PRW Wealth Management LLC grew its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 6.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,266 shares of the iPhone maker’s stock after acquiring an additional 1,582 shares during the period. Apple comprises 2.1% of PRW Wealth Management LLC’s holdings, making the stock its 8th biggest position. PRW Wealth Management LLC’s holdings in Apple were worth $4,761,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Joseph Group Capital Management purchased a new stake in Apple during the fourth quarter worth $1,631,000. Cardinal Capital Management Inc. lifted its holdings in Apple by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after purchasing an additional 221 shares in the last quarter. Shore Point Advisors LLC purchased a new position in Apple during the fourth quarter valued at $41,000. St. James Investment Advisors LLC purchased a new position in Apple during the fourth quarter valued at $57,000. Finally, Emerson Wealth LLC lifted its holdings in Apple by 363.6% during the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after purchasing an additional 320 shares in the last quarter. 57.98% of the stock is owned by hedge funds and other institutional investors.
Apple Stock Up 3.8 %
Shares of Apple stock opened at $166.13 on Thursday. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The company has a 50 day moving average of $145.58 and a 200 day moving average of $157.20. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. The company has a market capitalization of $2.69 trillion, a P/E ratio of 27.41, a P/E/G ratio of 2.09 and a beta of 1.23.
Apple announced that its board has authorized a share repurchase program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
Apple Dividend Announcement
The business also recently disclosed 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. The ex-dividend date is Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a yield of 0.55%. Apple’s payout ratio is currently 15.18%.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on AAPL. Raymond James decreased their price objective on shares of Apple from $190.00 to $185.00 and set a “maintains” rating on the stock in a report on Friday, July 29th. set a $175.00 price objective on shares of Apple in a report on Friday, July 29th. Itaú Unibanco initiated coverage on shares of Apple in a research report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 target price for the company. Wells Fargo & Company reduced 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. Finally, Citigroup increased their target price on shares of Apple from $175.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $179.21.
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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