Heritage Investment Group Inc. lowered its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 21.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,370 shares of the iPhone maker’s stock after selling 2,880 shares during the quarter. Apple accounts for approximately 0.4% of Heritage Investment Group Inc.’s portfolio, making the stock its 17th largest position. Heritage Investment Group Inc.’s holdings in Apple were worth $1,347,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the stock. Robinson Value Management Ltd. bought a new stake in Apple during the 3rd quarter valued at $28,000. Hanseatic Management Services Inc. increased its stake in Apple by 75.4% during the 3rd quarter. Hanseatic Management Services Inc. now owns 249 shares of the iPhone maker’s stock valued at $34,000 after purchasing an additional 107 shares in the last quarter. Cheyne Capital Management UK LLP increased its stake in Apple by 200.0% during the 3rd quarter. Cheyne Capital Management UK LLP now owns 275 shares of the iPhone maker’s stock valued at $212,000 after purchasing an additional 550 shares in the last quarter. Align Wealth Management LLC bought a new stake in shares of Apple in the 4th quarter worth $55,000. Finally, HBC Financial Services PLLC grew its stake in shares of Apple by 21.7% in the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after acquiring an additional 80 shares in the last quarter. Institutional investors own 57.60% of the company’s stock.
Analyst Ratings Changes
Several analysts have recently issued reports on the stock. Canaccord Genuity Group upped their target price on shares of Apple from $180.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday, May 5th. StockNews.com assumed coverage on shares of Apple in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Robert W. Baird upped their target price on shares of Apple from $170.00 to $180.00 in a research note on Tuesday, May 2nd. Morgan Stanley upped their target price on shares of Apple from $180.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, May 5th. Finally, JPMorgan Chase & Co. upped their target price on shares of Apple from $175.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $174.74.
Apple Price Performance
AAPL stock opened at $174.20 on Tuesday. The firm has a 50 day moving average of $165.32 and a 200-day moving average of $150.87. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 1.56. Apple Inc. has a 12 month low of $124.17 and a 12 month high of $176.39. The firm has a market capitalization of $2.74 trillion, a P/E ratio of 29.58, a price-to-earnings-growth ratio of 2.34 and a beta of 1.29.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. Apple had a net margin of 24.49% and a return on equity of 165.72%. The company had revenue of $94.84 billion during the quarter, compared to analyst estimates of $92.84 billion. During the same period last year, the business earned $1.52 earnings per share. Apple’s revenue was down 2.5% compared to the same quarter last year. As a group, sell-side analysts predict that Apple Inc. will post 5.99 earnings per share for the current fiscal year.
Apple Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Monday, May 15th were given a $0.24 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend was Friday, May 12th. Apple’s dividend payout ratio (DPR) is 16.30%.
Apple declared that its board has approved a stock repurchase program on Thursday, May 4th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.
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