Ascent Wealth Partners LLC trimmed its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 144,587 shares of the iPhone maker’s stock after selling 216 shares during the quarter. Apple makes up 4.0% of Ascent Wealth Partners LLC’s investment portfolio, making the stock its 3rd largest position. Ascent Wealth Partners LLC’s holdings in Apple were worth $18,780,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Robinson Value Management Ltd. purchased a new position in Apple during the 3rd quarter worth $28,000. Hanseatic Management Services Inc. grew its position in Apple by 75.4% during the 3rd quarter. Hanseatic Management Services Inc. now owns 249 shares of the iPhone maker’s stock worth $34,000 after purchasing an additional 107 shares during the last quarter. Cheyne Capital Management UK LLP grew its position in Apple by 200.0% during the 3rd quarter. Cheyne Capital Management UK LLP now owns 275 shares of the iPhone maker’s stock worth $212,000 after purchasing an additional 550 shares during the last quarter. Align Wealth Management LLC purchased a new stake in shares of Apple in the fourth quarter valued at about $55,000. Finally, HBC Financial Services PLLC boosted its holdings in shares of Apple by 21.7% in the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after acquiring an additional 80 shares in the last quarter. 57.60% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on the stock. Needham & Company LLC lifted their target price on shares of Apple from $170.00 to $195.00 and gave the company a “buy” rating in a report on Friday, May 5th. Barclays lifted their target price on shares of Apple from $145.00 to $149.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 26th. UBS Group set a $180.00 target price on shares of Apple in a research report on Monday, April 3rd. KeyCorp boosted their price objective on shares of Apple from $177.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, May 5th. Finally, Rosenblatt Securities boosted their price objective on shares of Apple from $173.00 to $198.00 and gave the company a “buy” rating in a research report on Friday, May 5th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $174.29.
Apple Stock Performance
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.08. Apple had a net margin of 24.49% and a return on equity of 165.72%. The company had revenue of $94.84 billion during the quarter, compared to analyst estimates of $92.84 billion. During the same quarter last year, the firm posted $1.52 EPS. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, sell-side analysts anticipate that Apple Inc. will post 6 earnings per share for the current fiscal year.
Apple Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 18th. Stockholders of record on Monday, May 15th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.56%. This is a positive change from Apple’s previous quarterly dividend of $0.23. The ex-dividend date is Friday, May 12th. Apple’s dividend payout ratio is 15.62%.
Apple announced that its Board of Directors has initiated a stock repurchase program on Thursday, May 4th that authorizes the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Insider Transactions at Apple
In related news, CEO Timothy D. Cook sold 56,072 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $165.17, for a total transaction of $9,261,412.24. Following the transaction, the chief executive officer now owns 3,280,052 shares of the company’s stock, valued at $541,766,188.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Timothy D. Cook sold 56,072 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $165.17, for a total transaction of $9,261,412.24. Following the transaction, the chief executive officer now owns 3,280,052 shares of the company’s stock, valued at $541,766,188.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Luca Maestri sold 200 shares of the stock in a transaction that occurred on Thursday, April 6th. The shares were sold at an average price of $164.92, for a total value of $32,984.00. Following the transaction, the chief financial officer now owns 177,657 shares in the company, valued at approximately $29,299,192.44. The disclosure for this sale can be found here. Insiders sold 439,529 shares of company stock valued at $71,703,657 over the last three months. 0.06% of the stock is owned by corporate insiders.
Apple Company Profile
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.
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