Arrow Investment Advisors LLC Acquires Shares of 12,524 Apple Inc. $AAPL

Arrow Investment Advisors LLC acquired a new stake in shares of Apple Inc. (NASDAQ:AAPL) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 12,524 shares of the iPhone maker’s stock, valued at approximately $2,570,000. Apple comprises about 2.2% of Arrow Investment Advisors LLC’s portfolio, making the stock its 14th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in AAPL. Ryan Investment Management Inc. bought a new position in shares of Apple in the 2nd quarter worth about $31,000. ROSS JOHNSON & Associates LLC lifted its position in shares of Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after buying an additional 180 shares during the last quarter. Life Planning Partners Inc bought a new position in shares of Apple in the 4th quarter worth about $47,000. Elite Financial Inc. bought a new position in shares of Apple in the 1st quarter worth about $58,000. Finally, Conquis Financial LLC bought a new position in shares of Apple in the 4th quarter worth about $63,000. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Jefferies Financial Group raised their price target on shares of Apple from $190.67 to $205.82 and gave the stock a “hold” rating in a research report on Monday, September 8th. UBS Group reiterated a “neutral” rating on shares of Apple in a research report on Monday, September 8th. Raymond James Financial reiterated an “outperform” rating and issued a $240.00 price objective (up from $230.00) on shares of Apple in a research report on Friday, August 1st. Needham & Company LLC reiterated a “hold” rating on shares of Apple in a research report on Friday, July 25th. Finally, Morgan Stanley set a $240.00 price objective on shares of Apple and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $245.51.

Apple Stock Performance

Shares of AAPL opened at $254.63 on Wednesday. The firm’s 50 day moving average is $230.51 and its 200-day moving average is $213.80. The stock has a market capitalization of $3.78 trillion, a P/E ratio of 38.64, a P/E/G ratio of 2.64 and a beta of 1.11. 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 12-month low of $169.21 and a 12-month high of $260.10.

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

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a dividend yield of 0.4%. Apple’s payout ratio is currently 15.78%.

Insider Activity

In other news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction that occurred 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 transaction, the senior vice president owned 136,687 shares of the company’s stock, valued at $30,508,538.40. The trade was a 20.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.06% of the stock is owned by corporate insiders.

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.