Apple Inc. (NASDAQ:AAPL) Stake Raised by Pacific Sun Financial Corp

Pacific Sun Financial Corp grew its position in Apple Inc. (NASDAQ:AAPL) by 1.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,037 shares of the iPhone maker’s stock after acquiring an additional 727 shares during the quarter. Apple comprises about 5.8% of Pacific Sun Financial Corp’s portfolio, making the stock its largest position. Pacific Sun Financial Corp’s holdings in Apple were worth $10,226,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Tallon Kerry Patrick bought a new position in shares of Apple in the fourth quarter worth about $1,877,000. First National Bank of Hutchinson grew its holdings in shares of Apple by 24.6% in the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Capital & Planning LLC grew its holdings in shares of Apple by 10.7% in the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker’s stock worth $6,836,000 after purchasing an additional 2,647 shares during the last quarter. Eagle Capital Management LLC grew its holdings in shares of Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after purchasing an additional 272 shares during the last quarter. Finally, Brighton Jones LLC grew its holdings in shares of Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Buying and Selling

In other Apple news, CFO Kevan Parekh sold 4,570 shares of the firm’s stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the transaction, the chief financial officer directly owned 4,569 shares of the company’s stock, valued at approximately $941,214. This trade represents a 50.01% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Chris Kondo sold 4,486 shares of the firm’s 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 transaction, the insider directly owned 15,533 shares of the company’s stock, valued at $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. Company insiders own 0.06% of the company’s stock.

Apple Stock Performance

Shares of Apple stock opened at $211.18 on Friday. The firm has a market capitalization of $3.15 trillion, a P/E ratio of 32.89, a PEG ratio of 2.35 and a beta of 1.20. 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 company has a 50 day moving average price of $204.57 and a 200 day moving average price of $215.85. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. During the same period last year, the firm posted $1.53 EPS. Apple’s revenue for the quarter was up 5.1% compared to the same quarter last year. Sell-side analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple declared that its board has initiated a share 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 management believes its stock is undervalued.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders 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 a positive change from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. Apple’s dividend payout ratio (DPR) is currently 16.20%.

Analyst Ratings Changes

AAPL has been the topic of several recent research reports. Evercore ISI increased their target price on shares of Apple to $250.00 and gave the stock a “buy” rating in a report on Friday, June 6th. The Goldman Sachs Group reiterated a “buy” rating on shares of Apple in a report on Wednesday, May 21st. China Renaissance initiated coverage on shares of Apple in a report on Tuesday, April 22nd. They set a “buy” rating and a $241.00 target price on the stock. Tigress Financial increased their target price on shares of Apple from $295.00 to $300.00 and gave the stock a “strong-buy” rating in a report on Thursday, April 3rd. Finally, Jefferies Financial Group upgraded shares of Apple from an “underperform” rating to a “hold” rating in a report on Friday. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $235.11.

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.