Patriot Investment Management Inc. increased its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating ) by 2.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 78,363 shares of the iPhone maker’s stock after purchasing an additional 2,129 shares during the period. Apple makes up about 1.2% of Patriot Investment Management Inc.’s investment portfolio, making the stock its 19th biggest holding. As of the end of the last reporting period, the share of Patriot Investment Management Inc. in Apple cost 13,683,000 US dollars.
A number of other hedge funds have also bought and sold shares of the company. Buffington More McNeil grew its stake in Apple by 11.6% during the first quarter. Buffington More McNeil now owns 41,519 shares of the iPhone maker’s stock valued at $7,250,000 after buying an additional 4,301 shares during the last quarter. Fi3 FINANCIAL ADVISORS LLC raised its stake in Apple by 3.5% during the first quarter. Fi3 FINANCIAL ADVISORS LLC now owns 22,209 shares of the iPhone maker’s stock valued at $3,878,000 after buying an additional 749 shares during the last quarter. Valley Brook Capital Group Inc. grew its stake in Apple by 0.7% during the 1st quarter. Valley Brook Capital Group Inc. now owns 59,216 shares of the iPhone maker’s stock valued at $10,339,000 after buying an additional 385 shares during the last quarter. Roosevelt Investment Group LLC raised its stake in Apple by 0.9% during the first quarter. Roosevelt Investment Group LLC now owns 531,193 shares of the iPhone maker’s stock valued at $92,752,000 after buying an additional 4,551 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc. grew its stake in Apple by 3.1% during the 1st quarter. Texas Capital Bank Wealth Management Services Inc. now owns 171,034 shares of the iPhone maker’s stock valued at $29,864,000 after buying an additional 5,222 shares during the last quarter. 57.98% of the shares are currently owned by institutional investors and hedge funds.
Changes in analysts’ ratings
AAPL has been the subject of a number of analyst reports. Oppenheimer reiterated an “outperform” rating and set a $190.00 target price on shares of Apple in a report on Wednesday, June 8th. Wells Fargo & Company cut their target price on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 20th. Goldman Sachs Group set a $139.00 target price on Apple in a research report on Friday, July 29th. Credit Suisse Group set a $166.00 target price on Apple in a report on Friday, July 29th. Finally, Bank of America cut their price objective on Apple from $200.00 to $185.00 in a research report on Tuesday, July 26th. Two equities research analysts have rated the stock with a “sell”, eight have given a “hold” rating, twenty-three have assigned a “buy” rating and one has given a strong “buy” rating to the company. The stock has a consensus rating of “Moderate Buy” and a consensus price objective of $179.27, according to MarketBeat.com.
Insiders place their bets
In other news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $164.77, and the total transaction amounting to $4,119,250.00. Following the completion of the sale, the senior vice president now directly owns 427,334 shares in the company, valued at approximately $70,411,823.18. The sale was disclosed in a filing with the SEC, which can be accessed at this link. Insiders own 0.06% of the company’s shares.
Apple stock performance
AAPL opened at $172.10 on Monday. The firm has a market cap of $2.77 trillion, a PE ratio of 28.40, a P/E/G ratio of 2.23 and a beta of 1.23. The company has a quick ratio of 0.82, a current ratio of 0.86, and a debt-to-equity ratio of 1.63. The business has a fifty day simple moving average of $148.26. US and 200-day simple moving average of $157.27. Apple Inc. has a fifty-two week low of $129.04. US and a 52-week high of $182.94.
Apple (NASDAQ:AAPL – Get Rating ) last released 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 company had revenue of $82.96 billion for the quarter, compared to analysts’ expectations of $82.97 billion. Apple’s return on equity was 152.97%, and its net return was 25.71%. Apple’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted earnings per share of $1.30. In general, stock market analysts predict that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple’s dividend announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Monday, August 8th were paid a $0.23 dividend. US dividends. The ex-dividend date of these dividends was Friday, August 5th. This is $0.92. US dividends on an annualized basis and a yield of 0.53%. Apple’s dividend payout ratio (DPR) is currently 15.18%.
Apple announced on Thursday, April 28th that its Board of Directors has authorized a stock repurchase plan that permits the company to repurchase $90.00 billion in shares. This buyback authorization allows the iPhone maker to buy up to 3.5% of its shares on the open market. Stock buyback plans are usually a sign that a company’s board believes its stock is undervalued.
Apple Inc designs, manufactures and markets smartphones, personal computers, tablets, portable devices and accessories worldwide. It also sells various related services. In addition, the company offers the iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multipurpose tablets; AirPods Max, on-ear wireless headphones; and wearables, home and accessories, including AirPods, Apple TV, Apple Watch, Beats products, HomePod and iPod touch.
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