Karp Capital Management Corp reduced its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 20.1% in the 1st quarter, HoldingsChannel reports. The fund owned 106,278 shares of the iPhone maker’s stock after selling 26,670 shares during the period. Apple comprises approximately 2.7% of Karp Capital Management Corp’s holdings, making the stock its 5th biggest position. Karp Capital Management Corp’s holdings in Apple were worth $18,557,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Segall Bryant & Hamill LLC increased its stake in shares of Apple by 2.4% in the third quarter. Segall Bryant & Hamill LLC now owns 1,293,356 shares of the iPhone maker’s stock worth $183,007,000 after buying an additional 30,049 shares during the period. New World Advisors LLC increased its stake in shares of Apple by 8.0% in the third quarter. New World Advisors LLC now owns 23,520 shares of the iPhone maker’s stock worth $3,497,000 after buying an additional 1,739 shares during the period. EagleClaw Capital Managment LLC increased its stake in shares of Apple by 1.9% in the third quarter. EagleClaw Capital Managment LLC now owns 157,372 shares of the iPhone maker’s stock worth $22,273,000 after buying an additional 2,926 shares during the period. Legacy Wealth Planning LLC increased its stake in shares of Apple by 9.6% in the third quarter. Legacy Wealth Planning LLC now owns 33,659 shares of the iPhone maker’s stock worth $4,763,000 after buying an additional 2,954 shares during the period. Finally, Dark Forest Capital Management LP purchased a new position in shares of Apple in the third quarter worth $29,000. Hedge funds and other institutional investors own 57.98% of the company’s stock.
NASDAQ AAPL opened at $141.66 on Friday. Apple Inc. has a 52 week low of $129.04 and a 52 week high of $182.94. The firm has a market capitalization of $2.29 trillion, a P/E ratio of 23.00, a PEG ratio of 1.81 and a beta of 1.20. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53. The company has a 50-day moving average price of $148.09 and a 200-day moving average price of $162.26.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, beating the consensus estimate of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The firm had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. During the same quarter in the prior year, the firm earned $1.40 EPS. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Apple Inc. will post 6.11 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a dividend of $0.23 per share. The ex-dividend date was Friday, May 6th. This represents a $0.92 annualized dividend and a dividend yield of 0.65%. This is a positive change from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio is presently 14.94%.
Apple declared that its board has approved a share repurchase plan on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
Several brokerages recently commented on AAPL. Barclays set a $167.00 target price on shares of Apple in a research note on Tuesday, June 7th. Oppenheimer reissued an “outperform” rating and set a $190.00 price objective on shares of Apple in a research report on Wednesday, June 8th. StockNews.com began coverage on shares of Apple in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Loop Capital dropped their target price on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. Finally, Morgan Stanley dropped their target price on shares of Apple from $195.00 to $185.00 and set an “overweight” rating on the stock in a report on Tuesday, June 14th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $186.55.
In related news, COO Jeffrey E. Williams sold 105,901 shares of the stock in a transaction that occurred on Monday, April 4th. The shares were sold at an average price of $177.75, for a total value of $18,823,902.75. Following the completion of the sale, the chief operating officer now directly owns 489,662 shares of the company’s stock, valued at approximately $87,037,420.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the completion of the sale, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The disclosure for this sale can be found here. Insiders have sold a total of 168,099 shares of company stock valued at $29,376,711 in the last ninety days. Insiders own 0.06% of the company’s stock.
Apple Profile (Get Rating)
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
Further Reading
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