Kiley Juergens Wealth Management LLC lessened its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 28.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 120,555 shares of the iPhone maker’s stock after selling 47,183 shares during the quarter. Apple makes up 9.4% of Kiley Juergens Wealth Management LLC’s investment portfolio, making the stock its 2nd largest holding. Kiley Juergens Wealth Management LLC’s holdings in Apple were worth $21,050,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of AAPL. Norges Bank purchased a new stake in shares of Apple in the 4th quarter valued at $25,228,507,000. State Street Corp raised its holdings in shares of Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after buying an additional 10,951,705 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Apple in the 4th quarter valued at $1,461,735,000. Capital Research Global Investors raised its holdings in shares of Apple by 38.1% in the 4th quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock valued at $5,247,094,000 after buying an additional 8,154,171 shares during the period. Finally, ProShare Advisors LLC raised its holdings in shares of Apple by 41.8% in the 4th quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock valued at $3,705,275,000 after buying an additional 6,154,422 shares during the period. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts recently commented on AAPL shares. Citigroup boosted their target price on Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday. Piper Sandler lowered their target price on Apple from $200.00 to $195.00 in a research note on Friday, April 29th. Morgan Stanley lowered their target price on Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a research note on Wednesday, July 20th. Barclays boosted their target price on Apple from $166.00 to $169.00 and gave the stock a “maintains” rating in a research note on Friday. Finally, Raymond James lowered their target price on Apple from $190.00 to $185.00 and set a “maintains” rating for the company in a research note on Friday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $179.04.
Apple Stock Performance
Apple (NASDAQ:AAPL – Get Rating) last issued its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The business had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.30 EPS. On average, equities analysts forecast that Apple Inc. will post 6.08 EPS for the current year.
Apple Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be paid a dividend of $0.23 per share. 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 (DPR) is 15.18%.
Apple announced that its board has authorized a share repurchase program on Thursday, April 28th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
Insider Transactions 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 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. Company 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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