Destiny Wealth Partners LLC grew its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 55,598 shares of the iPhone maker’s stock after buying an additional 2,187 shares during the quarter. Apple accounts for about 1.9% of Destiny Wealth Partners LLC’s investment portfolio, making the stock its 18th biggest holding. Destiny Wealth Partners LLC’s holdings in Apple were worth $9,708,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also added to or reduced their stakes in AAPL. Cardinal Capital Management Inc. raised its position in Apple by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after acquiring an additional 221 shares in the last quarter. Shore Point Advisors LLC bought a new stake in Apple during the fourth quarter worth $41,000. St. James Investment Advisors LLC bought a new stake in Apple during the fourth quarter worth $57,000. Econ Financial Services Corp bought a new stake in Apple during the fourth quarter worth $58,000. Finally, Castle Financial & Retirement Planning Associates Inc. bought a new position in shares of Apple in the fourth quarter valued at about $116,000. Institutional investors and hedge funds own 57.98% of the company’s stock.
Apple Trading Up 1.1 %
AAPL opened at $150.17 on Friday. The company’s 50 day moving average is $142.54 and its 200-day moving average is $158.83. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. The company has a market cap of $2.43 trillion, a P/E ratio of 24.38, a PEG ratio of 1.92 and a beta of 1.19.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share 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 for the quarter, compared to the consensus estimate of $93.99 billion. During the same period last year, the company posted $1.40 EPS. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. Equities research analysts predict that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple declared that its board has initiated a stock repurchase program on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
Apple Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date was Friday, May 6th. This is a positive change from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio (DPR) is 14.94%.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the transaction, the senior vice president now owns 452,334 shares in the company, valued at approximately $73,151,454.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Apple news, SVP Deirdre O’brien sold 8,000 shares of the firm’s stock in a transaction that occurred 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 owns 136,290 shares in the company, valued at approximately $22,475,583.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Katherine L. Adams sold 25,000 shares of the firm’s 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 transaction, the senior vice president now owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The disclosure for this sale can be found here. 0.06% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on AAPL shares. Evercore ISI dropped their price objective 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. JPMorgan Chase & Co. set a $200.00 price objective on shares of Apple in a research report on Friday, July 1st. Morgan Stanley dropped their price objective on shares of Apple from $195.00 to $185.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 14th. Sanford C. Bernstein set a $170.00 price objective on shares of Apple in a research report on Monday, May 2nd. Finally, Deutsche Bank Rese… set a $210.00 price objective on shares of Apple in a research report on Friday, April 8th. 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. According to data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and an average target price of $183.49.
Apple Company Profile
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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