Innova Wealth Partners boosted its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.4% in the first quarter, HoldingsChannel.com reports. The firm owned 8,202 shares of the iPhone maker’s stock after purchasing an additional 342 shares during the quarter. Apple comprises approximately 1.0% of Innova Wealth Partners’ investment portfolio, making the stock its 20th biggest holding. Innova Wealth Partners’ holdings in Apple were worth $1,432,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in AAPL. Elk River Wealth Management LLC grew its position in Apple by 49.0% in the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock worth $29,181,000 after buying an additional 54,989 shares during the last quarter. Piscataqua Savings Bank boosted its stake in shares of Apple by 1.5% during the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock worth $8,302,000 after acquiring an additional 684 shares in the last quarter. Fountainhead AM LLC boosted its stake in shares of Apple by 11.6% during the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock worth $7,732,000 after acquiring an additional 4,738 shares in the last quarter. Primoris Wealth Advisors LLC acquired a new position in shares of Apple in the 4th quarter worth $4,282,000. Finally, Stegent Equity Advisors Inc. acquired a new stake in shares of Apple during the fourth quarter worth $2,588,000. Institutional investors and hedge funds own 57.98% of the company’s stock.
Shares of NASDAQ AAPL opened at $146.35 on Friday. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The stock has a market cap of $2.37 trillion, a PE ratio of 23.76, a PEG ratio of 1.86 and a beta of 1.19. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The business has a fifty day moving average of $144.01 and a two-hundred day moving average of $160.21.
Apple (NASDAQ:AAPL – Get Rating) last posted its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company had revenue of $97.28 billion during the quarter, compared to analysts’ expectations of $93.99 billion. During the same quarter in the previous year, the company posted $1.40 earnings per share. Apple’s quarterly revenue was up 8.6% compared to the same quarter last year. Analysts predict that Apple Inc. will post 6.1 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were paid a $0.23 dividend. The ex-dividend date was Friday, May 6th. This is an increase from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.63%. Apple’s payout ratio is currently 14.94%.
Apple announced that its Board of Directors has approved a stock buyback program on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
A number of equities analysts recently weighed in on the company. Credit Suisse Group set a $169.00 price target on Apple in a research note on Friday, April 29th. Rosenblatt Securities dropped their target price on shares of Apple from $184.00 to $168.00 and set a “neutral” rating on the stock in a research report on Monday, May 2nd. Deutsche Bank Rese… set a $210.00 price target on shares of Apple in a report on Friday, April 8th. Sanford C. Bernstein set a $170.00 target price on shares of Apple in a research note on Monday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Apple from $200.00 to $175.00 in a research report on Tuesday, June 14th. Nine research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $184.83.
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on Wednesday, May 4th. The shares were 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 owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Deirdre O’brien sold 8,000 shares of the firm’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $164.91, for a total value of $1,319,280.00. Following the completion of the transaction, the senior vice president now owns 136,290 shares in the company, valued at $22,475,583.90. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by corporate insiders.
Apple Company 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.
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