Corundum Group Inc. raised its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 32.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,202 shares of the iPhone maker’s stock after purchasing an additional 5,450 shares during the quarter. Apple comprises 3.6% of Corundum Group Inc.’s holdings, making the stock its 3rd biggest position. Corundum Group Inc.’s holdings in Apple were worth $3,877,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in AAPL. Daniels&Tansey LLP increased its holdings in shares of Apple by 1.6% in the fourth quarter. Daniels&Tansey LLP now owns 3,858 shares of the iPhone maker’s stock valued at $685,000 after buying an additional 60 shares in the last quarter. Donald L. Hagan LLC raised its position in shares of Apple by 0.3% during the first quarter. Donald L. Hagan LLC now owns 18,220 shares of the iPhone maker’s stock worth $3,181,000 after purchasing an additional 61 shares during the period. Goodwin Daniel L raised its position in shares of Apple by 0.5% during the first quarter. Goodwin Daniel L now owns 12,761 shares of the iPhone maker’s stock worth $2,230,000 after purchasing an additional 62 shares during the period. Opus Capital Group LLC lifted its holdings in shares of Apple by 0.3% during the first quarter. Opus Capital Group LLC now owns 19,081 shares of the iPhone maker’s stock valued at $3,332,000 after purchasing an additional 63 shares during the last quarter. Finally, Norwood Financial Corp boosted its position in shares of Apple by 0.9% in the 1st quarter. Norwood Financial Corp now owns 7,025 shares of the iPhone maker’s stock valued at $1,227,000 after purchasing an additional 65 shares during the period. Hedge funds and other institutional investors own 57.98% of the company’s stock.
Insiders Place Their Bets
In related news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were 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 in the company, valued at $70,411,823.18. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.06% of the company’s stock.
Apple Stock Up 2.1 %
AAPL stock opened at $172.10 on Friday. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. The company has a 50-day moving average of $148.26 and a two-hundred day moving average of $157.30. The stock has a market capitalization of $2.77 trillion, a price-to-earnings ratio of 28.40, a price-to-earnings-growth ratio of 2.18 and a beta of 1.23. Apple Inc. has a 52-week low of $129.04 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. Apple had a return on equity of 152.97% and a net margin of 25.71%. The firm had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. During the same quarter last year, the firm posted $1.30 EPS. The company’s revenue was up 1.9% on a year-over-year basis. As a group, equities research analysts anticipate that Apple Inc. will post 6.1 EPS for the current year.
Apple declared that its Board of Directors has approved a stock repurchase program on Thursday, April 28th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
Apple Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Shareholders of record on Monday, August 8th were issued 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 dividend payout ratio (DPR) is presently 15.18%.
Analysts Set New Price Targets
AAPL has been the subject of a number of analyst reports. KeyCorp upped 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. Bank of America decreased their price objective on shares of Apple from $200.00 to $185.00 in a research note on Tuesday, July 26th. Citigroup boosted their target price on shares of Apple from $175.00 to $185.00 and gave the company a “buy” rating in a research note on Friday, July 29th. Rosenblatt Securities decreased their target price on Apple from $168.00 to $160.00 and set a “neutral” rating for the company in a research report on Friday, July 29th. Finally, set a $175.00 price target on Apple in a research report on Friday, July 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.27.
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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