Summitry LLC lowered its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.5% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 30,615 shares of the iPhone maker’s stock after selling 159 shares during the quarter. Summitry LLC’s holdings in Apple were worth $3,978,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the company. Robinson Value Management Ltd. bought a new stake in Apple in the 3rd quarter worth approximately $28,000. St. James Investment Advisors LLC lifted its position in Apple by 98.3% in the 4th quarter. St. James Investment Advisors LLC now owns 236 shares of the iPhone maker’s stock worth $31,000 after buying an additional 117 shares during the last quarter. Hanseatic Management Services Inc. lifted its position in Apple by 75.4% in the 3rd quarter. Hanseatic Management Services Inc. now owns 249 shares of the iPhone maker’s stock worth $34,000 after buying an additional 107 shares during the last quarter. Cheyne Capital Management UK LLP lifted its position in Apple by 200.0% in the third quarter. Cheyne Capital Management UK LLP now owns 275 shares of the iPhone maker’s stock valued at $212,000 after purchasing an additional 550 shares during the last quarter. Finally, Align Wealth Management LLC bought a new stake in Apple in the fourth quarter valued at approximately $55,000. Hedge funds and other institutional investors own 57.60% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have weighed in on AAPL shares. Deutsche Bank Aktiengesellschaft boosted their price objective on Apple from $170.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, May 5th. Fundamental Research set a $183.86 target price on Apple and gave the company a “buy” rating in a research note on Wednesday, May 17th. Piper Sandler reduced their target price on Apple from $195.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, May 5th. The Goldman Sachs Group started coverage on Apple in a research note on Sunday, March 5th. They set a “buy” rating and a $199.00 target price on the stock. Finally, Atlantic Securities boosted their target price on Apple from $180.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, May 5th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $177.11.
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 (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.08. Apple had a return on equity of 165.72% and a net margin of 24.49%. The business had revenue of $94.84 billion during the quarter, compared to analyst estimates of $92.84 billion. During the same period last year, the company earned $1.52 EPS. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, research analysts predict that Apple Inc. will post 5.99 EPS for the current fiscal year.
Apple Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 15th were paid a dividend of $0.24 per share. This is a positive change from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date of this dividend was Friday, May 12th. Apple’s dividend payout ratio (DPR) is currently 16.30%.
Apple declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 4th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Insider Buying and Selling
In related news, insider Chris Kondo sold 4,092 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $173.26, for a total transaction of $708,979.92. Following the completion of the sale, the insider now directly owns 33,946 shares of the company’s stock, valued at approximately $5,881,483.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Timothy D. Cook sold 56,072 shares of Apple stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $165.17, for a total value of $9,261,412.24. Following the transaction, the chief executive officer now directly owns 3,280,052 shares in the company, valued at approximately $541,766,188.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction on Monday, May 8th. The shares were sold at an average price of $173.26, for a total value of $708,979.92. Following the completion of the transaction, the insider now owns 33,946 shares in the company, valued at $5,881,483.96. The disclosure for this sale can be found here. In the last three months, insiders sold 439,529 shares of company stock valued at $71,703,657. Insiders own 0.06% of the company’s stock.
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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