Patriot Investment Management Inc. increased its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating ) by 2.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 78,363 shares of the iPhone maker’s stock after buying an additional 2,129 shares during the period. Apple accounts for about 1.2% of Patriot Investment Management Inc.’s investment portfolio, making the stock its 19th largest holding. Holdings of Patriot Investment Management Inc. in Apple were worth $13,683,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the company. Buffington Mohr McNeal boosted its holdings in Apple by 11.6% during the first quarter. Buffington Mohr McNeal now owns 41,519 shares of the iPhone maker’s stock valued at $7,250,000 after buying an additional 4,301 shares during the last quarter. Fi3 FINANCIAL ADVISORS LLC boosted its holdings in Apple by 3.5% in the first quarter. Fi3 FINANCIAL ADVISORS LLC now owns 22,209 shares of the iPhone maker’s stock valued at $3,878,000 after purchasing an additional 749 shares in the last quarter. Valley Brook Capital Group Inc. increased its holdings in Apple by 0.7% in the first quarter. Valley Brook Capital Group Inc. now owns 59,216 shares of the iPhone maker’s stock valued at $10,339,000 after buying an additional 385 shares in the last quarter. Roosevelt Investment Group LLC boosted its holdings in Apple by 0.9% in the first quarter. Roosevelt Investment Group LLC now owns 531,193 shares of the iPhone maker’s stock valued at $92,752,000 after purchasing an additional 4,551 shares in the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc. grew its holdings in Apple by 3.1% in the first quarter. Texas Capital Bank Wealth Management Services Inc. now owns 171,034 shares of the iPhone maker’s stock valued at $29,864,000 after buying an additional 5,222 shares during the last quarter. 57.98% of the shares are currently owned by institutional investors and hedge funds.
Changes in analyst ratings
AAPL has been the subject of a number of analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $190.00 target price on shares of Apple in a report on Wednesday, June 8th. Wells Fargo & Company cut their target price on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 20th. Goldman Sachs Group set a $139.00 target price on Apple in a research report on Friday, July 29th. Credit Suisse Group set a $166.00 target price on Apple in a research report on Friday, July 29th. Finally, Bank of America reduced their price objective on Apple from $200.00 to $185.00 in a research report on Tuesday, July 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Moderate Buy” and a consensus target price of $179.27, based on data from MarketBeat.com.
Insiders place their bets
In other news, SVP Catherine L. Adams sold 25,000 shares of Apple stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the completion of the sale, the senior vice president now directly owns 427,334 shares in the company, valued at approximately $70,411,823.18. The sale was disclosed in a filing with the SEC, which can be accessed via this link. Insiders own 0.06% of the company’s stock.
Apple stock performance
AAPL opened at $172.10 on Monday. The firm has a market cap of $2.77 trillion, a PE ratio of 28.40, a P/E/G ratio of 2.23 and a beta of 1.23. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. The business has a fifty day simple moving average of $148.26 and a 200 day simple moving average of $157.27. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94.
Apple (NASDAQ:AAPL – Get Rating ) last posted its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The business had revenue of $82.96 billion during the quarter, compared to analysts’ expectations of $82.97 billion. Apple has a return on equity of 152.97% and a net margin of 25.71%. Apple’s revenue was up 1.9% compared to the same quarter last year. In the same quarter last year, the firm posted earnings of $1.30 per share. As a group, stock analysts predict that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Monday, August 8th were given a $0.23 dividend. The ex-dividend date of this dividend was Friday, August 5th. This represents an annualized dividend of $0.92 and a yield of 0.53%. Apple’s dividend payout ratio (DPR) is currently 15.18%.
Apple declared 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 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 an indication that a company’s board believes its stock is undervalued.
Apple Inc designs, manufactures and sells smartphones, personal computers, tablets, wearable devices and accessories worldwide. It also sells various related services. In addition, the company offers the iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multifunction tablets; AirPods Max, wireless over-ear headphones; and wearables, home and accessories, including AirPods, Apple TV, Apple Watch, Beats products, HomePod and iPod touch.
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