter worth $2,282,000. Discipline Wealth Solutions LLC raised its stake in Apple by 8.5% during the 4th quarter. Discipline Wealth Solutions LLC now owns 9,374 shares of the iPhone maker’s stock valued at $2,348,000 after purchasing an additional 733 shares during the period. Finally, Lakeshore Capital Group Inc. acquired a new position in Apple in the 4th quarter valued at approximately $2,361,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Katherine L. Adams sold 38,822 shares of the business’s 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 sale, the senior vice president now owns 179,158 shares of the company’s stock, valued at $40,072,269.86. The trade was a 17.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction dated Monday, May 12th. The shares were 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 of the company’s stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,507 shares of company stock valued at $42,694,080 in the last three months. 0.06% of the stock is currently owned by insiders.

Apple Stock Performance

Apple stock opened at $201.00 on Friday. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The stock has a market cap of $3.00 trillion, a PE ratio of 31.31, a P/E/G ratio of 2.19 and a beta of 1.22. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The business’s 50-day moving average price is $202.35 and its two-hundred day moving average price is $221.71.

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

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

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date was Monday, May 12th. This is an increase from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.52%. Apple’s payout ratio is presently 16.20%.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several recent analyst reports. Bank of America reiterated a “buy” rating and set a $235.00 price target on shares of Apple in a research note on Tuesday, June 10th. Wedbush reissued an “outperform” rating and set a $270.00 price target on shares of Apple in a research note on Tuesday, June 10th. DA Davidson upped their price objective on Apple from $230.00 to $250.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Evercore ISI upped their price target on shares of Apple to $250.00 and gave the company a “buy” rating in a report on Friday, June 6th. Finally, Barclays reduced their price target on Apple from $197.00 to $173.00 and set an “underweight” rating for the company in a research report on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $234.86.

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.