Kessler Investment Group LLC reduced its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating ) by 98.5% in the first quarter, HoldingsChannel reports. The firm owned 619 shares of the iPhone maker’s stock after selling 40,477 shares during the quarter. Kessler Investment Group LLC’s holdings in Apple were worth $108,000 at the end of the most recent reporting period.
Other institutional investors have also recently modified their holdings of the company. Elk River Wealth Management LLC raised its position 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 buying an additional 54,989 shares during the last quarter. Piscataqua Savings Bank raised its position in shares of Apple by 1.5% in the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after purchasing an additional 684 shares in the last quarter. Fountainhead AM LLC lifted its position in shares of Apple by 11.6% in the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock valued at $7,732,000 after buying an additional 4,738 shares during the last quarter. Primoris Wealth Advisors LLC acquired a new position in shares of Apple during the 4th quarter valued at approximately $4,282,000. Finally, Stegent Equity Advisors Inc. acquired a new position in shares of Apple during the 4th quarter valued at approximately $2,588,000. 57.98% of the shares are currently owned by institutional investors and hedge funds.
Changes in analyst ratings
Several research analysts have weighed in on the company. Morgan Stanley cut their target price on Apple from $195.00 to $185.00 and set an “overweight” rating for the company in a report on Tuesday, June 14th. Deutsche Bank Rese… set a $210.00 target price on Apple in a report on Friday, April 8th. Oppenheimer reaffirmed an “outperform” rating and set a $190.00 target price on shares of Apple in a report on Wednesday, June 8th. Deutsche Bank Aktiengesellschaft decreased their target price on Apple from $200.00 to $175.00 in a report on Tuesday, June 14th. Finally, The Goldman Sachs Group reduced their target price on Apple from $157.00 to $130.00 and set a “neutral” rating for the company in a research note on Wednesday, July 6th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $183.49, according to MarketBeat.com.
In related news, SVP Deirdre O’Brien sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $164.91, for a total transaction of $1,319,280.00. Following the completion of the transaction, the senior vice president now owns 136,290 shares in the company, valued at approximately $22,475,583.90. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which is available on the SEC’s website. In related news, SVP Deirdre O’Brien sold 8,000 shares of the stock in a transaction dated Monday, April 18th. The shares were sold at an average price of $164.91, for a total value of $1,319,280.00. Following the sale, the senior vice president now owns 136,290 shares of the company’s stock, valued at approximately $22,475,583.90. The transaction was disclosed in a filing with the SEC, which can be accessed via this hyperlink. Also, SVP Catherine L. Adams sold 25,000 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at $73,151,454.48. Disclosure of this sale can be found here. Corporate insiders own 0.06% of the company’s stock.
Apple Trading up 1.1%
NASDAQ:AAPL opened at $150.17 on Friday. The company has a market cap of $2.43 trillion, a PE ratio of 24.38, a P/E/G ratio of 1.89 and a beta of 1.19. The business’s 50-day moving average is $142.54, and its two-hundred-day moving average is $158.97. 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 Inc. it has a 52-week low of $129.04 and a 52-week high of $182.94.
Apple (NASDAQ:AAPL – Get Rating ) last announced its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.09. The firm had revenue of $97.28 billion for the quarter, compared to analysts’ expectations of $93.99 billion. Apple has a return on equity of 152.88% and a net margin of 26.41%. During the same period last year, the business posted earnings of $1.40 per share. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts predict that Apple Inc. will post 6.09 EPS for the current year.
Apple increases dividends
The business also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were given a $0.23 dividend. This is an increase from Apple’s previous quarterly dividend of $0.22. This represents an annualized dividend of $0.92 and a yield of 0.61%. The ex-dividend date of this dividend was Friday, May 6th. Apple’s payout ratio is currently 14.94%.
Apple declared that its Board of Directors has authorized a share buyback program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This buyback authorization allows the iPhone maker to buy back up to 3.5% of its shares through open market purchases. Stock buyback programs are usually an indication that a company’s management 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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