RWQ Financial Management Services Inc. reduced its stake in shares of Apple Inc. (NASDAQ: AAPL – Get a rating) by 56.9% in the first quarter, Holdings Channel.com reports. The company held 104,947 shares of the iPhone maker after selling 138,752 shares during the quarter. Apple represents about 15.0% of RWQ Financial Management Services Inc.’s investment portfolio, making the stock its largest holding. RWQ Financial Management Services Inc.’s holdings in Apple were worth $18,325,000 when it last filed with the SEC.
Other institutional investors and hedge funds have also increased or reduced their stake in the company. Cardinal Capital Management Inc. increased its stake in Apple by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker worth $39,000 after acquiring 221 additional shares in the last quarter. Shore Point Advisors LLC acquired a new position in Apple stock during the fourth quarter worth $41,000. St. James Investment Advisors LLC bought a new stake in shares of Apple in the fourth quarter worth $57,000. Econ Financial Services Corp acquired a new stake in Apple in the fourth quarter worth $58,000. Finally, Castle Financial & Retirement Planning Associates Inc. bought a new position in Apple during Q4 worth $116,000. Institutional investors hold 57.98% of the company’s shares.
Insider trading at Apple
In related news, please Katherine L. Adams sold 25,000 shares of the company in a trade dated Wednesday, May 4. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the completion of the sale, the senior vice president now owns 452,334 shares of the company, valued at $73,151,454.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this link. 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 stock was sold at an average price of $164.91, for a total value of $1,319,280.00. Following the transaction, the senior vice president now owns 136,290 shares of the company, valued at $22,475,583.90. The transaction was disclosed in an SEC filing, which is available via the SEC website. Also, please Katherine L. Adams sold 25,000 shares of the company in a trade 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. Disclosure of this sale can be found here. Insiders of the company hold 0.06% of the shares of the company.
Analysts set new price targets
AAPL has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lowered its price target on Apple from $200.00 to $175.00 in a Tuesday, June 14 research note. Credit Suisse Group set a price target of $169.00 on Apple shares in a Friday, April 29 research note. JPMorgan Chase & Co. set a target price of $200.00 on Apple stock in a Friday, July 1 research note. Fundamental Research cut its price target on Apple shares from $179.32 to $175.24 and set an “average” rating on the stock in a Friday, May 6 research report. Finally, UBS Group set a price target of $185.00 on Apple in a Tuesday, June 21 research note. Nine research analysts gave the stock a hold rating, twenty-four issued a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $183.49.
Apple shares up 1.1%
Apple broth opened at $150.17 on Friday. The company has a debt ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The stock has a market capitalization of $2.43 trillion, a PE ratio of 24.38, a price-to-earnings growth ratio of 1.89 and a beta of 1.19. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The company’s 50-day simple moving average is $142.54 and its 200-day simple moving average is $158.97.
Apple (NASDAQ: AAPL – Get a rating) last announced its results on Thursday, April 28. The iPhone maker reported earnings per share of $1.52 for the quarter, beating analyst consensus estimates of $1.43 by $0.09. The company posted revenue of $97.28 billion for the quarter, versus a consensus estimate of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company’s revenue increased by 8.6% compared to the same quarter last year. In the same quarter of the previous year, the company achieved EPS of $1.40. Research analysts predict that Apple Inc. will post EPS of 6.09 for the current fiscal year.
Apple announced that its board of directors authorized a stock repurchase program on Thursday, April 28 that allows 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. Share buyback programs often indicate that the company’s board of directors believe its shares are undervalued.
Apple increases its dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12. Shareholders of record on Monday, May 9 received a dividend of $0.23 per share. The ex-dividend date was Friday, May 6. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents an annualized dividend of $0.92 and a dividend yield of 0.61%. Apple’s dividend payout ratio (DPR) is currently 14.94%.
Apple Company Profile
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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