Wendell David Associates Inc. lowered its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 332,587 shares of the iPhone maker’s stock after selling 5,479 shares during the quarter. Apple accounts for about 6.5% of Wendell David Associates Inc.’s portfolio, making the stock its biggest holding. Wendell David Associates Inc.’s holdings in Apple were worth $58,073,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Daniels&Tansey LLP grew its holdings in Apple by 1.6% in the fourth quarter. Daniels&Tansey LLP now owns 3,858 shares of the iPhone maker’s stock valued at $685,000 after purchasing an additional 60 shares during the last quarter. Donald L. Hagan LLC boosted its stake in shares of Apple by 0.3% during the first quarter. Donald L. Hagan LLC now owns 18,220 shares of the iPhone maker’s stock valued at $3,181,000 after acquiring an additional 61 shares during the last quarter. Goodwin Daniel L boosted its stake in Apple by 0.5% in the 1st quarter. Goodwin Daniel L now owns 12,761 shares of the iPhone maker’s stock worth $2,230,000 after buying an additional 62 shares during the last quarter. Hanlon Investment Management Inc. boosted its stake in Apple by 0.7% in the 4th quarter. Hanlon Investment Management Inc. now owns 10,124 shares of the iPhone maker’s stock worth $1,798,000 after buying an additional 66 shares during the last quarter. Finally, Investors Research Corp raised its holdings in shares of Apple by 0.4% in the 1st quarter. Investors Research Corp now owns 16,117 shares of the iPhone maker’s stock worth $2,814,000 after purchasing an additional 66 shares during the period. Institutional investors and hedge funds own 57.98% of the company’s stock.
Analyst Upgrades and Downgrades
AAPL has been the topic of a number of research reports. UBS Group set a $185.00 price objective on Apple in a report on Tuesday, June 21st. Loop Capital dropped their target price on Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. Piper Sandler dropped their target price on Apple from $200.00 to $195.00 in a report on Friday, April 29th. Oppenheimer restated an “outperform” rating and set a $190.00 price objective on shares of Apple in a research note on Wednesday, June 8th. Finally, Deutsche Bank Rese… set a $210.00 price objective on Apple in a research note on Friday, April 8th. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $182.73.
Apple Trading Up 1.4 %
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company had revenue of $97.28 billion for the quarter, compared to analyst estimates of $93.99 billion. During the same period in the prior year, the company posted $1.40 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. Equities analysts anticipate that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, May 6th. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 0.60%. Apple’s dividend payout ratio is 14.94%.
Apple declared that its Board of Directors has approved a share buyback plan on Thursday, April 28th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
Insider Buying and Selling
In related news, 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 transaction of $4,043,000.00. Following the sale, the senior vice president now directly owns 452,334 shares in the company, valued at approximately $73,151,454.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.06% of the stock is owned by corporate insiders.
Apple Company Profile
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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