Baker Tilly Wealth Management LLC lessened its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 6.0% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 145,015 shares of the iPhone maker’s stock after selling 9,329 shares during the period. Apple makes up approximately 2.8% of Baker Tilly Wealth Management LLC’s investment portfolio, making the stock its 4th largest position. Baker Tilly Wealth Management LLC’s holdings in Apple were worth $25,321,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp raised its stake in Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after purchasing an additional 10,951,705 shares during the last quarter. Geode Capital Management LLC raised its stake 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 valued at $46,812,958,000 after purchasing an additional 4,456,954 shares during the last quarter. Norges Bank acquired a new position in Apple in the 4th quarter valued at about $25,228,507,000. Charles Schwab Investment Management Inc. raised its stake 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 valued at $14,131,710,000 after purchasing an additional 1,273,148 shares during the last quarter. Finally, Fisher Asset Management LLC grew 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 valued at $11,361,302,000 after buying an additional 3,096,696 shares during the period. Institutional investors and hedge funds own 57.98% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have commented on AAPL shares. Itau BBA Securities started coverage on Apple in a report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price target for the company. Raymond James lowered their price target on Apple from $190.00 to $185.00 and set a “maintains” rating for the company in a report on Friday. JPMorgan Chase & Co. set a $200.00 price target on Apple in a report on Monday, July 25th. The Goldman Sachs Group set a $139.00 price target on Apple in a report on Friday. Finally, Oppenheimer reiterated an “outperform” rating and set a $190.00 target price on shares of Apple in a report on Wednesday, June 8th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and an average target price of $179.04.
Apple Stock Performance
AAPL stock opened at $162.51 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. The firm has a market cap of $2.63 trillion, a P/E ratio of 26.38, a P/E/G ratio of 1.97 and a beta of 1.19. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The stock’s 50 day simple moving average is $144.31 and its 200 day simple moving average is $157.20.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.06. The business had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.30 EPS. As a group, equities research analysts predict that Apple Inc. will post 6.09 EPS for the current year.
Apple Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors 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%. The ex-dividend date of this dividend is Friday, August 5th. Apple’s dividend payout ratio is currently 14.94%.
Apple declared that its Board of Directors has approved a share buyback program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction on 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 transaction, 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 document filed with the SEC, which is available through this link. Corporate insiders own 0.06% of the company’s stock.
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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