Transcend Capital Advisors LLC increased its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 0.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 493,168 shares of the iPhone maker’s stock after buying an additional 1,434 shares during the period. Apple comprises approximately 7.7% of Transcend Capital Advisors LLC’s holdings, making the stock its biggest position. Transcend Capital Advisors LLC’s holdings in Apple were worth $86,112,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the business. Elk River Wealth Management LLC lifted its position in Apple by 49.0% in the 1st quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock valued at $29,181,000 after purchasing an additional 54,989 shares during the last quarter. Piscataqua Savings Bank lifted its position in Apple by 1.5% in the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after purchasing an additional 684 shares during the last quarter. Fountainhead AM LLC lifted its position in Apple by 11.6% in the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock valued at $7,732,000 after purchasing an additional 4,738 shares during the last quarter. Primoris Wealth Advisors LLC bought a new stake in shares of Apple during the 4th quarter worth about $4,282,000. Finally, Stegent Equity Advisors Inc. bought a new stake in shares of Apple during the 4th quarter worth about $2,588,000. 57.98% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
AAPL has been the topic of a number of recent analyst reports. Evercore ISI dropped their price target on shares of Apple from $210.00 to $180.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 28th. Oppenheimer restated an “outperform” rating and set a $190.00 price target on shares of Apple in a research report on Wednesday, June 8th. Loop Capital dropped their price target on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. JPMorgan Chase & Co. set a $200.00 price target on shares of Apple in a research report on Friday, July 1st. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Apple from $200.00 to $175.00 in a report on Tuesday, June 14th. Nine research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $183.49.
Insider Transactions at Apple
In related news, SVP Deirdre O’brien sold 8,000 shares of the company’s stock in a transaction on Monday, April 18th. The shares were sold at an average price of $164.91, for a total transaction of $1,319,280.00. Following the completion of the transaction, the senior vice president now directly owns 136,290 shares in the company, valued at approximately $22,475,583.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, SVP Deirdre O’brien sold 8,000 shares of the company’s stock in a transaction on Monday, April 18th. The shares were sold at an average price of $164.91, for a total transaction of $1,319,280.00. Following the completion of the transaction, the senior vice president now directly owns 136,290 shares in the company, valued at approximately $22,475,583.90. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Katherine L. Adams sold 25,000 shares of the company’s 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 transaction, the senior vice president now owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The disclosure for this sale can be found here. 0.06% of the stock is owned by corporate insiders.
Apple Price Performance
Shares of Apple stock opened at $150.17 on Friday. The firm has a fifty day simple moving average of $142.54 and a 200-day simple moving average of $158.83. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94. The stock has a market capitalization of $2.43 trillion, a price-to-earnings ratio of 24.38, a PEG ratio of 1.92 and a beta of 1.19.
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, topping 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 business had revenue of $97.28 billion during the quarter, compared to analysts’ expectations of $93.99 billion. During the same period in the previous year, the company earned $1.40 earnings per share. Apple’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, sell-side analysts expect that Apple Inc. will post 6.09 earnings per share for the current year.
Apple Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.61%. This is a boost from Apple’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, May 6th. Apple’s payout ratio is presently 14.94%.
Apple declared that its board has approved a stock buyback plan on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.
About Apple
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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