Alta Wealth Advisors LLC boosted its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 126.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,138 shares of the iPhone maker’s stock after purchasing an additional 17,954 shares during the quarter. Apple makes up 3.3% of Alta Wealth Advisors LLC’s investment portfolio, making the stock its 3rd largest position. Alta Wealth Advisors LLC’s holdings in Apple were worth $5,612,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Joseph Group Capital Management bought a new stake in shares of Apple during the 4th quarter valued at about $1,631,000. Cardinal Capital Management Inc. raised its holdings 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 valued at $39,000 after buying an additional 221 shares in the last quarter. Shore Point Advisors LLC purchased a new position in shares of Apple during the 4th quarter valued at about $41,000. St. James Investment Advisors LLC purchased a new position in shares of Apple during the 4th quarter valued at about $57,000. Finally, Emerson Wealth LLC raised its holdings in shares of Apple by 363.6% during the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after buying an additional 320 shares in the last quarter. Institutional investors own 57.98% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on AAPL. Barclays raised their price objective on Apple from $166.00 to $169.00 and gave the company a “maintains” rating in a report on Friday, July 29th. UBS Group set a $185.00 price target on Apple in a research note on Thursday, July 21st. Fundamental Research decreased their price target on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research note on Friday, May 6th. Citigroup lifted their price target on Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Finally, Bank of America decreased their price target on Apple from $200.00 to $185.00 in a research note on Tuesday, July 26th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $179.16.
Apple Stock Down 0.9 %
Apple (NASDAQ:AAPL – Get Rating) last posted 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. The company had revenue of $82.96 billion during 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%. Apple’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.30 earnings per share. As a group, sell-side analysts predict that Apple Inc. will post 6.08 EPS for the current year.
Apple declared that its Board of Directors has approved a share repurchase plan on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
Apple Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be paid 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 is Friday, August 5th. Apple’s dividend payout ratio (DPR) is 15.18%.
Apple Company Profile
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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