HighTower Trust Services LTA reduced its stake in Apple Inc. (NASDAQ: AAPL – Get a rating) by 3.4% in the first quarter, HoldingsChannel.com reports. The company held 239,455 shares of the iPhone maker after selling 8,422 shares during the quarter. Apple accounts for approximately 4.0% of HighTower Trust Services LTA’s holdings, making the stock its 4th largest holding. HighTower Trust Services LTA’s holdings in Apple were worth $41,811,000 when it last filed with the SEC.
Other institutional investors have also recently bought and sold shares of the company. State Street Corp increased its holdings of Apple shares by 1.8% during the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker worth $112,422,274,000 after acquiring an additional 10,951,705 shares during the period. Geode Capital Management LLC increased its stake in Apple shares by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker worth $46,812,958,000 after acquiring an additional 4,456,954 shares during the period. Norges Bank bought a new stake in shares of Apple during the 4th quarter for a value of approximately $25,228,507,000. Charles Schwab Investment Management Inc. increased its stake in Apple by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker valued at $14,131,710,000 after buying an additional 1,273,148 shares in the last quarter. Finally, Fisher Asset Management LLC increased its stake in Apple by 5.1% in the 4th quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker valued at $11,361,302,000 after buying an additional 3,096,696 shares in the last quarter. Institutional investors hold 57.98% of the company’s shares.
Apple shares down 2.1%
Shares of NASDAQAAPL opened at $147.07 on Tuesday. 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 $2.38 trillion, a PE ratio of 23.88, a P/E/G ratio of 1.95 and a beta of 1.19. The company’s fifty-day simple moving average is $142.44 and its 200-day simple moving average is $158.48. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt ratio of 1.53.
Apple (NASDAQ: AAPL – Get a rating) last released its quarterly earnings data on Thursday, April 28. The iPhone maker reported earnings per share of $1.52 for the quarter, beating consensus analyst estimates of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company posted revenue of $97.28 billion for the quarter, versus analyst estimates of $93.99 billion. During the same period last year, the company made earnings per share of $1.40. The company’s quarterly revenue increased by 8.6% compared to the same quarter last year. As a group, sell-side analysts expect Apple Inc. to post earnings per share of 6.09 for the current fiscal year.
Apple said its board authorized 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 purchase up to 3.5% of its shares through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors thinks its stock is undervalued.
Apple increases its dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 12. Shareholders of record on Monday, May 9 received a dividend of $0.23. This represents a dividend of $0.92 on an annualized basis and a dividend yield of 0.63%. This is a positive change from Apple’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, May 6. Apple’s dividend payout ratio (DPR) is 14.94%.
Insider buying and selling at Apple
In other Apple news, please Katherine L. Adams sold 25,000 shares of the company in a trade on Wednesday, May 4. The shares were sold at an average price of $161.72, for a total value of $4,043,000.00. As a result of the transaction, 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 this link. Insiders own 0.06% of the shares of the company.
Changes to analyst ratings
Several equity analysts have recently commented on AAPL shares. Barclays lowered its price target on Apple shares from $167.00 to $166.00 and set an “equal weight” rating for the company in a Wednesday July 13 research note. Rosenblatt Securities cut its price target on Apple shares from $184.00 to $168.00 and set a “neutral” rating for the company in a Monday, May 2 research report. Piper Sandler cut her price target on Apple shares from $200.00 to $195.00 in a Friday, April 29 research report. 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. Finally, Sanford C. Bernstein set a price target of $170.00 on Apple shares in a Monday, May 2 research report. Nine analysts gave the stock a hold rating, twenty-four gave the company a buy rating and one gave the company a strong buy rating. According to MarketBeat, Apple currently has a consensus rating of “Moderate Buy” and a consensus price target of $183.49.
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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