Apple Inc. (NASDAQ:AAPL) Shares Bought by Red Door Wealth Management LLC

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Red Door Wealth Management LLC lifted its position in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 3.3% during the first quarter, Holdings Channel.com reports. The firm owned 96,983 shares of the iPhone maker’s stock after acquiring an additional 3,087 shares during the period. Apple comprises 5.7% of Red Door Wealth Management LLC’s investment portfolio, making the stock its 2nd biggest holding. Red Door Wealth Management LLC’s holdings in Apple were worth $16,934,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Cardinal Capital Management Inc. increased its stake in shares of Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after purchasing an additional 221 shares in the last quarter. Shore Point Advisors LLC acquired a new position in shares of Apple during the 4th quarter worth approximately $41,000. St. James Investment Advisors LLC purchased a new position in shares of Apple during the 4th quarter valued at approximately $57,000. Econ Financial Services Corp purchased a new position in Apple during the fourth quarter valued at $58,000. Finally, Castle Financial & Retirement Planning Associates Inc. acquired a new stake in shares of Apple in the fourth quarter valued at about $116,000. 57.98% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Up 1.1 %

Shares of NASDAQ AAPL opened at $150.17 on Friday. The stock has a market cap of $2.43 trillion, a P/E ratio of 24.38, a PEG ratio of 1.89 and a beta of 1.19. The business’s fifty day simple moving average is $142.54 and its 200-day simple moving average is $158.97. Apple Inc. has a 12-month low of $129.04 and a 12-month 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.

Apple (NASDAQ:AAPLGet Rating) last posted its quarterly 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 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 analyst estimates of $93.99 billion. During the same quarter last year, the company earned $1.40 EPS. Apple’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts predict that Apple Inc. will post 6.09 EPS for the current fiscal year.

Apple declared that its board has approved a stock repurchase program on Thursday, April 28th that permits the company to buyback $90.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Apple Increases Dividend

The firm also recently announced 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 annualized dividend 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 is 14.94%.

Insider Buying and Selling at Apple

In other news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated 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 transaction, the senior vice president now owns 452,334 shares in the company, valued at approximately $73,151,454.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, SVP Deirdre O’brien sold 8,000 shares of the business’s stock in a transaction on Monday, April 18th. The shares were sold at an average price of $164.91, for a total value of $1,319,280.00. Following the completion of the sale, the senior vice president now directly owns 136,290 shares of the company’s stock, valued at $22,475,583.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction dated 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 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. 0.06% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group decreased their price target on shares of Apple from $157.00 to $130.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 6th. Credit Suisse Group set a $169.00 price target on Apple in a research note on Friday, April 29th. KeyCorp reduced their price objective on Apple from $191.00 to $173.00 and set an “overweight” rating for the company in a research note on Tuesday. UBS Group set a $185.00 target price on shares of Apple in a research note on Tuesday, June 21st. Finally, Oppenheimer reissued an “outperform” rating and issued a $190.00 price target on shares of Apple in a research note on Wednesday, June 8th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $183.49.

Apple Company Profile

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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.

Further Reading

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