Long Run Wealth Advisors LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.6% during the first quarter, HoldingsChannel.com reports. The firm owned 30,095 shares of the iPhone maker’s stock after selling 1,457 shares during the period. Apple makes up about 1.8% of Long Run Wealth Advisors LLC’s portfolio, making the stock its 16th largest holding. Long Run Wealth Advisors LLC’s holdings in Apple were worth $5,252,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AAPL. Elk River Wealth Management LLC grew its position in Apple by 49.0% in the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock worth $29,181,000 after acquiring an additional 54,989 shares in the last quarter. Piscataqua Savings Bank grew its position in Apple by 1.5% in the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock worth $8,302,000 after acquiring an additional 684 shares in the last quarter. Fountainhead AM LLC grew its position in Apple by 11.6% in the fourth quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock worth $7,732,000 after acquiring an additional 4,738 shares in the last quarter. Primoris Wealth Advisors LLC bought a new stake in Apple in the fourth quarter worth approximately $4,282,000. Finally, Red Door Wealth Management LLC raised its stake in shares of Apple by 3.3% in the first quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock worth $16,934,000 after buying an additional 3,087 shares during the last quarter. 57.98% of the stock is owned by hedge funds and other institutional investors.
Apple Stock Performance
Shares of AAPL stock opened at $160.01 on Wednesday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86. The company has a market capitalization of $2.59 trillion, a P/E ratio of 26.40, a price-to-earnings-growth ratio of 2.11 and a beta of 1.23. The company’s 50 day moving average price is $145.07 and its two hundred day moving average price is $157.14. Apple Inc. has a 52 week low of $129.04 and a 52 week high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last announced its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The firm had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the company posted $1.30 EPS. On average, analysts expect that Apple Inc. will post 6.08 earnings per share for the current fiscal year.
Apple declared that its board has approved a share buyback program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Share buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Apple Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be paid a $0.23 dividend. The ex-dividend date is Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.57%. Apple’s dividend payout ratio is currently 15.18%.
Analyst Ratings Changes
A number of analysts have recently weighed in on the stock. Itau BBA Securities assumed coverage on shares of Apple in a research note on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price objective for the company. Loop Capital reduced their price objective on shares of Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. Rosenblatt Securities reduced their price objective on shares of Apple from $168.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. Fundamental Research reduced their price objective on shares of Apple from $179.32 to $175.24 and set an “average” rating for the company in a research note on Friday, May 6th. Finally, Oppenheimer restated an “outperform” rating and issued a $190.00 price objective on shares of Apple in a research note on Wednesday, June 8th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $179.16.
Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories including AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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