Weybosset Research & Management LLC cut its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 30.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,498 shares of the iPhone maker’s stock after selling 1,090 shares during the quarter. Apple comprises about 0.2% of Weybosset Research & Management LLC’s investment portfolio, making the stock its 27th biggest position. Weybosset Research & Management LLC’s holdings in Apple were worth $555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently added to or reduced their stakes in AAPL. OneAscent Wealth Management LLC increased its position in shares of Apple by 4.6% during the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock worth $2,337,000 after acquiring an additional 409 shares during the last quarter. Allstate Corp grew its holdings in shares of Apple by 3,368.2% during the fourth quarter. Allstate Corp now owns 451,489 shares of the iPhone maker’s stock valued at $113,062,000 after purchasing an additional 438,471 shares during the last quarter. Vinva Investment Management Ltd grew its holdings in shares of Apple by 12.4% during the fourth quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker’s stock valued at $192,700,000 after purchasing an additional 83,997 shares during the last quarter. Tradewinds Capital Management LLC grew its holdings in shares of Apple by 9.2% during the fourth quarter. Tradewinds Capital Management LLC now owns 21,198 shares of the iPhone maker’s stock valued at $5,308,000 after purchasing an additional 1,779 shares during the last quarter. Finally, Berkshire Bank boosted its position in shares of Apple by 2.7% during the fourth quarter. Berkshire Bank now owns 89,580 shares of the iPhone maker’s stock worth $22,433,000 after buying an additional 2,360 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
AAPL has been the subject of several analyst reports. Loop Capital reduced their price objective on Apple from $230.00 to $215.00 and set a “hold” rating for the company in a research report on Wednesday, April 30th. JPMorgan Chase & Co. lowered their price target on Apple from $245.00 to $230.00 and set an “overweight” rating on the stock in a research report on Thursday. TD Cowen cut their price objective on Apple from $290.00 to $275.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Jefferies Financial Group reiterated an “underperform” rating and set a $170.62 price objective (up previously from $167.88) on shares of Apple in a research report on Friday, May 2nd. Finally, Raymond James Financial cut their target price on shares of Apple from $250.00 to $230.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $234.39.
Insider Transactions at Apple
In other Apple news, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the transaction, the chief financial officer now owns 4,569 shares in the company, valued at approximately $941,214. The trade was a 50.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the transaction, the insider now owns 15,533 shares of the company’s stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 191,507 shares of company stock valued at $42,694,080. 0.06% of the stock is owned by corporate insiders.
Apple Trading Up 0.0%
Apple stock opened at $201.08 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 has a market capitalization of $3.00 trillion, a price-to-earnings ratio of 31.32, a PEG ratio of 2.25 and a beta of 1.22. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company’s fifty day moving average price is $202.61 and its two-hundred day moving average price is $220.03.
Apple (NASDAQ:AAPL – Get Free Report) 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 firm had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.53 EPS. On average, analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. This is a positive change from Apple’s previous quarterly dividend of $0.25. Apple’s dividend payout ratio (DPR) is 16.20%.
Apple announced that its board has authorized a share repurchase program on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
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.
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