Peak Financial Management Inc. increased its stake in Apple Inc. (NASDAQ: AAPL – Get a rating) by 3.1% during the first quarter, according to the company in its latest filing with the Securities and Exchange Commission. The company held 52,217 shares of the iPhone maker after acquiring 1,567 additional shares during the period. Apple accounts for 3.1% of Peak Financial Management Inc.’s holdings, making the stock its 10th-largest position. Peak Financial Management Inc.’s holdings in Apple were worth $9,118,000 when it last filed with the SEC.
A number of other hedge funds have also recently bought and sold shares of AAPL. Joseph Group Capital Management acquired a new stake in Apple in the fourth quarter valued at approximately $1,631,000. Cardinal Capital Management Inc. increased its stake in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker worth $39,000 after buying 221 additional shares in the last quarter. Shore Point Advisors LLC bought a new stake in Apple in the fourth quarter worth about $41,000. St. James Investment Advisors LLC bought a new stake in Apple in the fourth quarter worth about $57,000. Finally, Econ Financial Services Corp bought a new stake in Apple in the fourth quarter worth about $58,000. Hedge funds and other institutional investors hold 57.98% of the company’s shares.
In related news, SVP Deirdre O’brien sold 8,000 shares of the company in a trade that took place on Monday, April 18. 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 transaction, the senior vice president now owns 136,290 shares of the company, valued at $22,475,583.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Also, please Katherine L. Adams sold 25,000 shares of the company in a transaction that took place on Wednesday, May 4. 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 directly owns 452,334 shares of the company, valued at approximately $73,151,454.48. Disclosure of this sale can be found here. 0.06% of the shares are currently held by insiders.
Shares of Action AAPL opened at $145.49 on Thursday. 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 ratio of 1.53. The stock’s 50-day moving average price is $142.85 and its 200-day moving average price is $159.40. The stock has a market capitalization of $2.35 trillion, a price-to-earnings ratio of 23.62, a growth price-to-earnings ratio of 1.89 and a beta of 1.19.
Apple (NASDAQ: AAPL – Get a rating) last released its quarterly results on Thursday, April 28. The iPhone maker reported EPS of $1.52 for the quarter, beating the consensus estimate of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company posted revenue of $97.28 billion in the quarter, versus analyst estimates of $93.99 billion. In the same quarter last year, the company posted earnings per share of $1.40. The company’s revenue increased 8.6% year over year. As a group, research analysts predict that Apple Inc. will post EPS of 6.09 for the current fiscal year.
Apple announced that its board approved a stock repurchase plan on Thursday, April 28 that allows 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 repurchase plans usually indicate that the company’s board of directors believe its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 12. Investors of record on Monday, May 9 received a dividend of $0.23. This is a positive change from Apple’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, May 6. This represents a dividend of $0.92 on an annualized basis and a dividend yield of 0.63%. Apple’s payout ratio is currently 14.94%.
A number of equity research analysts have commented on AAPL shares. Deutsche Bank Aktiengesellschaft lowered its price target on Apple from $200.00 to $175.00 in a Tuesday, June 14 research note. Bank of America reduced its target price on Apple from $215.00 to $200.00 and placed a “buy” rating on the stock in a Thursday, May 19 research report. Piper Sandler reduced her target price on Apple from $200.00 to $195.00 in a Friday, April 29 research report. Loop Capital cut its target price on Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a Wednesday, May 25 research report. Finally, Oppenheimer reiterated an “outperform” rating and set a price target of $190.00 on Apple shares in a Wednesday, June 8 report. Nine equity research analysts gave the stock a hold rating, twenty-four 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 an average price target of $183.49.
Apple Profile (Get a rating)
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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