Wealth Alliance Advisory Group LLC cut its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 8.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 43,919 shares of the iPhone maker’s stock after selling 3,940 shares during the quarter. Apple comprises 3.3% of Wealth Alliance Advisory Group LLC’s portfolio, making the stock its 6th largest position. Wealth Alliance Advisory Group LLC’s holdings in Apple were worth $7,669,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Joseph Group Capital Management bought a new position in Apple in the fourth quarter valued at approximately $1,631,000. Cardinal Capital Management Inc. raised its holdings in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after purchasing an additional 221 shares during the period. Shore Point Advisors LLC acquired a new stake in Apple in the fourth quarter worth $41,000. St. James Investment Advisors LLC acquired a new stake in Apple in the fourth quarter worth $57,000. Finally, Econ Financial Services Corp acquired a new stake in Apple in the fourth quarter worth $58,000. 57.98% of the stock is currently owned by hedge funds and other institutional investors.
Apple stock opened at $147.04 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The firm’s fifty day moving average is $143.79 and its 200 day moving average is $159.92. The company has a market capitalization of $2.38 trillion, a PE ratio of 23.87, a PEG ratio of 1.92 and a beta of 1.19.
Apple (NASDAQ:AAPL – Get Rating) last released 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 for the quarter, compared to the consensus estimate of $93.99 billion. During the same quarter in the previous year, the company earned $1.40 EPS. Apple’s quarterly revenue was up 8.6% compared to the same quarter last year. Sell-side analysts expect that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple declared that its board has authorized 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 reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date of this dividend was Friday, May 6th. This is an increase from Apple’s previous quarterly dividend of $0.22. Apple’s payout ratio is presently 14.94%.
In other Apple news, 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 in the company, valued at $73,151,454.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Deirdre O’brien sold 8,000 shares of the company’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $164.91, for a total transaction of $1,319,280.00. Following the transaction, the senior vice president now owns 136,290 shares in the company, valued at approximately $22,475,583.90. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.
AAPL has been the topic of several analyst reports. Barclays set a $167.00 target price on shares of Apple in a report on Tuesday, June 7th. Bank of America cut their target price on shares of Apple from $215.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, May 19th. StockNews.com began coverage on shares of Apple in a report on Thursday, March 31st. They set a “hold” rating on the stock. Piper Sandler dropped their price objective on shares of Apple from $200.00 to $195.00 in a report on Friday, April 29th. Finally, Rosenblatt Securities dropped their price objective on shares of Apple from $184.00 to $168.00 and set a “neutral” rating on the stock in a report on Monday, May 2nd. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average target price of $184.83.
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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