Avid Wealth Partners LLC Acquires 930 Shares of Apple Inc. (NASDAQ:AAPL)

Avid Wealth Partners LLC grew its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 28.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,211 shares of the iPhone maker’s stock after acquiring an additional 930 shares during the period. Apple comprises approximately 0.6% of Avid Wealth Partners LLC’s holdings, making the stock its 27th largest position. Avid Wealth Partners LLC’s holdings in Apple were worth $935,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Drystone LLC purchased a new stake in shares of Apple during the 4th quarter valued at about $25,000. Life Planning Partners Inc bought a new position in Apple during the 4th quarter valued at about $47,000. Conquis Financial LLC bought a new position in Apple during the 4th quarter valued at about $63,000. LSV Asset Management bought a new position in Apple during the 4th quarter valued at about $65,000. Finally, Pillar Financial Advisors LLC bought a new position in Apple during the 4th quarter valued at about $82,000. Institutional investors own 67.73% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on AAPL shares. Citigroup reiterated a “buy” rating on shares of Apple in a research note on Tuesday, June 10th. Bank of America reiterated a “buy” rating and set a $235.00 price objective on shares of Apple in a research note on Tuesday, June 10th. JPMorgan Chase & Co. increased their target price on shares of Apple from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. Rosenblatt Securities cut shares of Apple from a “buy” rating to a “neutral” rating and set a $217.00 target price for the company. in a research report on Friday, May 2nd. Finally, Scotiabank cut shares of Apple to a “market perform” rating in a research report on Friday, May 2nd. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.11.

Insiders Place Their Bets

In other Apple news, CFO Kevan Parekh sold 4,570 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the sale, the chief financial officer directly owned 4,569 shares in the company, valued at approximately $941,214. The trade was a 50.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the business’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 sale, 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 disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

Apple Stock Up 0.6%

Shares of Apple stock opened at $212.48 on Tuesday. The company has a market cap of $3.17 trillion, a P/E ratio of 33.10, a PEG ratio of 2.36 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 firm has a fifty day moving average of $204.57 and a two-hundred day moving average of $215.41.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $94.04 billion. During the same period last year, the company earned $1.53 EPS. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, analysts forecast that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date was Monday, May 12th. This is an increase from Apple’s previous quarterly dividend of $0.25. Apple’s payout ratio is currently 16.20%.

Apple announced that its Board of Directors has approved a stock buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.