Financial Management Professionals Inc. increased its stake in shares of Apple Inc. (NASDAQ: AAPL – Get a rating) by 2.8% in the 1st quarter, Participation channel reports. The fund held 29,213 shares of the iPhone maker after acquiring 791 additional shares during the quarter. Apple accounts for about 1.1% of Financial Management Professionals Inc.’s investment portfolio, making the stock its 22nd largest. Financial Management Professionals Inc.’s holdings in Apple were worth $5,101,000 at the end of the most recent reporting period.
Other major investors have also recently changed their positions in the company. Cardinal Capital Management Inc. increased its position in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker valued at $39,000 after buying 221 additional shares in the last quarter. Shore Point Advisors LLC bought a new position in Apple in the fourth quarter worth $41,000. St. James Investment Advisors LLC bought a new position in Apple in the fourth quarter worth $57,000. Econ Financial Services Corp bought a new position in Apple in the fourth quarter worth $58,000. Finally, Emerson Wealth LLC increased its position in Apple by 363.6% in the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker valued at $71,000 after buying 320 additional shares last quarter. Institutional investors hold 57.98% of the company’s shares.
Analyst upgrades and downgrades
AAPL has been the subject of a number of analyst reports. Evercore ISI raised its price target on Apple shares from $180.00 to $185.00 in a research report on Friday. Loop Capital cut its price target on Apple shares from $210.00 to $180.00 and set a “buy” rating for the company in a Wednesday, May 25 research report. Sanford C. Bernstein set a price target of $170.00 on Apple stock in a Monday, May 2 research report. Itau BBA Securities launched coverage on Apple shares in a Tuesday, July 26 research report. They issued an “underperforming” rating and a price target of $136.00 for the company. Finally, Rosenblatt Securities lowered its price target on Apple shares from $168.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday. Two research analysts rated the stock with a sell rating, eight gave the company a hold rating, twenty-one gave the company a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $179.04.
Apple price performance
Shares of NASDAQ: AAPL opened at $161.51 on Tuesday. The company has a 50-day moving average of $144.68 and a 200-day moving average of $157.12. The stock has a market capitalization of $2.61 trillion, a PE ratio of 26.65, a PEG ratio of 2.11 and a beta of 1.23. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt ratio of 1.63. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94.
Apple (NASDAQ: AAPL – Get a rating) last released its results on Thursday, July 28. The iPhone maker reported EPS of $1.20 for the quarter, beating the consensus estimate of $1.14 by $0.06. The company posted revenue of $82.96 billion in 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 company’s revenue for the quarter increased by 1.9% compared to the same quarter last year. During the same period of the previous year, the company achieved EPS of $1.30. On average, equity research analysts expect Apple Inc. to post EPS of 6.08 for the current fiscal year.
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. This represents an annualized dividend of $0.92 and a dividend yield of 0.57%. The ex-dividend date is Friday August 5th. Apple’s payout ratio is currently 15.18%.
Apple announced that its board of directors launched a stock repurchase plan on Thursday, April 28 that authorizes the company to repurchase $90.00 billion in outstanding stock. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Stock buyback plans are usually a sign that a company’s management believes its stock is undervalued.
Insider activity at Apple
In related news, please Katherine L. Adams sold 25,000 Apple shares in a trade that took place on Wednesday, May 4. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. As a result of the sale, the senior vice president now directly owns 452,334 shares of the company, valued at approximately $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, available at the SEC website. 0.06% of the shares are currently held by insiders.
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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