Texas Capital Bank Wealth Management Services Inc. raised its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 171,034 shares of the iPhone maker’s stock after purchasing an additional 5,222 shares during the quarter. Apple accounts for about 2.7% of Texas Capital Bank Wealth Management Services Inc.’s holdings, making the stock its 7th biggest position. Texas Capital Bank Wealth Management Services Inc.’s holdings in Apple were worth $29,864,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Greystone Financial Group LLC boosted its position in shares of Apple by 1.8% during the 1st quarter. Greystone Financial Group LLC now owns 70,698 shares of the iPhone maker’s stock worth $12,345,000 after purchasing an additional 1,254 shares in the last quarter. HNP Capital LLC lifted its stake in shares of Apple by 447.8% in the first quarter. HNP Capital LLC now owns 325,891 shares of the iPhone maker’s stock valued at $56,904,000 after purchasing an additional 266,400 shares during the period. GSB Wealth Management LLC boosted its holdings in Apple by 1.2% during the first quarter. GSB Wealth Management LLC now owns 44,595 shares of the iPhone maker’s stock worth $7,787,000 after buying an additional 543 shares in the last quarter. Corundum Group Inc. boosted its holdings in Apple by 32.5% during the first quarter. Corundum Group Inc. now owns 22,202 shares of the iPhone maker’s stock worth $3,877,000 after buying an additional 5,450 shares in the last quarter. Finally, Madison Wealth Partners Inc increased its holdings in Apple by 1.5% in the first quarter. Madison Wealth Partners Inc now owns 29,980 shares of the iPhone maker’s stock valued at $5,235,000 after buying an additional 430 shares in the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
Wall Street Analyst Weigh In
AAPL has been the topic of several research analyst reports. Credit Suisse Group set a $166.00 price target on Apple in a research note on Friday, July 29th. Fundamental Research set a $177.07 target price on Apple and gave the company a “buy” rating in a report on Thursday, August 4th. Loop Capital cut their price target on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. Deutsche Bank Aktiengesellschaft set a $175.00 price objective on shares of Apple in a research note on Monday, August 1st. Finally, Bank of America dropped their target price on shares of Apple from $200.00 to $185.00 in a report on Tuesday, July 26th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $179.27.
Insider Buying and Selling
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the transaction, the senior vice president now owns 427,334 shares in the company, valued at $70,411,823.18. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.06% of the stock is owned by corporate insiders.
Apple Stock Performance
Shares of NASDAQ:AAPL opened at $172.10 on Friday. The business has a 50-day moving average of $148.26 and a two-hundred day moving average of $157.30. The firm has a market capitalization of $2.77 trillion, a PE ratio of 28.40, a P/E/G ratio of 2.18 and a beta of 1.23. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last posted its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.06. The firm had revenue of $82.96 billion during 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 company’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 EPS. As a group, research analysts forecast that Apple Inc. will post 6.1 earnings per share for the current year.
Apple Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were issued a dividend of $0.23 per share. The ex-dividend date was Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.53%. Apple’s payout ratio is 15.18%.
Apple declared that its board has authorized a share buyback program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
Apple Company Profile
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.
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