Coho Partners Ltd. cut its stake in shares of Apple Inc. (NASDAQ: AAPL – Get Rating) by 3.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The company held 10,288 shares of the iPhone maker after selling 320 shares during the period. The holdings of Coho Partners Ltd. in Apple were worth $1,796,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of AAPL. Elk River Wealth Management LLC increased its stake in Apple shares by 49.0% in Q1. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker valued at $29,181,000 after acquiring an additional 54,989 shares during the period. Piscataqua Savings Bank increased its stake in Apple shares by 1.5% in the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker valued at $8,302,000 after acquiring an additional 684 shares during the period. Fountainhead AM LLC increased its stake in Apple by 11.6% in the fourth quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker worth $7,732,000 after purchasing an additional 4,738 shares during the period. Primoris Wealth Advisors LLC acquired a new stake in Apple during Q4 worth $4,282,000. Finally, Red Door Wealth Management LLC increased its stake in Apple by 3.3% in the 1st quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker worth $16,934,000 after buying 3,087 additional shares last quarter. Hedge funds and other institutional investors hold 57.98% of the company’s shares.
Insiders place their bets
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the company in a trade that took place on Wednesday, May 4. 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 sale, the Senior Vice President now directly owns 452,334 shares of the company, valued at $73,151,454.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. 0.06% of the shares are currently held by insiders.
Wall Street analysts predict growth
AAPL has been the subject of a number of analyst reports. JPMorgan Chase & Co. set a target price of $200.00 on Apple in a Monday, July 25 research report. Citigroup raised its price target on Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday. Credit Suisse Group set a price target of $166.00 on Apple in a research note on Friday. Itaú Unibanco began covering Apple in a research note on Tuesday, July 26. They issued an “underperforming” rating and a price target of $136.00 on the stock. Finally, Goldman Sachs Group set a price target of $139.00 on Apple in a research note on Friday. Two analysts have assigned the stock a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has assigned the company’s stock a high buy rating. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $179.04.
Apple stock performance
Shares of AAPL opened at $162.51 on Friday. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The company has a market capitalization of $2.63 trillion, a price-to-earnings ratio of 26.38, a growth price-to-earnings ratio of 1.97 and a beta of 1.19. The company has a 50-day simple moving average of $144.31 and a 200-day simple moving average of $157.31. The company has a debt ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88.
Apple (NASDAQ:AAPL – Get Rating) last released its results on Thursday, July 28. The iPhone maker reported earnings per share of $1.20 for the quarter, beating analyst consensus estimates of $1.14 by $0.06. The company posted revenue of $82.96 billion in the quarter, versus a consensus estimate of $82.97 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company’s revenue for the quarter increased by 1.9% compared to the same quarter last year. In the same period a year earlier, the company posted earnings per share of $1.30. On average, equity research analysts expect Apple Inc. to post EPS of 6.09 for the current year.
Apple announced that its board of directors on Thursday (April 28th) approved a stock repurchase plan that authorizes the company to repurchase $90.00 billion in stock. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believe its stock is undervalued.
Apple dividend announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11. Shareholders of record on Monday August 8 will receive a dividend of $0.23. The ex-dividend date is Friday August 5th. This represents a dividend of $0.92 on an annualized basis and a yield of 0.57%. Apple’s dividend payout ratio (DPR) is 14.94%.
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. Additionally, the company offers iPhone, a range of smartphones; Mac, a line of personal computers; iPad, a range of versatile tablets; AirPods Max, an over-ear wireless headset; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats products, HomePod and iPod touch.
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