Galvin Gaustad & Stein LLC decreased its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 10.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 144,033 shares of the iPhone maker’s stock after selling 16,000 shares during the period. Apple makes up 2.3% of Galvin Gaustad & Stein LLC’s holdings, making the stock its 7th biggest holding. Galvin Gaustad & Stein LLC’s holdings in Apple were worth $25,150,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Blodgett Wealth Advisors LLC increased its stake in Apple by 3.5% in the first quarter. Blodgett Wealth Advisors LLC now owns 70,204 shares of the iPhone maker’s stock valued at $12,258,000 after purchasing an additional 2,383 shares in the last quarter. Tamar Securities LLC increased its stake in Apple by 2.1% in the first quarter. Tamar Securities LLC now owns 105,275 shares of the iPhone maker’s stock valued at $18,382,000 after purchasing an additional 2,117 shares in the last quarter. Horizon Financial Services LLC increased its stake in Apple by 17.4% in the first quarter. Horizon Financial Services LLC now owns 3,922 shares of the iPhone maker’s stock valued at $685,000 after purchasing an additional 582 shares in the last quarter. WESPAC Advisors LLC increased its stake in Apple by 8.6% in the first quarter. WESPAC Advisors LLC now owns 19,302 shares of the iPhone maker’s stock valued at $3,370,000 after purchasing an additional 1,531 shares in the last quarter. Finally, Security Financial Services INC. increased its position in shares of Apple by 0.4% during the first quarter. Security Financial Services INC. now owns 37,893 shares of the iPhone maker’s stock worth $6,616,000 after acquiring an additional 143 shares in the last quarter. 57.98% of the stock is owned by institutional investors.
Apple Price Performance
Shares of NASDAQ:AAPL opened at $160.01 on Wednesday. The company’s fifty day moving average price is $145.07 and its 200-day moving average price is $157.14. The firm has a market capitalization of $2.59 trillion, a price-to-earnings ratio of 26.40, a PEG ratio of 2.11 and a beta of 1.23. Apple Inc. has a one year low of $129.04 and a one year high of $182.94. 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 declared that its board has approved a stock buyback plan on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.
Apple Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 0.57%. The ex-dividend date is Friday, August 5th. Apple’s dividend payout ratio is currently 15.18%.
Analysts Set New Price Targets
Several equities research analysts have recently commented on the stock. Evercore ISI boosted their target price on shares of Apple from $180.00 to $185.00 in a research report on Friday, July 29th. Piper Sandler decreased their target price on shares of Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Citigroup boosted their target price on shares of Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, July 29th. UBS Group set a $185.00 target price on shares of Apple in a research report on Thursday, July 21st. Finally, Wells Fargo & Company decreased their target price on shares of Apple from $205.00 to $185.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and a consensus target price of $179.16.
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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