Elite Wealth Management Inc. lifted its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 8.7% in the first quarter, HoldingsChannel reports. The firm owned 212,708 shares of the iPhone maker’s stock after purchasing an additional 16,978 shares during the quarter. Apple accounts for 6.0% of Elite Wealth Management Inc.’s portfolio, making the stock its 2nd largest position. Elite Wealth Management Inc.’s holdings in Apple were worth $37,141,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of AAPL. Cardinal Capital Management Inc. lifted its position in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after buying an additional 221 shares during the last quarter. Shore Point Advisors LLC bought a new stake in Apple in the fourth quarter worth $41,000. St. James Investment Advisors LLC bought a new stake in Apple in the fourth quarter worth $57,000. Econ Financial Services Corp bought a new stake in Apple in the fourth quarter worth $58,000. Finally, Castle Financial & Retirement Planning Associates Inc. bought a new stake in Apple in the fourth quarter worth $116,000. 57.98% of the stock is owned by hedge funds and other institutional investors.
Apple Price Performance
Shares of AAPL stock opened at $151.00 on Wednesday. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The firm has a market capitalization of $2.44 trillion, a price-to-earnings ratio of 24.51, a PEG ratio of 1.95 and a beta of 1.19. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The stock’s 50-day simple moving average is $142.37 and its 200-day simple moving average is $158.43.
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The business had revenue of $97.28 billion for the quarter, compared to analyst estimates of $93.99 billion. During the same quarter in the previous year, the firm earned $1.40 earnings per share. The company’s revenue was up 8.6% on a year-over-year basis. As a group, equities analysts forecast that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple announced that its board has approved a share buyback program on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
Apple Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were issued a dividend of $0.23 per share. This is an increase from Apple’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, May 6th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.61%. Apple’s payout ratio is 14.94%.
Insider Buying and Selling
In related news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the completion of the sale, the senior vice president now owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.06% of the company’s stock.
Analysts Set New Price Targets
A number of analysts recently issued reports on AAPL shares. KeyCorp lowered their price target on Apple from $191.00 to $173.00 and set an “overweight” rating for the company in a research report on Tuesday, July 12th. StockNews.com started coverage on Apple in a research report on Thursday, March 31st. They set a “hold” rating for the company. Fundamental Research decreased their target price on Apple from $179.32 to $175.24 and set an “average” rating for the company in a research report on Friday, May 6th. Rosenblatt Securities decreased their target price on Apple from $184.00 to $168.00 and set a “neutral” rating for the company in a research report on Monday, May 2nd. Finally, Morgan Stanley decreased their target price on Apple from $195.00 to $185.00 and set an “overweight” rating for the company in a research report on Tuesday, June 14th. Nine analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $183.49.
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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