Focused Wealth Management Inc grew its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 0.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 99,391 shares of the iPhone maker’s stock after purchasing an additional 590 shares during the quarter. Apple makes up 3.3% of Focused Wealth Management Inc’s holdings, making the stock its 7th biggest position. Focused Wealth Management Inc’s holdings in Apple were worth $16,389,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also modified their holdings of the stock. Cassia Capital Partners LLC lifted its stake in shares of Apple by 24.3% in the fourth quarter. Cassia Capital Partners LLC now owns 5,009 shares of the iPhone maker’s stock worth $651,000 after buying an additional 979 shares in the last quarter. Starfox Financial Services LLC lifted its stake in shares of Apple by 21.5% in the fourth quarter. Starfox Financial Services LLC now owns 1,900 shares of the iPhone maker’s stock worth $247,000 after buying an additional 336 shares in the last quarter. Hoxton Planning & Management LLC purchased a new position in Apple during the fourth quarter worth about $3,148,000. Factory Mutual Insurance Co. raised its stake in Apple by 5.2% during the fourth quarter. Factory Mutual Insurance Co. now owns 2,340,129 shares of the iPhone maker’s stock worth $304,053,000 after purchasing an additional 115,929 shares during the period. Finally, Blueshift Asset Management LLC purchased a new position in Apple during the third quarter worth about $563,000. Institutional investors and hedge funds own 57.89% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have commented on the stock. Credit Suisse Group lifted their target price on shares of Apple from $188.00 to $200.00 in a research note on Tuesday, June 6th. 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 note on Wednesday, April 26th. The Goldman Sachs Group initiated coverage on shares of Apple in a research report on Sunday, March 5th. They set a “buy” rating and a $199.00 price target for the company. Piper Sandler dropped their price target on shares of Apple from $195.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, May 5th. Finally, Bank of America lifted their price target on shares of Apple from $176.00 to $190.00 in a research report on Monday, June 5th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus target price of $180.52.
Insider Activity at Apple
Apple Stock Performance
NASDAQ:AAPL opened at $193.97 on Monday. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. Apple Inc. has a fifty-two week low of $124.17 and a fifty-two week high of $194.48. The stock has a market cap of $3.05 trillion, a PE ratio of 32.93, a price-to-earnings-growth ratio of 2.53 and a beta of 1.29. The firm’s fifty day simple moving average is $177.18 and its 200-day simple moving average is $158.29.
Apple (NASDAQ:AAPL – Free Report) last issued its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. The firm had revenue of $94.84 billion for the quarter, compared to analysts’ expectations of $92.84 billion. Apple had a net margin of 24.49% and a return on equity of 165.72%. The firm’s revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.52 EPS. Analysts expect that Apple Inc. will post 5.99 earnings per share for the current fiscal year.
Apple Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 15th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.49%. This is a boost from Apple’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, May 12th. Apple’s dividend payout ratio is presently 16.30%.
Apple declared that its board has initiated a share 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 purchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
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.
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