Keel Point LLC lowered its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 13.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 51,099 shares of the iPhone maker’s stock after selling 8,174 shares during the quarter. Apple accounts for 1.3% of Keel Point LLC’s investment portfolio, making the stock its 17th largest holding. Keel Point LLC’s holdings in Apple were worth $8,922,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also bought and sold shares of the company. Cardinal Capital Management Inc. grew its stake 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 purchasing an additional 221 shares during the period. Shore Point Advisors LLC purchased a new position in shares of Apple during the 4th quarter valued at $41,000. St. James Investment Advisors LLC purchased a new position in shares of Apple during the 4th quarter valued at $57,000. Econ Financial Services Corp purchased a new position in shares of Apple during the 4th quarter valued at $58,000. Finally, Emerson Wealth LLC lifted its position in shares of Apple by 363.6% during the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after buying an additional 320 shares during the last quarter. Institutional investors own 57.98% of the company’s stock.
Insider Buying and Selling
In other Apple 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 value of $4,043,000.00. Following the completion of the sale, the senior vice president now owns 452,334 shares in the company, valued at approximately $73,151,454.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.06% of the stock is owned by corporate insiders.
Apple Price Performance
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) 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 analyst estimates of $82.97 billion. During the same period last year, the company earned $1.30 EPS. Apple’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, analysts predict that Apple Inc. will post 6.09 earnings per share for the current year.
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 reacquire up to 3.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Apple Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be given a dividend of $0.23 per share. The ex-dividend date is Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.57%. Apple’s payout ratio is 14.94%.
Analysts Set New Price Targets
AAPL has been the topic of a number of recent research reports. Itau BBA Securities initiated coverage on Apple in a research report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 price target on the stock. Loop Capital dropped their price target on Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. Evercore ISI upped their price target on Apple from $180.00 to $185.00 in a research report on Friday. JPMorgan Chase & Co. set a $200.00 price objective on Apple in a report on Monday, July 25th. Finally, Citigroup increased their price objective on Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and a consensus target price 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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