AMI Asset Management Corp Sells 5,281 Shares of Apple Inc. (NASDAQ:AAPL)

AMI Asset Management Corp reduced its position in Apple Inc. (NASDAQ:AAPLGet Rating) by 0.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 673,792 shares of the iPhone maker’s stock after selling 5,281 shares during the period. Apple comprises about 6.1% of AMI Asset Management Corp’s holdings, making the stock its largest position. AMI Asset Management Corp’s holdings in Apple were worth $117,651,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Joseph Group Capital Management acquired a new position in Apple in the 4th quarter worth about $1,631,000. Cardinal Capital Management Inc. increased its holdings in shares of Apple by 5,525.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after acquiring an additional 221 shares during the last quarter. Shore Point Advisors LLC acquired a new position in shares of Apple during the 4th quarter valued at about $41,000. St. James Investment Advisors LLC acquired a new position in shares of Apple during the 4th quarter valued at about $57,000. Finally, Econ Financial Services Corp acquired a new position in shares of Apple during the 4th quarter valued at about $58,000. 57.98% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on AAPL. Raymond James lowered their price objective on Apple from $190.00 to $185.00 and set a “maintains” rating on the stock in a report on Friday. Loop Capital lowered their price objective on Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. Deutsche Bank Aktiengesellschaft lowered their price objective on Apple from $200.00 to $175.00 in a report on Tuesday, June 14th. Deutsche Bank Rese… set a $175.00 target price on Apple in a report on Friday. Finally, Wells Fargo & Company lowered their target price on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $179.04.

Insider Activity

In other news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction 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 sale, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.06% of the company’s stock.

Apple Trading Up 3.3 %

Shares of AAPL opened at $162.51 on Monday. The stock has a fifty day moving average price of $144.31 and a two-hundred day moving average price of $157.20. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The company has a market cap of $2.63 trillion, a price-to-earnings ratio of 26.38, a PEG ratio of 1.97 and a beta of 1.19.

Apple (NASDAQ:AAPLGet Rating) last issued its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.06. The firm had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.30 EPS. Analysts predict that Apple Inc. will post 6.09 EPS for the current fiscal year.

Apple Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.57%. Apple’s dividend payout ratio (DPR) is currently 14.94%.

Apple announced that its board has approved a stock buyback plan on Thursday, April 28th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

About Apple

(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.

See Also

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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