Fourpath Capital Management LLC Has $12.10 Million Stock Position in Apple Inc. (NASDAQ:AAPL)

Fourpath Capital Management LLC trimmed its position in Apple Inc. (NASDAQ:AAPL) by 0.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,481 shares of the iPhone maker’s stock after selling 273 shares during the quarter. Apple makes up approximately 2.1% of Fourpath Capital Management LLC’s portfolio, making the stock its 11th largest position. Fourpath Capital Management LLC’s holdings in Apple were worth $12,102,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Drystone LLC acquired a new stake in Apple in the fourth quarter valued at approximately $25,000. Life Planning Partners Inc acquired a new stake in Apple in the fourth quarter valued at approximately $47,000. Conquis Financial LLC acquired a new stake in Apple in the fourth quarter valued at approximately $63,000. LSV Asset Management acquired a new stake in Apple in the fourth quarter valued at approximately $65,000. Finally, Pillar Financial Advisors LLC acquired a new stake in Apple in the fourth quarter valued at approximately $82,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on AAPL. China Renaissance initiated coverage on shares of Apple in a research report on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price target on the stock. Loop Capital dropped their target price on shares of Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. The Goldman Sachs Group reiterated a “buy” rating on shares of Apple in a research note on Wednesday, May 21st. Evercore ISI lifted their price target on shares of Apple to $250.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Finally, UBS Group set a $210.00 price target on shares of Apple and gave the stock a “neutral” rating in a research note on Thursday, July 3rd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Apple has an average rating of “Moderate Buy” and a consensus target price of $235.27.

Insider Transactions at Apple

In related news, insider Chris Kondo sold 4,486 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the sale, the insider directly owned 15,533 shares of the company’s stock, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction that occurred 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 sale, the chief financial officer directly owned 4,569 shares of the company’s stock, valued at approximately $941,214. The trade was a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $212.41 on Friday. The stock has a market capitalization of $3.17 trillion, a P/E ratio of 33.09, a P/E/G ratio of 2.36 and a beta of 1.20. Apple Inc. has a 1-year low of $169.21 and a 1-year 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 business has a 50-day moving average price of $203.27 and a two-hundred day moving average price of $217.73.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.03. The company had revenue of $95.36 billion during 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%. Apple’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 EPS. Equities analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This is a boost from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. Apple’s dividend payout ratio is 16.20%.

Apple declared that its Board of Directors has authorized a stock repurchase program 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 programs are often a sign that the company’s leadership believes its shares are 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.