MorganRosel Wealth Management LLC trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,104 shares of the iPhone maker’s stock after selling 290 shares during the period. MorganRosel Wealth Management LLC’s holdings in Apple were worth $1,066,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of AAPL. Cardinal Capital Management Inc. increased its holdings in shares of Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after acquiring an additional 221 shares during the period. Shore Point Advisors LLC acquired a new stake in shares of Apple in the fourth quarter valued at approximately $41,000. St. James Investment Advisors LLC bought a new stake in shares of Apple during the fourth quarter valued at approximately $57,000. Econ Financial Services Corp acquired a new position in shares of Apple during the fourth quarter worth approximately $58,000. Finally, Castle Financial & Retirement Planning Associates Inc. bought a new position in Apple in the 4th quarter worth approximately $116,000. 57.98% of the stock is currently owned by institutional investors.
Apple Price Performance
NASDAQ AAPL opened at $153.04 on Thursday. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. The firm has a market capitalization of $2.48 trillion, a price-to-earnings ratio of 24.84, a price-to-earnings-growth ratio of 1.91 and a beta of 1.19. The company has a 50 day simple moving average of $142.50 and a 200-day simple moving average of $158.39. 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, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $93.99 billion. During the same quarter in the prior year, the firm earned $1.40 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. Equities research analysts predict that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were paid a $0.23 dividend. The ex-dividend date of this dividend was Friday, May 6th. This represents a $0.92 dividend on an annualized basis and a yield of 0.60%. This is an increase from Apple’s previous quarterly dividend of $0.22. Apple’s payout ratio is 14.94%.
Apple announced that its Board of Directors has initiated a share buyback program on Thursday, April 28th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
Analysts Set New Price Targets
Several analysts have weighed in on AAPL shares. Evercore ISI cut their target price on Apple from $210.00 to $180.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 28th. Bank of America reduced their price objective on shares of Apple from $215.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, May 19th. Piper Sandler lowered their target price on shares of Apple from $200.00 to $195.00 in a research note on Friday, April 29th. Wells Fargo & Company reduced their price target on shares of Apple from $205.00 to $185.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Morgan Stanley lowered their price objective on shares of Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a research note on Wednesday. Nine equities research 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $182.73.
Insiders Place Their Bets
In other 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 directly owns 452,334 shares in the company, valued at approximately $73,151,454.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.06% of the company’s stock.
Apple Company Profile
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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