Apple Inc. $AAPL Shares Purchased by Clark Asset Management LLC

Clark Asset Management LLC increased its position in shares of Apple Inc. (NASDAQ:AAPL) by 6.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,674 shares of the iPhone maker’s stock after purchasing an additional 4,056 shares during the period. Apple accounts for approximately 2.5% of Clark Asset Management LLC’s portfolio, making the stock its 9th largest position. Clark Asset Management LLC’s holdings in Apple were worth $14,810,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Conquis Financial LLC acquired a new position in shares of Apple during the fourth quarter worth $63,000. LSV Asset Management acquired a new position in shares of Apple during the fourth quarter worth $65,000. Pillar Financial Advisors LLC purchased a new stake in Apple in the fourth quarter valued at $82,000. Compass Planning Associates Inc purchased a new stake in Apple in the fourth quarter valued at $96,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Apple in the fourth quarter valued at $147,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on AAPL. TD Cowen reduced their price target on shares of Apple from $290.00 to $275.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. China Renaissance began coverage on shares of Apple in a research report on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price target for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $217.00 price target on shares of Apple in a research report on Tuesday, July 29th. Monness Crespi & Hardt boosted their price target on shares of Apple from $245.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, August 1st. Finally, Morgan Stanley upped their target price on shares of Apple from $235.00 to $240.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $237.60.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.06% of the company’s stock.

Apple Trading Down 0.1%

Shares of AAPL opened at $230.56 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The firm’s 50-day moving average is $210.83 and its two-hundred day moving average is $213.06. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The firm has a market capitalization of $3.42 trillion, a P/E ratio of 34.99, a PEG ratio of 2.42 and a beta of 1.16.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. During the same period in the prior year, the business posted $1.40 earnings per share. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. On average, research analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, August 11th. Apple’s dividend payout ratio is presently 15.78%.

Apple announced that its board has approved a stock repurchase plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are 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.