Phocas Financial Corp. decreased its stake in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 10.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 27,386 shares of the iPhone maker’s stock after selling 3,214 shares during the quarter. Phocas Financial Corp.’s holdings in Apple were worth $4,516,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the stock. MKT Advisors LLC lifted its position in Apple by 0.5% in the 2nd quarter. MKT Advisors LLC now owns 12,269 shares of the iPhone maker’s stock valued at $1,777,000 after acquiring an additional 60 shares in the last quarter. Adaptive Financial Consulting LLC lifted its holdings in shares of Apple by 2.7% during the 4th quarter. Adaptive Financial Consulting LLC now owns 2,606 shares of the iPhone maker’s stock valued at $339,000 after buying an additional 68 shares during the period. Silver Oak Advisory Group Inc. lifted its holdings in shares of Apple by 1.8% during the 2nd quarter. Silver Oak Advisory Group Inc. now owns 3,925 shares of the iPhone maker’s stock valued at $537,000 after buying an additional 69 shares during the period. 3D L Capital Management LLC lifted its holdings in shares of Apple by 2.9% during the 1st quarter. 3D L Capital Management LLC now owns 2,445 shares of the iPhone maker’s stock valued at $427,000 after buying an additional 70 shares during the period. Finally, Weik Capital Management lifted its holdings in shares of Apple by 0.3% during the 1st quarter. Weik Capital Management now owns 25,238 shares of the iPhone maker’s stock valued at $4,407,000 after buying an additional 70 shares during the period. Institutional investors and hedge funds own 57.89% of the company’s stock.
Analysts Set New Price Targets
AAPL has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on Apple from $185.00 to $210.00 in a report on Tuesday, June 6th. Fundamental Research set a $183.86 target price on Apple and gave the stock a “buy” rating in a report on Wednesday, May 17th. Atlantic Securities raised their target price on Apple from $180.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, May 5th. Barclays raised their target price on Apple from $145.00 to $149.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 26th. Finally, DA Davidson cut Apple from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $193.00 to $185.00 in a report on Monday, June 5th. Two 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 company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $180.52.
Apple Stock Up 2.3 %
Apple (NASDAQ:AAPL – Free Report) last released its quarterly earnings data 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 net margin of 24.49% and a return on equity of 165.72%. The business had revenue of $94.84 billion for the quarter, compared to analysts’ expectations of $92.84 billion. During the same quarter last year, the company earned $1.52 EPS. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, sell-side analysts predict that Apple Inc. will post 5.99 EPS for the current year.
Apple Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Monday, May 15th were paid a $0.24 dividend. The ex-dividend date of this dividend was Friday, May 12th. This represents a $0.96 annualized dividend and a dividend yield of 0.49%. This is a boost from Apple’s previous quarterly dividend of $0.23. Apple’s payout ratio is currently 16.30%.
Apple announced that its Board of Directors has approved a stock buyback plan on Thursday, May 4th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits 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 believes its shares are undervalued.
Insiders Place Their Bets
In related news, CFO Luca Maestri sold 200 shares of the firm’s stock in a transaction that occurred on Thursday, April 6th. The shares were sold at an average price of $164.92, for a total transaction of $32,984.00. Following the transaction, the chief financial officer now owns 177,657 shares of the company’s stock, valued at $29,299,192.44. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, COO Jeffrey E. Williams sold 77,817 shares of the business’s stock in a transaction on Tuesday, April 4th. The shares were sold at an average price of $166.11, for a total transaction of $12,926,181.87. Following the transaction, the chief operating officer now owns 489,816 shares of the company’s stock, valued at $81,363,335.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Luca Maestri sold 200 shares of the business’s stock in a transaction on Thursday, April 6th. The stock was sold at an average price of $164.92, for a total transaction of $32,984.00. Following the transaction, the chief financial officer now directly 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 a total of 152,105 shares of company stock worth $25,234,985 over the last ninety days. 0.06% of the stock is currently owned by company 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.
