Pinnacle Financial Partners Inc. increased its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 809,419 shares of the iPhone maker’s stock after purchasing an additional 22,718 shares during the period. Apple makes up 4.5% of Pinnacle Financial Partners Inc.’s investment portfolio, making the stock its 2nd largest holding. Pinnacle Financial Partners Inc.’s holdings in Apple were worth $141,333,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of AAPL. Bailey Value Limited Partnership acquired a new stake in shares of Apple in the 4th quarter worth about $10,654,000. Stone Asset Management Inc. bought a new stake in Apple during the 4th quarter worth approximately $1,761,000. Baron Silver Stevens Financial Advisors LLC raised its stake in shares of Apple by 3.0% in the fourth quarter. Baron Silver Stevens Financial Advisors LLC now owns 39,126 shares of the iPhone maker’s stock worth $6,947,000 after purchasing an additional 1,137 shares during the last quarter. High Note Wealth LLC lifted its holdings in shares of Apple by 0.7% in the fourth quarter. High Note Wealth LLC now owns 72,863 shares of the iPhone maker’s stock valued at $12,938,000 after purchasing an additional 538 shares in the last quarter. Finally, Diversified Portfolios Inc. boosted its position in shares of Apple by 8.2% during the fourth quarter. Diversified Portfolios Inc. now owns 48,356 shares of the iPhone maker’s stock valued at $8,587,000 after buying an additional 3,683 shares during the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
Apple Trading Up 2.1 %
NASDAQ:AAPL opened at $172.10 on Friday. The company has a 50-day moving average price of $147.72 and a 200-day moving average price of $157.21. The stock has a market cap of $2.77 trillion, a price-to-earnings ratio of 28.40, a P/E/G ratio of 2.19 and a beta of 1.23. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The business had revenue of $82.96 billion during the quarter, compared to analyst estimates of $82.97 billion. During the same period last year, the business posted $1.30 earnings per share. Apple’s quarterly revenue was up 1.9% compared to the same quarter last year. Equities analysts predict that Apple Inc. will post 6.1 EPS for the current year.
Apple announced that its Board of Directors has approved a share repurchase program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
Apple Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend was Friday, August 5th. Apple’s payout ratio is 15.18%.
Insider Transactions at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the sale, the senior vice president now owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.06% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on AAPL shares. Fundamental Research set a $177.07 price objective on Apple and gave the company a “buy” rating in a research note on Thursday, August 4th. JPMorgan Chase & Co. set a $200.00 price target on shares of Apple in a report on Monday, July 25th. KeyCorp increased their price objective on shares of Apple from $173.00 to $177.00 and gave the company an “overweight” rating in a research note on Tuesday, August 2nd. The Goldman Sachs Group set a $139.00 target price on Apple in a research note on Friday, July 29th. Finally, Morgan Stanley reduced their target price on Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a report on Wednesday, July 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $179.27.
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 comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
Receive News & Ratings for Apple Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Apple and related companies with MarketBeat.com’s FREE daily email newsletter.