Econ Financial Services Corp increased its stake in Apple Inc. (NASDAQ: AAPL – Get Rating) by 29.1% during the first quarter, HoldingsChannel reports. The fund held 421 shares of the iPhone maker after buying an additional 95 shares during the period. Econ Financial Services Corp’s holdings of Apple were worth $74,000 when it last filed with the SEC.
Other hedge funds have also recently increased or reduced their stakes in the company. Joseph Group Capital Management bought a new position in Apple during the 4th quarter for a value of approximately $1,631,000. Cardinal Capital Management Inc. increased its stake in Apple by 5,525.0% during the 1st 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 position in Apple during the 4th quarter for a value of approximately $41,000. St. James Investment Advisors LLC bought a new position in Apple during Q4 for a value of approximately $57,000. Finally, Castle Financial & Retirement Planning Associates Inc. bought a new position in Apple during Q4 worth approximately $116,000. Hedge funds and other institutional investors hold 57.98% of the company’s shares.
A Wall Street analyst gives his opinion
A number of research analysts have recently published reports on the company. Wells Fargo & Company lowered its price target on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. set a price target of $200.00 on Apple in a Friday, July 1 research report. Morgan Stanley cut its price target on Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a research report on Wednesday. Goldman Sachs Group set a price target of $130.00 on Apple in a research report on Tuesday. Finally, Piper Sandler lowered her price target on Apple from $200.00 to $195.00 in a Friday, April 29 research report. Nine research analysts gave the stock a hold rating, twenty-four gave the stock a buy rating and one gave the stock a high buy rating. Based on data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $182.73.
Apple stock performance
Apple stock opened at $154.09 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 fifty-day moving average of $142.90 and a two-hundred-day moving average of $158.03. The company has a market capitalization of $2.49 trillion, a price/earnings ratio of 25.01, a PEG ratio of 1.98 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.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly results on Thursday, April 28. The iPhone maker reported earnings per share of $1.52 for the quarter, beating the consensus estimate of $1.43 by $0.09. The company posted revenue of $97.28 billion in 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%. Apple’s revenue increased by 8.6% compared to the same quarter last year. In the same quarter last year, the company posted earnings per share of $1.40. On average, analysts expect Apple Inc. to post EPS of 6.09 for the current fiscal year.
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. The ex-dividend date was Friday, May 6. This represents a dividend of $0.92 on an annualized basis and a dividend yield of 0.60%. This is an increase from Apple’s previous quarterly dividend of $0.22. Apple’s payout ratio is currently 14.94%.
Apple announced that its board of directors on Thursday (April 28th) approved a stock repurchase plan that allows the company to repurchase $90.00 billion in stock. This repurchase authorization allows the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Stock buyback plans are usually an indication that a company’s management believes its stock is undervalued.
In other news, SVP Katherine L. Adams sold 25,000 Apple shares 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 owns 452,334 shares of the company, valued at $73,151,454.48. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Insiders of the company hold 0.06% of the shares of the company.
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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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