Callahan Advisors LLC cut its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 217,953 shares of the iPhone maker’s stock after selling 6,506 shares during the period. Apple makes up 4.3% of Callahan Advisors LLC’s holdings, making the stock its largest position. Callahan Advisors LLC’s holdings in Apple were worth $38,057,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Straight Path Wealth Management purchased a new position in Apple in the fourth quarter valued at $266,000. Trust Co. of Virginia VA increased its position in shares of Apple by 1.2% during the fourth quarter. Trust Co. of Virginia VA now owns 203,168 shares of the iPhone maker’s stock worth $36,077,000 after purchasing an additional 2,317 shares in the last quarter. TCW Group Inc. increased its position in shares of Apple by 36.6% during the fourth quarter. TCW Group Inc. now owns 260,023 shares of the iPhone maker’s stock worth $46,173,000 after purchasing an additional 69,605 shares in the last quarter. Blue Bell Private Wealth Management LLC acquired a new stake in shares of Apple during the fourth quarter worth about $2,436,000. Finally, Balasa Dinverno & Foltz LLC increased its position in shares of Apple by 3.5% during the fourth quarter. Balasa Dinverno & Foltz LLC now owns 176,781 shares of the iPhone maker’s stock worth $31,391,000 after purchasing an additional 5,979 shares in the last quarter. 57.98% of the stock is owned by institutional investors and hedge funds.
Apple Stock Performance
NASDAQ:AAPL opened at $161.51 on Tuesday. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94. The firm has a 50-day moving average of $144.68 and a two-hundred day moving average of $157.12. The stock has a market cap of $2.61 trillion, a P/E ratio of 26.65, a PEG ratio of 2.11 and a beta of 1.23.
Apple declared that its Board of Directors has initiated a share buyback program on Thursday, April 28th that allows the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
Apple Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders 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 dividend yield of 0.57%. Apple’s payout ratio is 15.18%.
Insider Transactions at Apple
In other news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.06% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have recently commented on the company. JPMorgan Chase & Co. set a $200.00 target price on Apple in a research report on Monday, July 25th. Evercore ISI lifted their target price on Apple from $180.00 to $185.00 in a research report on Friday. Sanford C. Bernstein set a $170.00 price target on Apple in a research report on Monday, May 2nd. Morgan Stanley dropped their price target on Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 20th. Finally, KeyCorp dropped their price target on Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 12th. Two research 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 issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $179.04.
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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