GAMMA Investing LLC Has $60.07 Million Stake in Apple Inc. (NASDAQ:AAPL)

GAMMA Investing LLC grew its holdings in Apple Inc. (NASDAQ:AAPL) by 17.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 270,411 shares of the iPhone maker’s stock after acquiring an additional 39,689 shares during the quarter. Apple accounts for approximately 4.5% of GAMMA Investing LLC’s investment portfolio, making the stock its biggest position. GAMMA Investing LLC’s holdings in Apple were worth $60,066,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Advanced Portfolio Management LLC boosted its stake in shares of Apple by 0.3% in the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker’s stock worth $3,260,000 after acquiring an additional 47 shares during the last quarter. Family Capital Management Inc. boosted its stake in Apple by 0.3% during the fourth quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker’s stock worth $4,235,000 after buying an additional 48 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its stake in Apple by 0.3% during the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker’s stock worth $4,178,000 after buying an additional 48 shares during the last quarter. Scarborough Advisors LLC boosted its stake in Apple by 0.3% during the fourth quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker’s stock worth $3,992,000 after buying an additional 51 shares during the last quarter. Finally, Disciplined Investments LLC boosted its stake in Apple by 0.7% during the fourth quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker’s stock worth $1,794,000 after buying an additional 51 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Apple Trading Up 0.6%

NASDAQ:AAPL opened at $212.41 on Friday. The stock has a 50-day simple moving average of $203.27 and a 200-day simple moving average of $217.73. The stock has a market cap 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 debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.03. The firm 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%. The business’s revenue was up 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.53 EPS. As a group, analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given 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 announced that its board has approved a stock buyback plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

AAPL has been the topic of a number of research analyst reports. Loop Capital reduced their target price on Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. TD Cowen reduced their target price on Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Citigroup restated a “buy” rating on shares of Apple in a research report on Tuesday, June 10th. Bank of America restated a “buy” rating and issued a $235.00 target price on shares of Apple in a research report on Tuesday, June 10th. Finally, JPMorgan Chase & Co. reduced their target price on Apple from $245.00 to $230.00 and set an “overweight” rating on the stock in a research report on Thursday, June 26th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $235.27.

Insider Activity at Apple

In other Apple news, CFO Kevan Parekh sold 4,570 shares of the company’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the sale, the chief financial officer directly owned 4,569 shares of the company’s stock, valued at $941,214. This represents a 50.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chris Kondo sold 4,486 shares of the company’s stock in a transaction that occurred 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 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 ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is owned by corporate insiders.

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.