SC Financial Services Inc. increased its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) stock by 1.1% in the first quarter, the company said in its most recent filing with the Securities & Exchange Commission. The fund owned 21,188 shares of the iPhone maker after buying another 235 shares during the quarter. Apple accounts for about 4.7% of SC Financial Services Inc.’s stock, making the stock its second-largest position. SC Financial Services Inc.’s shares in Apple were valued at $3,700,000 at the time of the most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently changed their positions in the company. Cardinal Capital Management Inc. increased its holdings of Apple stock by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker, valued at $39,000, after buying another 221 shares last quarter. Shore Point Advisors LLC acquired a new stake in Apple valued at approximately $41,000 during the fourth quarter. St. James Investment Advisors LLC acquired a new stake in Apple valued at approximately $57,000 during the fourth quarter. Emerson Wealth LLC increased its stake in Apple by 363.6% in the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker, valued at $71,000, after buying another 320 shares last quarter. Finally, Econ Financial Services Corp increased its stake in Apple by 29.1% in the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker, valued at $74,000, after buying another 95 shares last quarter. Hedge funds and other institutional investors own 57.62% of the company’s shares.
Apple is trading down 2.3%
Shares of AAPL opened at $167.57 on Tuesday. The stock has a 50-day moving average of $151.85 and a 200-day moving average of $157.22. The company has a gearing ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86. The company has a market cap of $2.69 trillion, a P/E of 27.65, a price-to-earnings-to-growth ratio of 2.22 and a beta of 1.23. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last released its earnings results on Thursday, July 28th. The iPhone maker reported earnings per share of $1.20 for the quarter, beating the consensus estimate of $1.14 by $0.06. Apple had a return on equity of 152.97% and a net margin of 25.71%. The company had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. In the same period last year, the company posted $1.30 per share. Apple’s revenue rose 1.9% year over year. As a group, analysts are forecasting that Apple Inc. will post 6.1 EPS for the year to date.
Apple announced that its board of directors approved a stock repurchase program on Thursday, April 28, allowing the company to repurchase $90.00 billion of stock. This buyback authorization allows the iPhone maker to buy back up to 3.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its stock is undervalued.
Apple announces dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 11th. A dividend of $0.23 per share was paid to shareholders of record on Monday, August 8th. The ex-dividend date of this dividend was Friday August 5th. That equates to an annualized dividend of $0.92 and a dividend yield of 0.55%. Apple’s payout ratio is currently 15.18%.
Also on Wednesday, August 3, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction. The shares were sold at an average price of $164.77 for a total transaction of $4,119,250.00. Following the closing of the sale, the senior vice president now directly owns 427,334 shares of the company’s shares valued at approximately $70,411,823.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Luca Maestri sold 96,735 shares of the company’s shares in a transaction on Wednesday, August 17. The shares sold at an average price of $174.95 for a total transaction of $16,923,788.25. Upon completion of the sale, the Chief Financial Officer now directly owns 110,673 shares of the Company, valued at approximately $19,362,241.35. The sale was announced in a filing with the SEC, which can be accessed through the SEC’s website. Also on Wednesday, August 3, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction. The stock sold at an average price of $164.77 for a total transaction of $4,119,250.00. Following the sale, the senior vice president now directly owns 427,334 shares of the company, valued at $70,411,823.18. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s shares.
Analyst upgrades and downgrades
A number of equity analysts have covered the company. Oppenheimer reiterated an outperform rating and price target of $190.00 on Apple shares in a report on Wednesday, June 8th. Deutsche Bank Aktiengesellschaft set a price target of $175.00 for Apple in a report on Monday, August 1st. Evercore ISI raised its price target on Apple to $185.00 from $180.00 in a report on Friday, July 29. Fundamental Research has given Apple a price target of $177.07 and a “buy” rating on the company in a report on Thursday, August 4th. Finally, Rosenblatt Securities lowered its price target on Apple shares to $160.00 from $168.00 and gave the company a “neutral” rating in a research report on Friday, July 29. Two equities research analysts have rated the stock with a sell rating, seven with a hold rating, twenty-four with a buy rating and one with a strong buy rating. Based on data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and an average price target of $181.18.
Apple Inc designs, manufactures, and sells smartphones, PCs, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers the iPhone, a line of smartphones; Mac, a series of personal computers; iPad, a line of multipurpose tablets; AirPods Max, wireless over-ear headphones; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats products, HomePod and iPod touch.
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