Apple Inc. $AAPL is Groesbeck Investment Management Corp NJ’s 4th Largest Position

Groesbeck Investment Management Corp NJ decreased its position in Apple Inc. (NASDAQ:AAPL) by 8.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 11,190 shares of the iPhone maker’s stock after selling 1,080 shares during the period. Apple accounts for 3.5% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 4th biggest holding. Groesbeck Investment Management Corp NJ’s holdings in Apple were worth $2,486,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Strategic Blueprint LLC grew its position in shares of Apple by 3.0% during the 1st quarter. Strategic Blueprint LLC now owns 163,762 shares of the iPhone maker’s stock valued at $36,377,000 after acquiring an additional 4,819 shares during the period. Brookstone Capital Management grew its position in shares of Apple by 2.4% during the 1st quarter. Brookstone Capital Management now owns 581,748 shares of the iPhone maker’s stock valued at $129,224,000 after acquiring an additional 13,711 shares during the period. Catalyst Capital Advisors LLC grew its position in shares of Apple by 9.6% during the 1st quarter. Catalyst Capital Advisors LLC now owns 24,409 shares of the iPhone maker’s stock valued at $5,422,000 after acquiring an additional 2,148 shares during the period. Global Wealth Management Investment Advisory Inc. grew its position in shares of Apple by 7.5% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 69,680 shares of the iPhone maker’s stock valued at $15,478,000 after acquiring an additional 4,846 shares during the period. Finally, Tilson Financial Group Inc. grew its position in shares of Apple by 6.0% during the 1st quarter. Tilson Financial Group Inc. now owns 6,840 shares of the iPhone maker’s stock valued at $1,519,000 after acquiring an additional 385 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Stock Down 0.5%

Shares of NASDAQ:AAPL opened at $224.90 on Friday. The firm has a fifty day moving average price of $211.89 and a two-hundred day moving average price of $213.13. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company has a market cap of $3.34 trillion, a price-to-earnings ratio of 34.13, a PEG ratio of 2.37 and a beta of 1.16.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating 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 firm had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. During the same period last year, the firm earned $1.40 EPS. The business’s quarterly revenue was up 9.6% compared to the same quarter last year. Analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared 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 repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s dividend payout ratio (DPR) is presently 15.78%.

Insider Buying and Selling

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the transaction, the senior vice president directly owned 136,687 shares of the company’s stock, valued at $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Citigroup increased their target price on shares of Apple from $240.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, August 1st. BMO Capital Markets reissued a “buy” rating on shares of Apple in a research report on Wednesday, August 13th. Morgan Stanley raised their price objective on shares of Apple from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Evercore ISI reaffirmed an “outperform” rating and issued a $250.00 price objective on shares of Apple in a report on Wednesday, August 13th. Finally, Rosenblatt Securities reaffirmed a “neutral” rating and issued a $217.00 price objective on shares of Apple in a report on Tuesday, July 29th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus price target of $237.98.

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.