EWG Elevate Inc. Raises Position in Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Mar 22nd, 2023

EWG Elevate Inc. grew its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 19.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,944 shares of the iPhone maker’s stock after purchasing an additional 2,286 shares during the quarter. Apple makes up about 0.9% of EWG Elevate Inc.’s investment portfolio, making the stock its 24th biggest position. EWG Elevate Inc.’s holdings in Apple were worth $1,812,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. IFM Investors Pty Ltd raised its position in shares of Apple by 20.0% in the 1st quarter. IFM Investors Pty Ltd now owns 2,615,701 shares of the iPhone maker’s stock worth $456,728,000 after buying an additional 435,891 shares during the period. Ironwood Wealth Management LLC. raised its position in shares of Apple by 0.4% in the 1st quarter. Ironwood Wealth Management LLC. now owns 240,628 shares of the iPhone maker’s stock worth $42,016,000 after buying an additional 1,040 shares during the period. Markel Corp raised its position in shares of Apple by 0.7% in the 1st quarter. Markel Corp now owns 1,206,990 shares of the iPhone maker’s stock worth $210,752,000 after buying an additional 8,450 shares during the period. Camden Capital LLC raised its position in shares of Apple by 9.2% in the 1st quarter. Camden Capital LLC now owns 156,364 shares of the iPhone maker’s stock worth $27,305,000 after buying an additional 13,200 shares during the period. Finally, Harbor Island Capital LLC increased its holdings in Apple by 0.3% in the 1st quarter. Harbor Island Capital LLC now owns 135,325 shares of the iPhone maker’s stock valued at $23,629,000 after purchasing an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 57.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AAPL. Piper Sandler reiterated an “overweight” rating and issued a $195.00 price target on shares of Apple in a report on Friday, February 3rd. Cowen lowered their price target on Apple from $200.00 to $195.00 and set an “outperform” rating for the company in a report on Friday, February 3rd. Morgan Stanley increased their price target on Apple from $175.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, March 3rd. Bank of America increased their price target on Apple from $153.00 to $158.00 in a report on Friday, February 3rd. Finally, DA Davidson increased their price target on Apple from $167.00 to $173.00 and gave the company a “buy” rating in a report on Friday, February 3rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $168.24.

Apple Stock Performance

Shares of NASDAQ AAPL opened at $159.28 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 1.76. The firm’s 50-day moving average price is $147.75 and its two-hundred day moving average price is $145.25. Apple Inc. has a 52-week low of $124.17 and a 52-week high of $179.61. The stock has a market capitalization of $2.52 trillion, a P/E ratio of 27.04, a P/E/G ratio of 2.05 and a beta of 1.30.

Apple (NASDAQ:AAPL – Get Rating) last issued its earnings results on Thursday, February 2nd. The iPhone maker reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.05). The business had revenue of $117.15 billion during the quarter, compared to the consensus estimate of $121.67 billion. Apple had a return on equity of 163.45% and a net margin of 24.56%. The business’s revenue was down 5.5% on a year-over-year basis. During the same period in the prior year, the business earned $2.10 EPS. As a group, sell-side analysts forecast that Apple Inc. will post 6.04 earnings per share for the current year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 16th. Stockholders of record on Monday, February 13th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date was Friday, February 10th. This is a boost from Apple’s previous quarterly dividend of $0.17. Apple’s payout ratio is 15.62%.

Apple Company Profile

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Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.