Mcdaniel Terry & Co. lifted its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 365,659 shares of the iPhone maker’s stock after purchasing an additional 2,761 shares during the quarter. Apple comprises about 6.9% of Mcdaniel Terry & Co.’s portfolio, making the stock its 2nd biggest position. Mcdaniel Terry & Co.’s holdings in Apple were worth $63,848,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in AAPL. Norges Bank acquired a new stake in shares of Apple in the 4th quarter worth $25,228,507,000. State Street Corp boosted its position in shares of Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after purchasing an additional 10,951,705 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Apple in the 4th quarter worth $1,461,735,000. Capital Research Global Investors boosted its position in shares of Apple by 38.1% in the 4th quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock worth $5,247,094,000 after purchasing an additional 8,154,171 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Apple by 41.8% in the 4th quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock worth $3,705,275,000 after purchasing an additional 6,154,422 shares in the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on the company. Citigroup raised their target price on Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company reduced their target price on Apple from $205.00 to $185.00 and set an “overweight” rating for the company in a research note on Wednesday, July 20th. Sanford C. Bernstein set a $170.00 target price on Apple in a research note on Monday, May 2nd. Bank of America reduced their target price on Apple from $200.00 to $185.00 in a research note on Tuesday, July 26th. Finally, Oppenheimer restated an “outperform” rating and issued a $190.00 target price on shares of Apple in a research note on Wednesday, June 8th. 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $179.04.
Apple Trading Up 3.3 %
Apple (NASDAQ:AAPL – Get Rating) last issued its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.06. Apple had a return on equity of 152.88% and a net margin of 26.41%. The business had revenue of $82.96 billion for the quarter, compared to analysts’ expectations of $82.97 billion. During the same period in the previous year, the firm posted $1.30 EPS. The business’s revenue for the quarter was up 1.9% compared to the same quarter last year. Analysts predict that Apple Inc. will post 6.09 EPS for the current fiscal year.
Apple Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date is Friday, August 5th. Apple’s dividend payout ratio is presently 14.94%.
Apple announced that its Board of Directors has initiated a share repurchase 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 buy up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s 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 transaction, the senior vice president now directly owns 452,334 shares in the company, valued at $73,151,454.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.06% of the stock is currently owned by insiders.
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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