Purus Wealth Management LLC lifted its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 6.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 46,927 shares of the iPhone maker’s stock after acquiring an additional 2,837 shares during the quarter. Apple comprises about 5.7% of Purus Wealth Management LLC’s portfolio, making the stock its biggest holding. Purus Wealth Management LLC’s holdings in Apple were worth $8,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently made changes to their positions in the company. State Street Corp increased its holdings in Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after acquiring an additional 10,951,705 shares in the last quarter. Geode Capital Management LLC increased its holdings in Apple by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock worth $46,812,958,000 after acquiring an additional 4,456,954 shares in the last quarter. Norges Bank purchased a new stake in Apple in the 4th quarter worth $25,228,507,000. Charles Schwab Investment Management Inc. increased its holdings in Apple by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock worth $14,131,710,000 after acquiring an additional 1,273,148 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in Apple by 5.1% in the 4th quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker’s stock worth $11,361,302,000 after acquiring an additional 3,096,696 shares in the last quarter. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Apple
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total value of $4,043,000.00. Following the sale, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.06% of the company’s stock.
Apple Stock Up 1.4 %
Apple stock opened at $153.04 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. Apple Inc. has a twelve month low of $129.04 and a twelve month high of $182.94. The firm has a market capitalization of $2.48 trillion, a P/E ratio of 24.84, a P/E/G ratio of 1.91 and a beta of 1.19. The stock’s fifty day simple moving average is $142.50 and its 200-day simple moving average is $158.39.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company had revenue of $97.28 billion for the quarter, compared to the consensus estimate of $93.99 billion. During the same period in the prior year, the firm posted $1.40 EPS. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts expect that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple announced that its Board of Directors has approved a share buyback plan on Thursday, April 28th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
Apple Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were given a $0.23 dividend. The ex-dividend date of this dividend was Friday, May 6th. This is an increase from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.60%. Apple’s dividend payout ratio is currently 14.94%.
Analyst Ratings Changes
AAPL has been the subject of a number of research reports. Rosenblatt Securities dropped their target price on shares of Apple from $184.00 to $168.00 and set a “neutral” rating for the company in a report on Monday, May 2nd. Evercore ISI dropped their target price on shares of Apple from $210.00 to $180.00 and set an “outperform” rating for the company in a report on Tuesday, June 28th. Oppenheimer reaffirmed an “outperform” rating and set a $190.00 target price on shares of Apple in a report on Wednesday, June 8th. Citigroup dropped their target price on shares of Apple from $200.00 to $175.00 and set a “buy” rating for the company in a report on Wednesday, July 13th. Finally, Fundamental Research reduced their price objective on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research report on Friday, May 6th. Nine research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $182.73.
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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