Pinion Investment Advisors LLC Boosts Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Pinion Investment Advisors LLC lifted its position in Apple Inc. (NASDAQ:AAPL) by 98.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,586 shares of the iPhone maker’s stock after acquiring an additional 15,205 shares during the quarter. Apple makes up approximately 1.5% of Pinion Investment Advisors LLC’s portfolio, making the stock its 12th largest position. Pinion Investment Advisors LLC’s holdings in Apple were worth $6,794,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AAPL. Newport Capital Group LLC boosted its holdings in shares of Apple by 2.9% in the 1st quarter. Newport Capital Group LLC now owns 7,182 shares of the iPhone maker’s stock worth $1,595,000 after buying an additional 200 shares during the last quarter. SFM LLC purchased a new position in shares of Apple in the 1st quarter worth about $1,847,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in shares of Apple by 2.0% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 249,193 shares of the iPhone maker’s stock worth $55,353,000 after buying an additional 4,804 shares during the last quarter. Sound Income Strategies LLC boosted its holdings in shares of Apple by 7.0% in the 1st quarter. Sound Income Strategies LLC now owns 94,972 shares of the iPhone maker’s stock worth $21,096,000 after buying an additional 6,220 shares during the last quarter. Finally, CogentBlue Wealth Advisors LLC boosted its holdings in shares of Apple by 56.0% in the 1st quarter. CogentBlue Wealth Advisors LLC now owns 12,679 shares of the iPhone maker’s stock worth $2,816,000 after buying an additional 4,551 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AAPL shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Apple in a report on Tuesday, June 10th. TD Cowen dropped their price objective on shares of Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Loop Capital dropped their price objective on shares of Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a report on Wednesday, April 30th. Citigroup reaffirmed a “buy” rating on shares of Apple in a report on Tuesday, June 10th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Apple in a report on Wednesday, May 21st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $235.11.

Apple Trading Up 0.6%

NASDAQ:AAPL opened at $211.18 on Friday. The firm has a market cap of $3.15 trillion, a PE ratio of 32.89, a price-to-earnings-growth ratio of 2.36 and a beta of 1.20. 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 stock has a fifty day moving average price of $204.57 and a 200 day moving average price of $215.61. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10.

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

Apple Increases Dividend

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

Apple announced that its board has authorized a share repurchase program on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Apple news, insider Chris Kondo sold 4,486 shares of the business’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 owned 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the business’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 value of $941,420.00. Following the transaction, the chief financial officer owned 4,569 shares in the company, valued at $941,214. The trade was a 50.01% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

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.