Burt Wealth Advisors raised its holdings in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 0.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,281 shares of the iPhone maker’s stock after acquiring an additional 62 shares during the quarter. Apple makes up approximately 1.6% of Burt Wealth Advisors’ holdings, making the stock its 15th biggest position. Burt Wealth Advisors’ holdings in Apple were worth $4,993,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the business. IFM Investors Pty Ltd lifted its holdings in Apple by 20.0% during the 1st quarter. IFM Investors Pty Ltd now owns 2,615,701 shares of the iPhone maker’s stock valued at $456,728,000 after purchasing an additional 435,891 shares during the last quarter. Ironwood Wealth Management LLC. lifted its holdings in Apple by 0.4% during the 1st quarter. Ironwood Wealth Management LLC. now owns 240,628 shares of the iPhone maker’s stock valued at $42,016,000 after purchasing an additional 1,040 shares during the last quarter. Markel Corp lifted its holdings in Apple by 0.7% during the 1st quarter. Markel Corp now owns 1,206,990 shares of the iPhone maker’s stock valued at $210,752,000 after purchasing an additional 8,450 shares during the last quarter. Camden Capital LLC lifted its holdings in Apple by 9.2% during the 1st quarter. Camden Capital LLC now owns 156,364 shares of the iPhone maker’s stock valued at $27,305,000 after purchasing an additional 13,200 shares during the last quarter. Finally, Harbor Island Capital LLC lifted its holdings in Apple by 0.3% during 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 during the last quarter. 57.89% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages have issued reports on AAPL. Evercore ISI raised their price target on Apple from $190.00 to $210.00 and gave the company an “outperform” rating in a report on Monday, June 5th. Wells Fargo & Company lifted their target price on Apple from $185.00 to $210.00 in a report on Tuesday, June 6th. Credit Suisse Group lifted their target price on Apple from $188.00 to $200.00 in a report on Tuesday, June 6th. Deutsche Bank Aktiengesellschaft lifted their target price on Apple from $170.00 to $180.00 and gave the stock a “buy” rating in a report on Friday, May 5th. Finally, Morgan Stanley lifted their target price on Apple from $185.00 to $190.00 in a report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $180.52.
Apple Price Performance
Apple (NASDAQ:AAPL – Free Report) last issued its earnings results on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. Apple had a return on equity of 165.72% and a net margin of 24.49%. The company had revenue of $94.84 billion for the quarter, compared to analyst estimates of $92.84 billion. During the same period in the prior year, the firm earned $1.52 earnings per share. Apple’s revenue for the quarter was down 2.5% on a year-over-year basis. Sell-side analysts forecast that Apple Inc. will post 5.99 EPS for the current fiscal year.
Apple Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 15th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, May 12th. This represents a $0.96 annualized dividend and a yield of 0.49%. This is an increase from Apple’s previous quarterly dividend of $0.23. Apple’s dividend payout ratio is 16.30%.
Apple declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 4th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling
In related news, insider Chris Kondo sold 4,092 shares of the company’s stock in a transaction 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 owns 33,946 shares in the company, valued at $5,881,483.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Apple news, insider Chris Kondo sold 4,092 shares of the company’s stock in a transaction on Monday, May 8th. The stock was 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 approximately $5,881,483.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Deirdre O’brien sold 43,622 shares of the company’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $165.41, for a total value of $7,215,515.02. Following the completion of the transaction, the senior vice president now owns 136,444 shares of the company’s stock, valued at approximately $22,569,202.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 251,799 shares of company stock worth $41,711,912. 0.06% of the stock is owned by corporate insiders.
Apple Company Profile
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.
Featured Stories
- Five stocks we like better than Apple
- MarketBeat Week in Review – 6/26 – 6/30
- Tesla: Can Downgrades Make Sense After A 170% Rally?
- Buffett’s Berkshire Increases Stake In Occidental Petroleum (OXY)
- Rally Gains Momentum On Soft PCE Data
- Bank of America, JPMorgan, Goldman Sachs Set For Dividend Growth?
Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL – Free Report).
Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.
