Magnolia Wealth Management LLC Acquires 130,260 Shares of Apple Inc. (NASDAQ:AAPL)

Magnolia Wealth Management LLC grew its holdings in Apple Inc. (NASDAQ:AAPLGet Rating) by 7,800.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 131,930 shares of the iPhone maker’s stock after purchasing an additional 130,260 shares during the period. Apple comprises about 0.3% of Magnolia Wealth Management LLC’s investment portfolio, making the stock its 13th biggest holding. Magnolia Wealth Management LLC’s holdings in Apple were worth $22,185,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of AAPL. Elk River Wealth Management LLC grew its holdings in shares of Apple by 49.0% in the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock worth $29,181,000 after acquiring an additional 54,989 shares during the period. Piscataqua Savings Bank grew its holdings in shares of Apple by 1.5% in the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock worth $8,302,000 after acquiring an additional 684 shares during the period. Fountainhead AM LLC grew its holdings in shares of Apple by 11.6% in the fourth quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock worth $7,732,000 after acquiring an additional 4,738 shares during the period. Primoris Wealth Advisors LLC bought a new stake in shares of Apple in the fourth quarter worth $4,282,000. Finally, Red Door Wealth Management LLC grew its holdings in Apple by 3.3% during the first quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock valued at $16,934,000 after purchasing an additional 3,087 shares during the period. Institutional investors 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 business’s stock in a transaction 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 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 the SEC website. 0.06% of the stock is currently owned by insiders.

Apple Trading Up 3.3 %

NASDAQ:AAPL opened at $162.51 on Monday. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94. The firm has a fifty day simple moving average of $144.31 and a 200-day simple moving average of $157.20. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. The company has a market capitalization of $2.63 trillion, a P/E ratio of 26.38, a PEG ratio of 1.97 and a beta of 1.19.

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

Apple declared that its board has initiated a share repurchase plan on Thursday, April 28th that allows the company to buyback $90.00 billion in shares. This buyback authorization allows the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Apple Announces Dividend

The firm 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 dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a yield of 0.57%. Apple’s dividend payout ratio is presently 14.94%.

Analyst Ratings Changes

Several analysts have issued reports on AAPL shares. UBS Group set a $185.00 price target on Apple in a report on Thursday, July 21st. Itaú Unibanco assumed coverage on Apple in a research note on Tuesday, July 26th. They set an “underperform” rating and a $136.00 target price on the stock. Rosenblatt Securities dropped their price target on Apple from $168.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Apple from $200.00 to $175.00 in a research report on Tuesday, June 14th. Finally, Bank of America reduced their price objective on shares of Apple from $200.00 to $185.00 in a research report on Tuesday, July 26th. Two investment 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. Based on data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $179.04.

Apple Company Profile

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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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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