W.H. Cornerstone Investments Inc. raised its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 5.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,598 shares of the iPhone maker’s stock after buying an additional 1,645 shares during the quarter. Apple accounts for approximately 4.9% of W.H. Cornerstone Investments Inc.’s holdings, making the stock its 2nd biggest holding. W.H. Cornerstone Investments Inc.’s holdings in Apple were worth $5,375,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. St. James Investment Advisors LLC increased its holdings in Apple by 98.3% in the 4th quarter. St. James Investment Advisors LLC now owns 236 shares of the iPhone maker’s stock valued at $31,000 after buying an additional 117 shares during the period. Cheyne Capital Management UK LLP grew its holdings in shares of Apple by 200.0% in the 3rd quarter. Cheyne Capital Management UK LLP now owns 275 shares of the iPhone maker’s stock worth $212,000 after purchasing an additional 550 shares during the last quarter. Align Wealth Management LLC bought a new stake in shares of Apple in the 4th quarter worth about $55,000. HBC Financial Services PLLC grew its holdings in shares of Apple by 21.7% in the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after purchasing an additional 80 shares during the last quarter. Finally, PayPay Securities Corp bought a new stake in shares of Apple in the 4th quarter worth about $60,000. Institutional investors own 57.89% of the company’s stock.
Insider Transactions at Apple
In other news, CFO Luca Maestri sold 69,996 shares of the firm’s stock in a transaction that occurred on Thursday, April 13th. The shares were sold at an average price of $165.25, for a total transaction of $11,566,839.00. Following the completion of the transaction, the chief financial officer now directly owns 107,661 shares of the company’s stock, valued at approximately $17,790,980.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Chris Kondo sold 4,092 shares of the firm’s 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 directly owns 33,946 shares of the company’s stock, valued at $5,881,483.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Luca Maestri sold 69,996 shares of the firm’s stock in a transaction on Thursday, April 13th. The shares were sold at an average price of $165.25, for a total transaction of $11,566,839.00. Following the completion of the transaction, the chief financial officer now directly owns 107,661 shares of the company’s stock, valued at $17,790,980.25. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.
Apple Stock Performance
Apple (NASDAQ:AAPL – Free Report) last issued its quarterly earnings results on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.44 by $0.08. The company had revenue of $94.84 billion during 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 business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the business earned $1.52 EPS. On average, analysts expect that Apple Inc. will post 6 earnings per share for the current fiscal year.
Apple declared that its board has authorized a stock repurchase plan on Thursday, May 4th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
Apple Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Monday, May 15th were paid a dividend of $0.24 per share. This is a boost from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 0.50%. The ex-dividend date of this dividend was Friday, May 12th. Apple’s dividend payout ratio (DPR) is currently 16.30%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently weighed in on AAPL shares. Robert W. Baird upped their target price on shares of Apple from $170.00 to $180.00 in a report on Tuesday, May 2nd. 51job reaffirmed a “maintains” rating on shares of Apple in a report on Friday, June 2nd. Loop Capital lowered shares of Apple from a “buy” rating to a “hold” rating and set a $180.00 target price on the stock. in a report on Monday, May 22nd. Barclays increased their price objective on shares of Apple from $145.00 to $149.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 26th. Finally, Evercore ISI increased their price objective on shares of Apple from $190.00 to $210.00 and gave the stock an “outperform” rating in a report on Monday, June 5th. Two 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $180.52.
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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