Inlet Private Wealth LLC trimmed its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,406 shares of the iPhone maker’s stock after selling 3,456 shares during the period. Apple comprises about 5.9% of Inlet Private Wealth LLC’s investment portfolio, making the stock its 2nd biggest position. Inlet Private Wealth LLC’s holdings in Apple were worth $23,643,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Joseph Group Capital Management acquired a new stake in shares of Apple during the 4th quarter valued at about $1,631,000. Cardinal Capital Management Inc. lifted its holdings in 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 purchasing an additional 221 shares during the last quarter. Shore Point Advisors LLC bought a new position in Apple during the 4th quarter valued at about $41,000. St. James Investment Advisors LLC bought a new position in Apple during the 4th quarter valued at about $57,000. Finally, Emerson Wealth LLC lifted its holdings in 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 purchasing an additional 320 shares during the last quarter. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on the stock. Sanford C. Bernstein set a $170.00 price target on shares of Apple in a report on Monday, May 2nd. KeyCorp lifted their price target on shares of Apple from $173.00 to $177.00 and gave the company an “overweight” rating in a report on Tuesday. Loop Capital cut their price target on shares of Apple from $210.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, May 25th. Piper Sandler cut their price target on shares of Apple from $200.00 to $195.00 in a report on Friday, April 29th. Finally, Fundamental Research set a $177.07 target price on shares of Apple and gave the stock a “buy” rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $179.27.
Apple Stock Down 0.2 %
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating the consensus estimate 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 net margin of 25.71% and a return on equity of 152.97%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.30 earnings per share. On average, equities research analysts anticipate that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend is Friday, August 5th. Apple’s dividend payout ratio (DPR) is presently 15.18%.
Apple declared that its board has authorized a stock buyback plan on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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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