HB Wealth Management LLC lifted its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 2.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 846,400 shares of the iPhone maker’s stock after buying an additional 18,618 shares during the quarter. Apple makes up about 2.4% of HB Wealth Management LLC’s holdings, making the stock its 9th biggest holding. HB Wealth Management LLC’s holdings in Apple were worth $139,571,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of AAPL. Cassia Capital Partners LLC boosted its stake in Apple by 24.3% in the 4th quarter. Cassia Capital Partners LLC now owns 5,009 shares of the iPhone maker’s stock worth $651,000 after purchasing an additional 979 shares in the last quarter. Starfox Financial Services LLC lifted its stake in Apple by 21.5% during the 4th quarter. Starfox Financial Services LLC now owns 1,900 shares of the iPhone maker’s stock valued at $247,000 after acquiring an additional 336 shares during the period. Hoxton Planning & Management LLC bought a new position in Apple during the 4th quarter valued at about $3,148,000. Factory Mutual Insurance Co. lifted its stake in Apple by 5.2% during the 4th quarter. Factory Mutual Insurance Co. now owns 2,340,129 shares of the iPhone maker’s stock valued at $304,053,000 after acquiring an additional 115,929 shares during the period. Finally, Blueshift Asset Management LLC bought a new position in Apple during the 3rd quarter valued at about $563,000. 57.89% of the stock is owned by hedge funds and other institutional investors.
Apple Stock Up 2.3 %
Shares of Apple stock opened at $193.97 on Monday. Apple Inc. has a 1 year low of $124.17 and a 1 year high of $194.48. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.88. The stock has a market cap of $3.05 trillion, a price-to-earnings ratio of 32.93, a PEG ratio of 2.53 and a beta of 1.29. The firm’s 50-day moving average is $177.18 and its two-hundred day moving average is $158.29.
Apple announced that its board has approved 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 purchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
Apple Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 15th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, May 12th. This represents a $0.96 dividend on an annualized basis and a yield of 0.49%. This is an increase from Apple’s previous quarterly dividend of $0.23. Apple’s dividend payout ratio (DPR) is presently 16.30%.
Insider Activity at Apple
In related news, CFO Luca Maestri sold 200 shares of the firm’s stock in a transaction dated Thursday, April 6th. The stock was sold at an average price of $164.92, for a total transaction of $32,984.00. Following the sale, 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 filing with the SEC, which is available through the SEC website. In other Apple news, insider Chris Kondo sold 4,092 shares of the stock in a transaction dated 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 sale, the insider now directly owns 33,946 shares in the company, valued at $5,881,483.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Luca Maestri sold 200 shares of the stock in a transaction dated Thursday, April 6th. The shares were sold at an average price of $164.92, for a total value of $32,984.00. Following the completion of the sale, the chief financial officer now owns 177,657 shares of the company’s stock, valued at $29,299,192.44. The disclosure for this sale can be found here. Insiders have sold a total of 152,105 shares of company stock valued at $25,234,985 over the last quarter. 0.06% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
AAPL has been the topic of several research analyst reports. The Goldman Sachs Group initiated coverage on shares of Apple in a research note on Sunday, March 5th. They set a “buy” rating and a $199.00 target price on the stock. Piper Sandler lowered their target price on shares of Apple from $195.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, May 5th. JPMorgan Chase & Co. upped their target price on shares of Apple from $175.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, April 19th. 51job restated a “maintains” rating on shares of Apple in a research note on Friday, June 2nd. Finally, Evercore ISI upped their price target on shares of Apple from $190.00 to $210.00 and gave the company an “outperform” rating in a research report on Monday, June 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $180.52.
Apple 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.
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