Palisades Hudson Asset Management L.P. reduced its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 8.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,219 shares of the iPhone maker’s stock after selling 2,801 shares during the period. Apple makes up approximately 2.5% of Palisades Hudson Asset Management L.P.’s holdings, making the stock its 10th largest holding. Palisades Hudson Asset Management L.P.’s holdings in Apple were worth $5,276,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Joseph Group Capital Management bought a new stake in shares of Apple in the 4th quarter valued at approximately $1,631,000. Cardinal Capital Management Inc. boosted its holdings in shares of 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 acquiring an additional 221 shares in the last quarter. Shore Point Advisors LLC acquired a new position in shares of Apple in the 4th quarter worth approximately $41,000. St. James Investment Advisors LLC acquired a new position in shares of Apple in the 4th quarter worth approximately $57,000. Finally, Econ Financial Services Corp acquired a new position in shares of Apple in the 4th quarter worth approximately $58,000. 57.98% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several brokerages have recently commented on AAPL. Itaú Unibanco began coverage on Apple in a report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 target price on the stock. Fundamental Research reduced their target price on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a report on Friday, May 6th. Bank of America reduced their target price on Apple from $200.00 to $185.00 in a report on Tuesday, July 26th. Itau BBA Securities began coverage on Apple in a report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 price objective on the stock. Finally, Piper Sandler reduced their price objective on Apple from $200.00 to $195.00 in a report on Friday, April 29th. 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 stock. According to data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus target price of $179.04.
Apple Price Performance
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The business had revenue of $82.96 billion during the quarter, compared to analysts’ expectations of $82.97 billion. During the same quarter in the prior year, the company earned $1.30 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. On average, research analysts expect that Apple Inc. will post 6.08 EPS for the current year.
Apple Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date is Friday, August 5th. Apple’s dividend payout ratio (DPR) is presently 15.18%.
Apple declared that its board has initiated a share buyback program on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
Insiders Place Their Bets
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated Wednesday, May 4th. The stock was 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 owns 452,334 shares in the company, valued at approximately $73,151,454.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate 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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