Iowa State Bank trimmed its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,191 shares of the iPhone maker’s stock after selling 1,190 shares during the quarter. Apple accounts for 3.7% of Iowa State Bank’s holdings, making the stock its 4th largest holding. Iowa State Bank’s holdings in Apple were worth $15,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of AAPL. Cardinal Capital Management Inc. boosted its position in shares of Apple by 5,525.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after acquiring an additional 221 shares in the last quarter. Shore Point Advisors LLC acquired a new position in shares of Apple during the 4th quarter worth about $41,000. St. James Investment Advisors LLC acquired a new position in shares of Apple during the 4th quarter worth about $57,000. Econ Financial Services Corp acquired a new position in shares of Apple during the 4th quarter worth about $58,000. Finally, Emerson Wealth LLC boosted 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 worth $71,000 after acquiring an additional 320 shares in the last quarter. 57.98% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on AAPL. Piper Sandler lowered their price objective on Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Barclays upped their target price on Apple from $166.00 to $169.00 and gave the company a “maintains” rating in a research report on Friday. Credit Suisse Group set a $166.00 target price on Apple in a research report on Friday. Fundamental Research decreased their target price on Apple from $179.32 to $175.24 and set an “average” rating for the company in a research report on Friday, May 6th. Finally, Sanford C. Bernstein set a $170.00 target price on Apple in a research report on Monday, May 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued 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, Apple currently has a consensus rating of “Moderate Buy” and a consensus price target of $179.04.
Apple Stock Performance
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The business had revenue of $82.96 billion for the quarter, compared to analysts’ expectations of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. The company’s 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 EPS. As a group, equities analysts anticipate that Apple Inc. will post 6.08 EPS for the current fiscal year.
Apple Announces Dividend
The company also recently declared 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 dividend yield of 0.57%. The ex-dividend date of this dividend is Friday, August 5th. Apple’s dividend payout ratio is currently 15.18%.
Apple announced that its Board of Directors has approved a share repurchase plan on Thursday, April 28th that authorizes the company to buyback $90.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
Insider Buying and Selling
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 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 legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.
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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