Summit Financial Wealth Advisors LLC reduced its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.2% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 41,342 shares of the iPhone maker’s stock after selling 506 shares during the period. Apple accounts for approximately 1.5% of Summit Financial Wealth Advisors LLC’s portfolio, making the stock its 26th largest holding. Summit Financial Wealth Advisors LLC’s holdings in Apple were worth $7,219,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AAPL. State Street Corp raised its holdings in Apple by 1.8% in the fourth 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. Geode Capital Management LLC raised its stake in shares of Apple by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock worth $46,812,958,000 after buying an additional 4,456,954 shares during the period. Norges Bank bought a new position in shares of Apple in the fourth quarter worth about $25,228,507,000. Charles Schwab Investment Management Inc. raised its stake in Apple by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock valued at $14,131,710,000 after purchasing an additional 1,273,148 shares during the period. Finally, Fisher Asset Management LLC grew its holdings in Apple by 5.1% during the 4th quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker’s stock valued at $11,361,302,000 after buying an additional 3,096,696 shares in the last quarter. 57.98% of the stock is currently owned by institutional investors.
In related news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the completion of the sale, the senior vice president now directly owns 427,334 shares in the company, valued at $70,411,823.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.06% of the company’s stock.
Apple Stock Up 0.0 %
Shares of Apple stock opened at $164.92 on Wednesday. The company has a fifty day moving average price of $146.97 and a 200 day moving average price of $157.08. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63. Apple Inc. has a twelve month low of $129.04 and a twelve month high of $182.94. The stock has a market cap of $2.65 trillion, a price-to-earnings ratio of 27.21, a price-to-earnings-growth ratio of 2.14 and a beta of 1.23.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. The company had revenue of $82.96 billion during the quarter, compared to analysts’ expectations of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.30 EPS. Equities research analysts forecast that Apple Inc. will post 6.1 earnings per share for the current fiscal year.
Apple declared that its board has approved a share repurchase program on Thursday, April 28th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.
Apple Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be paid a $0.23 dividend. The ex-dividend date is Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.56%. Apple’s payout ratio is currently 15.18%.
Wall Street Analyst Weigh In
AAPL has been the subject of a number of recent analyst reports. Itaú Unibanco initiated coverage on Apple in a report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 price objective for the company. The Goldman Sachs Group set a $139.00 target price on Apple in a report on Friday, July 29th. Morgan Stanley lowered their price objective on Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. Bank of America lowered their price target on Apple from $200.00 to $185.00 in a research report on Tuesday, July 26th. Finally, Credit Suisse Group set a $166.00 price target on Apple in a research note on Friday, July 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus target price of $179.27.
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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