Red Door Wealth Management LLC boosted its holdings in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.3% in the first quarter, HoldingsChannel.com reports. The fund owned 96,983 shares of the iPhone maker’s stock after buying an additional 3,087 shares during the quarter. Apple comprises about 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.
Several other large investors have also modified their holdings of AAPL. Elk River Wealth Management LLC boosted its stake in shares of Apple by 49.0% during the 1st quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock worth $29,181,000 after purchasing an additional 54,989 shares during the last quarter. Piscataqua Savings Bank grew its stake in Apple by 1.5% in the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock worth $8,302,000 after acquiring an additional 684 shares during the period. Fountainhead AM LLC lifted its stake in shares of Apple by 11.6% during the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock worth $7,732,000 after purchasing an additional 4,738 shares during the period. Primoris Wealth Advisors LLC purchased a new stake in shares of Apple in the fourth quarter valued at $4,282,000. Finally, Stegent Equity Advisors Inc. purchased a new position in Apple during the fourth quarter worth about $2,588,000. 57.98% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts have recently commented on AAPL shares. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Apple from $200.00 to $175.00 in a research note on Tuesday, June 14th. Morgan Stanley lowered their price objective on shares of Apple from $195.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, June 14th. Barclays reduced their target price on Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a report on Wednesday. Oppenheimer restated an “outperform” rating and set a $190.00 price target on shares of Apple in a research note on Wednesday, June 8th. Finally, Citigroup decreased their target price on Apple from $200.00 to $175.00 and set a “buy” rating for the company in a report on Wednesday. Nine investment 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. Based on data from MarketBeat, Apple presently has an average rating of “Moderate Buy” and a consensus price target of $183.49.
Apple Trading Up 1.1 %
Apple stock opened at $150.17 on Friday. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94. The firm’s 50-day moving average is $142.54 and its 200-day moving average is $158.97. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The company 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.
Apple (NASDAQ:AAPL – Get Rating) last issued its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) 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 firm had revenue of $97.28 billion for the quarter, compared to analysts’ expectations of $93.99 billion. Apple’s revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company posted $1.40 earnings per share. On average, equities analysts expect that Apple Inc. will post 6.09 earnings per share for the current year.
Apple Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were paid a dividend of $0.23 per share. This is an increase from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date of this dividend was Friday, May 6th. Apple’s dividend payout ratio is presently 14.94%.
Apple declared that its board has initiated a stock buyback program on Thursday, April 28th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows 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 board believes its stock is undervalued.
Insiders Place Their Bets
In other news, SVP Deirdre O’brien sold 8,000 shares of the company’s stock in a transaction dated 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 $22,475,583.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Apple news, SVP Deirdre O’brien sold 8,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $22,475,583.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction dated 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 completion of 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 corporate insiders.
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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