NorthCrest Asset Manangement LLC boosted its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 4.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 492,879 shares of the iPhone maker’s stock after purchasing an additional 23,112 shares during the period. Apple comprises 3.3% of NorthCrest Asset Manangement LLC’s investment portfolio, making the stock its 2nd largest position. NorthCrest Asset Manangement LLC’s holdings in Apple were worth $109,483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also bought and sold shares of AAPL. Drystone LLC purchased a new position in shares of Apple during the fourth quarter valued at approximately $25,000. Life Planning Partners Inc bought a new stake in shares of Apple during the fourth quarter valued at approximately $47,000. Conquis Financial LLC bought a new stake in shares of Apple during the fourth quarter valued at approximately $63,000. LSV Asset Management bought a new stake in shares of Apple during the fourth quarter valued at approximately $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in shares of Apple during the fourth quarter valued at approximately $82,000. 67.73% of the stock is owned by hedge funds and other institutional investors.
Apple Stock Up 0.2%
Apple stock opened at $209.11 on Wednesday. The stock has a market cap of $3.12 trillion, a PE ratio of 32.57, a price-to-earnings-growth ratio of 2.33 and a beta of 1.20. 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 Inc. has a one year low of $169.21 and a one year high of $260.10. The stock has a fifty day moving average of $203.79 and a 200 day moving average of $216.45.
Apple Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Monday, May 12th. This is a boost from Apple’s previous quarterly dividend of $0.25. Apple’s dividend payout ratio is 16.20%.
Apple announced that its Board of Directors has approved a share repurchase program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in 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 usually an indication that the company’s leadership believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several equities research analysts recently weighed in on the company. Raymond James Financial dropped their price target on Apple from $250.00 to $230.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. The Goldman Sachs Group restated a “buy” rating on shares of Apple in a research report on Wednesday, May 21st. Evercore ISI lifted their price target on Apple to $250.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Bank of America restated a “buy” rating and set a $235.00 price target on shares of Apple in a research report on Tuesday, June 10th. Finally, China Renaissance started coverage on Apple in a research report on Tuesday, April 22nd. They set a “buy” rating and a $241.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $235.27.
Read Our Latest Stock Analysis on Apple
Insiders Place Their Bets
In other Apple news, insider Chris Kondo sold 4,486 shares of the company’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer owned 4,569 shares of the company’s stock, valued at approximately $941,214. The trade was a 50.01% decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by corporate insiders.
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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