Paragon Private Wealth Management LLC acquired a new stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) during the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 32,929 shares of the iPhone maker’s stock, valued at approximately $5,847,000. Apple makes up approximately 5.2% of Paragon Private Wealth Management LLC’s holdings, making the stock its largest position.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Cardinal Capital Management Inc. grew its holdings in shares of Apple by 5,525.0% during the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after purchasing an additional 221 shares during the last quarter. Shore Point Advisors LLC bought a new position in shares of Apple during the 4th quarter valued at $41,000. St. James Investment Advisors LLC bought a new position in shares of Apple during the 4th quarter valued at $57,000. Emerson Wealth LLC grew its holdings in Apple by 363.6% in the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after acquiring an additional 320 shares during the last quarter. Finally, Econ Financial Services Corp grew its holdings in Apple by 29.1% in the 1st quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after acquiring an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Apple Stock Down 0.9 %
Shares of Apple stock opened at $160.01 on Wednesday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86. The stock has a market capitalization of $2.59 trillion, a PE ratio of 26.40, a price-to-earnings-growth ratio of 2.11 and a beta of 1.23. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The company has a 50-day simple moving average of $145.07 and a two-hundred day simple moving average of $157.14.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The firm had revenue of $82.96 billion during the quarter, compared to analysts’ expectations of $82.97 billion. During the same period in the previous year, the company earned $1.30 earnings per share. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. On average, analysts anticipate that Apple Inc. will post 6.08 EPS for the current fiscal year.
Apple Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.57%. Apple’s payout ratio is 15.18%.
Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 28th that allows the company to buyback $90.00 billion in shares. This buyback authorization allows the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the stock. Morgan Stanley cut their price target on shares of Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Credit Suisse Group set a $166.00 price target on shares of Apple in a report on Friday, July 29th. Sanford C. Bernstein set a $170.00 price target on shares of Apple in a report on Monday, May 2nd. Fundamental Research cut their price target on shares of Apple from $179.32 to $175.24 and set an “average” rating on the stock in a report on Friday, May 6th. Finally, Loop Capital cut their price target on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus price target of $179.16.
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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