Curran Financial Partners LLC lifted its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 73.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,164 shares of the iPhone maker’s stock after purchasing an additional 11,948 shares during the period. Apple accounts for 2.0% of Curran Financial Partners LLC’s investment portfolio, making the stock its 18th biggest holding. Curran Financial Partners LLC’s holdings in Apple were worth $4,918,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently bought and sold shares of AAPL. Cardinal Capital Management Inc. boosted its holdings in Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after buying an additional 221 shares during the period. Shore Point Advisors LLC bought a new position in Apple in the 4th quarter valued at $41,000. St. James Investment Advisors LLC bought a new position in Apple in the 4th quarter valued at $57,000. Econ Financial Services Corp bought a new position in Apple in the 4th quarter valued at $58,000. Finally, Emerson Wealth LLC boosted its holdings in Apple by 363.6% in the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after purchasing an additional 320 shares during the period. 57.98% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages have commented on AAPL. Itaú Unibanco began coverage on shares of Apple in a report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price target for the company. Barclays raised their price target on shares of Apple from $166.00 to $169.00 and gave the company a “maintains” rating in a report on Friday. Piper Sandler cut their price target on shares of Apple from $200.00 to $195.00 in a report on Friday, April 29th. Deutsche Bank Aktiengesellschaft set a $175.00 price objective on shares of Apple in a research report on Monday. Finally, The Goldman Sachs Group set a $139.00 price objective on shares of Apple in a research report on Friday. Two equities 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.04.
Apple Stock Performance
Apple (NASDAQ:AAPL – Get Rating) last posted its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The firm had revenue of $82.96 billion during the quarter, compared to analysts’ expectations of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company posted $1.30 EPS. As a group, research analysts expect that Apple Inc. will post 6.08 earnings per share for the current year.
Apple Announces Dividend
The business 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 payout ratio is 15.18%.
Apple announced that its Board of Directors has authorized 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.
In other news, SVP Katherine L. Adams sold 25,000 shares of Apple 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 sale, the senior vice president now owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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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