Intermede Investment Partners Ltd lowered its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 17.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,057,062 shares of the iPhone maker’s stock after selling 228,163 shares during the period. Apple accounts for about 4.3% of Intermede Investment Partners Ltd’s investment portfolio, making the stock its 11th biggest holding. Intermede Investment Partners Ltd’s holdings in Apple were worth $184,574,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. Livingston Group Asset Management CO operating as Southport Capital Management increased its position in shares of Apple by 77.9% during the fourth quarter. Livingston Group Asset Management CO operating as Southport Capital Management now owns 99,737 shares of the iPhone maker’s stock worth $17,710,000 after purchasing an additional 43,681 shares in the last quarter. Wiser Wealth Management Inc increased its position in shares of Apple by 16.4% during the fourth quarter. Wiser Wealth Management Inc now owns 5,796 shares of the iPhone maker’s stock worth $1,029,000 after purchasing an additional 818 shares in the last quarter. Hunter Associates Investment Management LLC increased its position in shares of Apple by 9.7% during the fourth quarter. Hunter Associates Investment Management LLC now owns 188,505 shares of the iPhone maker’s stock worth $33,473,000 after purchasing an additional 16,651 shares in the last quarter. Single Point Partners LLC acquired a new position in shares of Apple during the fourth quarter worth $3,757,000. Finally, Buffington Mohr McNeal increased its position in shares of Apple by 8.6% during the fourth quarter. Buffington Mohr McNeal now owns 37,218 shares of the iPhone maker’s stock worth $6,609,000 after purchasing an additional 2,949 shares in the last quarter. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Apple Stock Performance
Shares of AAPL stock opened at $165.81 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. Apple Inc. has a 52 week low of $129.04 and a 52 week high of $182.94. The stock has a market capitalization of $2.66 trillion, a PE ratio of 27.36, a P/E/G ratio of 2.07 and a beta of 1.23. The firm has a 50 day moving average of $146.03 and a two-hundred day moving average of $157.15.
Apple declared that its Board of Directors has approved a stock buyback plan on Thursday, April 28th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
Apple Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be given a $0.23 dividend. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.55%. Apple’s dividend payout ratio is presently 15.18%.
Analysts Set New Price Targets
Several equities analysts recently issued reports on the company. KeyCorp upped their target price on Apple from $173.00 to $177.00 and gave the company an “overweight” rating in a research report on Tuesday. Itaú Unibanco assumed coverage on Apple in a research report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 target price on the stock. The Goldman Sachs Group set a $139.00 target price on Apple in a research report on Friday, July 29th. Oppenheimer reaffirmed an “outperform” rating and issued a $190.00 price target on shares of Apple in a report on Wednesday, June 8th. Finally, Fundamental Research set a $177.07 price target on shares of Apple and gave the company a “buy” rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $179.27.
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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