Arbor Capital Management Inc. ADV cut its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 19.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,865 shares of the iPhone maker’s stock after selling 4,131 shares during the period. Apple accounts for approximately 2.2% of Arbor Capital Management Inc. ADV’s investment portfolio, making the stock its 3rd biggest holding. Arbor Capital Management Inc. ADV’s holdings in Apple were worth $2,911,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Cardinal Capital Management Inc. lifted its position in Apple by 5,525.0% in 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 in the last quarter. Shore Point Advisors LLC bought a new position in Apple in the 4th quarter valued at about $41,000. St. James Investment Advisors LLC bought a new position in Apple in the 4th quarter valued at about $57,000. Econ Financial Services Corp bought a new position in Apple in the 4th quarter valued at about $58,000. Finally, Emerson Wealth LLC lifted its position in Apple by 363.6% in the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after acquiring an additional 320 shares in the last quarter. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Apple Stock Up 3.3 %
AAPL opened at $162.51 on Monday. The company has a fifty day moving average price of $144.31 and a 200-day moving average price of $157.20. The firm has a market capitalization of $2.63 trillion, a P/E ratio of 26.38, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. Apple Inc. has a one year low of $129.04 and a one year high of $182.94.
Apple Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be given a $0.23 dividend. The ex-dividend date is Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.57%. Apple’s dividend payout ratio (DPR) is presently 14.94%.
Apple announced that its board has authorized a stock repurchase program on Thursday, April 28th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
Analyst Ratings Changes
Several equities analysts recently weighed in on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $190.00 price target on shares of Apple in a research report on Wednesday, June 8th. UBS Group set a $185.00 target price on shares of Apple in a research report on Thursday, July 21st. Deutsche Bank Rese… set a $175.00 target price on shares of Apple in a research report on Friday. Rosenblatt Securities dropped their target price on shares of Apple from $168.00 to $160.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, Fundamental Research dropped their target price on shares of Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research report on Friday, May 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $179.04.
Insider Buying and Selling
In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction on Wednesday, May 4th. The shares were 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 in the company, valued at $73,151,454.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is owned by company 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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