Analyst IMS Investment Management Services Ltd. increased its holdings of Apple Inc. (NASDAQ: AAPL – Get Rating) stock by 1.9% in the first quarter, according to the company in its latest 13F filing with the Securities and Exchange Commission (SEC). The company held 53,418 shares of the iPhone maker after acquiring an additional 1,000 shares during the period. Apple accounts for about 0.8% of Analyst IMS Investment Management Services Ltd.’s holdings, making the stock its 17th-largest position. The holdings of analyst IMS Investment Management Services Ltd. in Apple were worth $9,328,000 when it was last filed with the SEC.
Other hedge funds and other institutional investors have also recently changed their holdings in the company. Cardinal Capital Management Inc. increased its stake in Apple shares by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker worth $39,000 after buying 221 additional shares during the period. Shore Point Advisors LLC bought a new stake in Apple in the 4th quarter for a value of approximately $41,000. St. James Investment Advisors LLC acquired a new stake in Apple during Q4 for a value of approximately $57,000. Emerson Wealth LLC increased its stake in Apple by 363.6% in Q1. Emerson Wealth LLC now owns 408 shares of the iPhone maker worth $71,000 after acquiring 320 additional shares during the period. Finally, Econ Financial Services Corp increased its stake in Apple by 29.1% during the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker valued at $74,000 after buying 95 more shares last quarter. 57.98% of the shares are currently held by hedge funds and other institutional investors.
Changes to analyst ratings
Several brokerages have recently commented on AAPL. Wells Fargo & Company lowered its price target on Apple shares from $205.00 to $185.00 and set an “overweight” rating on the stock in a Wednesday, July 20 research report. Raymond James cut his price target on Apple from $190.00 to $185.00 and placed a “hold” rating on the stock in a Friday, July 29 report. Credit Suisse Group set a price target of $166.00 on Apple in a Friday July 29 research note. Rosenblatt Securities lowered its price target on Apple from $168.00 to $160.00 and set a “neutral” rating on the stock in a Friday, July 29 research note. Finally, Sanford C. Bernstein set a price target of $170.00 on Apple in a Monday, May 2 research note. Two analysts have assigned the stock a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has assigned the company’s stock a strong buy rating. According to MarketBeat, Apple has an average rating of “Moderate Buy” and an average price target of $179.16.
Apple price performance
Shares of AAPL opened at $160.01 on Wednesday. The stock has a 50-day moving average price of $145.07 and a 200-day moving average price of $157.14. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The company has a debt ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86. The company has a market capitalization of $2.59 trillion, a P/E ratio of 26.40, a P/E/G ratio of 2.11 and a beta of 1.23.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly results on Thursday, July 28. The iPhone maker reported EPS of $1.20 for the quarter, beating analyst consensus estimates of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company posted revenue of $82.96 billion for the quarter, versus $82.97 billion for analysts. In the same period a year earlier, the company posted earnings per share of $1.30. The company’s revenue for the quarter increased 1.9% year over year. As a group, sell-side analysts expect Apple Inc. to post earnings per share of 6.08 for the current year.
Apple announced that its board authorized a stock repurchase plan on Thursday, April 28 that allows the company to repurchase $90.00 billion worth of stock. This repurchase authorization allows the iPhone maker to buy up to 3.5% of its shares through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
Apple dividend announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11. Investors of record on Monday August 8 will receive a dividend of $0.23. The ex-dividend date is Friday August 5th. This represents a dividend of $0.92 on an annualized basis and a dividend yield of 0.57%. Apple’s payout ratio is 15.18%.
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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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