Byrne Asset Management LLC trimmed its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 40,073 shares of the iPhone maker’s stock after selling 129 shares during the quarter. Apple accounts for about 4.4% of Byrne Asset Management LLC’s holdings, making the stock its 2nd largest position. Byrne Asset Management LLC’s holdings in Apple were worth $6,997,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Fountainhead AM LLC raised its stake in shares of Apple by 11.6% during the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock valued at $7,732,000 after purchasing an additional 4,738 shares during the period. Primoris Wealth Advisors LLC bought a new position in Apple in the 4th quarter worth about $4,282,000. Stegent Equity Advisors Inc. bought a new position in Apple in the 4th quarter worth about $2,588,000. Keebeck Alpha LP increased its stake in Apple by 35.6% in the 4th quarter. Keebeck Alpha LP now owns 13,455 shares of the iPhone maker’s stock worth $2,389,000 after acquiring an additional 3,534 shares during the last quarter. Finally, West Bancorporation Inc. bought a new position in Apple in the 4th quarter worth about $1,688,000. Institutional investors own 57.98% of the company’s stock.
In other news, SVP Deirdre O’brien sold 29,198 shares of the stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $177.77, for a total value of $5,190,528.46. Following the completion of the transaction, the senior vice president now owns 136,290 shares of the company’s stock, valued at approximately $24,228,273.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the transaction, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The disclosure for this sale can be found here. Insiders sold a total of 168,099 shares of company stock valued at $29,376,711 in the last three months. Corporate insiders own 0.06% of the company’s stock.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. The business had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. Apple’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.40 EPS. As a group, sell-side analysts expect that Apple Inc. will post 6.11 EPS for the current fiscal year.
Apple declared that its board has authorized a share buyback plan on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a $0.23 dividend. The ex-dividend date of this dividend was Friday, May 6th. This represents a $0.92 annualized dividend and a dividend yield of 0.68%. This is a positive change from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio is currently 14.94%.
A number of equities analysts have weighed in on the company. Bank of America decreased their target price on Apple from $215.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, May 19th. Morgan Stanley decreased their target price on Apple from $195.00 to $185.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 14th. JPMorgan Chase & Co. set a $200.00 target price on Apple in a research note on Monday. Rosenblatt Securities decreased their target price on Apple from $184.00 to $168.00 and set a “neutral” rating on the stock in a research note on Monday, May 2nd. Finally, Loop Capital cut their price objective on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, May 25th. Nine research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.55.
Apple Company Profile (Get Rating)
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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