Summit Financial Group Inc. lowered its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 17.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 28,237 shares of the iPhone maker’s stock after selling 5,763 shares during the quarter. Apple makes up about 1.7% of Summit Financial Group Inc.’s investment portfolio, making the stock its 14th largest holding. Summit Financial Group Inc.’s holdings in Apple were worth $4,931,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AAPL. Norges Bank bought a new stake in shares of Apple in the 4th quarter worth $25,228,507,000. State Street Corp increased its holdings in shares of Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after purchasing an additional 10,951,705 shares in the last quarter. Miracle Mile Advisors LLC increased its holdings in shares of Apple by 1,841.6% in the 4th quarter. Miracle Mile Advisors LLC now owns 8,755,560 shares of the iPhone maker’s stock worth $78,548,000 after purchasing an additional 8,304,604 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new stake in shares of Apple in the 4th quarter worth $1,461,735,000. Finally, Capital Research Global Investors increased its holdings in shares of Apple by 38.1% in the 4th quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock worth $5,247,094,000 after purchasing an additional 8,154,171 shares in the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
In related news, SVP Deirdre O’brien sold 29,198 shares of the stock in a transaction that occurred on Monday, April 4th. The stock was sold at an average price of $177.77, for a total value of $5,190,528.46. Following the transaction, the senior vice president now owns 136,290 shares of the company’s stock, valued at $24,228,273.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 value of $4,043,000.00. Following the completion of the transaction, the senior vice president now directly owns 452,334 shares in the company, valued at approximately $73,151,454.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 168,099 shares of company stock worth $29,376,711. Insiders own 0.06% of the company’s stock.
Several analysts recently commented on AAPL shares. The Goldman Sachs Group set a $157.00 price objective on Apple in a report on Friday, June 3rd. Deutsche Bank Aktiengesellschaft cut their price objective on Apple from $200.00 to $175.00 in a report on Tuesday, June 14th. Sanford C. Bernstein set a $170.00 price objective on Apple in a report on Monday, May 2nd. Oppenheimer reaffirmed an “outperform” rating and issued a $190.00 price objective on shares of Apple in a report on Wednesday, June 8th. Finally, Piper Sandler cut their price objective on Apple from $200.00 to $195.00 in a report on Friday, April 29th. Nine 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. According to data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and an average target price of $186.55.
Shares of NASDAQ AAPL opened at $141.66 on Friday. The business’s 50 day moving average is $148.09 and its two-hundred day moving average is $162.26. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. 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 $2.29 trillion, a P/E ratio of 23.00, a PEG ratio of 1.81 and a beta of 1.20.
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 the consensus estimate of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company had revenue of $97.28 billion for the quarter, compared to analysts’ expectations of $93.99 billion. During the same period in the previous year, the firm posted $1.40 earnings per share. The firm’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, equities research analysts anticipate that Apple Inc. will post 6.11 earnings per share for the current fiscal year.
Apple declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 28th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were paid a dividend of $0.23 per share. This is a boost from Apple’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, May 6th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.65%. Apple’s dividend payout ratio is currently 14.94%.
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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