Morey & Quinn Wealth Partners LLC Buys 222 Shares of Apple Inc. (NASDAQ:AAPL)

Morey & Quinn Wealth Partners LLC lifted its stake in shares of Apple Inc. (NASDAQ:AAPL) by 0.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,329 shares of the iPhone maker’s stock after purchasing an additional 222 shares during the period. Apple accounts for about 5.6% of Morey & Quinn Wealth Partners LLC’s portfolio, making the stock its 3rd largest holding. Morey & Quinn Wealth Partners LLC’s holdings in Apple were worth $6,737,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Drystone LLC acquired a new position in Apple in the fourth quarter valued at approximately $25,000. Conquis Financial LLC acquired a new position in Apple in the fourth quarter valued at approximately $63,000. LSV Asset Management acquired a new position in Apple in the fourth quarter valued at approximately $65,000. Pillar Financial Advisors LLC acquired a new position in Apple in the fourth quarter valued at approximately $82,000. Finally, Compass Planning Associates Inc acquired a new position in Apple in the fourth quarter valued at approximately $96,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have issued reports on AAPL shares. The Goldman Sachs Group reissued a “buy” rating on shares of Apple in a research report on Wednesday, May 21st. TD Cowen cut 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. KeyCorp raised Apple from an “underweight” rating to a “sector weight” rating in a research report on Monday, April 14th. Scotiabank lowered Apple to a “market perform” rating in a research report on Friday, May 2nd. Finally, Needham & Company LLC reissued a “hold” rating on shares of Apple in a research report on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $235.11.

Insider Buying and Selling

In related 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 value of $941,420.00. Following the completion of the transaction, the chief financial officer 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 document filed with the SEC, which is accessible through this hyperlink. 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 completion of 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 position. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $211.18 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The firm has a 50-day simple moving average of $204.57 and a 200 day simple moving average of $215.85. The company has a market cap of $3.15 trillion, a PE ratio of 32.89, a P/E/G ratio of 2.35 and a beta of 1.20.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping the consensus estimate 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 net margin of 24.30% and a return on equity of 167.24%. Apple’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.53 EPS. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. This is a boost from Apple’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. Apple’s dividend payout ratio (DPR) is presently 16.20%.

Apple declared that its board has approved a stock buyback program on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Apple 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.