Peterson Wealth Management trimmed its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 20.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,358 shares of the iPhone maker’s stock after selling 2,623 shares during the period. Apple comprises 1.2% of Peterson Wealth Management’s portfolio, making the stock its 24th largest position. Peterson Wealth Management’s holdings in Apple were worth $1,809,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Elk River Wealth Management LLC raised its stake in shares of Apple by 49.0% during the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock valued at $29,181,000 after acquiring an additional 54,989 shares during the last quarter. Piscataqua Savings Bank raised its stake in shares of Apple by 1.5% during the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after acquiring an additional 684 shares during the last quarter. Fountainhead AM LLC raised its stake in shares of Apple by 11.6% during the fourth quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock valued at $7,732,000 after acquiring an additional 4,738 shares during the last quarter. Primoris Wealth Advisors LLC bought a new position in shares of Apple during the fourth quarter valued at about $4,282,000. Finally, Red Door Wealth Management LLC raised its stake in shares of Apple by 3.3% during the first quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock valued at $16,934,000 after acquiring an additional 3,087 shares during the last quarter. 57.98% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on the stock. Loop Capital reduced their price target on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. Citigroup boosted their price target on shares of Apple from $175.00 to $185.00 and gave the company a “buy” rating in a research report on Friday. Barclays boosted their price target on shares of Apple from $166.00 to $169.00 and gave the company a “maintains” rating in a research report on Friday. Rosenblatt Securities cut their price objective on shares of Apple from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Evercore ISI upped their price objective on shares of Apple from $180.00 to $185.00 in a report on Friday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus price target of $179.04.
In other news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.06% of the company’s stock.
Apple Stock Up 3.3 %
Shares of Apple stock opened at $162.51 on Friday. The company has a market cap of $2.63 trillion, a price-to-earnings ratio of 26.38, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. The company’s 50 day moving average is $144.31 and its 200 day moving average is $157.43. Apple Inc. has a twelve month low of $129.04 and a twelve month high of $182.94. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.06. Apple had a net margin of 26.41% and a return on equity of 152.88%. The business had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. During the same period last year, the firm earned $1.30 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis. Research analysts anticipate that Apple Inc. will post 6.09 EPS for the current year.
Apple Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 0.57%. Apple’s payout ratio is 14.94%.
Apple announced that its Board of Directors has approved a stock buyback plan on Thursday, April 28th that permits the company to buyback $90.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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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