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Apple Inc. (NASDAQ:AAPL) is Elite Wealth Management Inc.’s 2nd Largest Position

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Elite Wealth Management Inc. lifted its holdings in Apple Inc. (NASDAQ:AAPLGet 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:AAPLGet 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.

About Apple

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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.

Further Reading

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPLGet Rating).

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