Howland Capital Management LLC lowered its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 142,562 shares of the iPhone maker’s stock after selling 1,631 shares during the quarter. Apple makes up about 1.3% of Howland Capital Management LLC’s holdings, making the stock its 29th biggest holding. Howland Capital Management LLC’s holdings in Apple were worth $24,893,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Ninety One SA PTY Ltd raised its holdings in Apple by 21.4% during the first quarter. Ninety One SA PTY Ltd now owns 41,074 shares of the iPhone maker’s stock worth $7,268,000 after purchasing an additional 7,243 shares in the last quarter. Eukles Asset Management raised its holdings in Apple by 0.7% during the first quarter. Eukles Asset Management now owns 51,273 shares of the iPhone maker’s stock worth $8,953,000 after purchasing an additional 373 shares in the last quarter. Safir Wealth Advisors LLC acquired a new stake in Apple during the first quarter worth approximately $210,000. Winning Points Advisors LLC raised its holdings in Apple by 278.8% during the first quarter. Winning Points Advisors LLC now owns 191,865 shares of the iPhone maker’s stock worth $33,512,000 after purchasing an additional 141,218 shares in the last quarter. Finally, Rocky Mountain Advisers LLC raised its holdings in Apple by 5.1% during the first quarter. Rocky Mountain Advisers LLC now owns 6,227 shares of the iPhone maker’s stock worth $1,087,000 after purchasing an additional 301 shares in the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
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 shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the completion of the transaction, the senior vice president now owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.06% of the company’s stock.
Apple Stock Performance
Apple (NASDAQ:AAPL – Get Rating) last announced 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 business had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.30 earnings per share. On average, sell-side analysts predict that Apple Inc. will post 6.09 EPS for the current year.
Apple declared that its Board of Directors has approved a stock repurchase program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Apple Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 0.57%. The ex-dividend date is Friday, August 5th. Apple’s payout ratio is 14.94%.
Analysts Set New Price Targets
A number of equities analysts have recently commented on AAPL shares. Fundamental Research cut their target price on shares of Apple from $179.32 to $175.24 and set an “average” rating on the stock in a report on Friday, May 6th. UBS Group set a $185.00 target price on shares of Apple in a report on Thursday, July 21st. Loop Capital cut their target price on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. KeyCorp cut their target price on shares of Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a report on Tuesday, July 12th. Finally, JPMorgan Chase & Co. set a $200.00 target price on shares of Apple in a report on Monday, July 25th. Two 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $179.04.
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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