RWQ Financial Management Services Inc. reduced its stake in Apple Inc. (NASDAQ: AAPL – Get Rating) by 56.9% during the 1st quarter, reports HoldingsChannel.com. The fund held 104,947 shares of the iPhone maker after selling 138,752 shares during the period. Apple represents 15.0% of RWQ Financial Management Services Inc.’s portfolio, making the stock its largest holding. RWQ Financial Management Services Inc.’s holdings in Apple were worth $18,325,000 at the end of the last reporting period.
Other institutional investors and hedge funds have also recently changed their stakes in the company. Norges Bank bought a new position in Apple in the fourth quarter worth about $25,228,507,000. State Street Corp increased its stake in Apple shares by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker valued at $112,422,274,000 after purchasing an additional 10,951,705 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Apple stock during Q4 for $1,461,735,000. Capital Research Global Investors increased its stake in Apple by 38.1% in the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker worth $5,247,094,000 after acquiring 8,154,171 additional shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in Apple by 41.8% in the 4th quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker valued at $3,705,275,000 after acquiring an additional 6,154,422 shares during the period. 57.98% of the shares are held by institutional investors.
Insider buying and selling
In other Apple news, SVP Katherine L. Adams sold 25,000 shares in a trade that took place 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 approximately $73,151,454.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, SVP Katherine L. Adams sold 25,000 shares of the company 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 legal filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, SVP Deirdre O’brien sold 8,000 shares of the company in a trade on Monday, April 18. The shares were sold at an average price of $164.91, for a total transaction of $1,319,280.00. Following the transaction, the Senior Vice President now directly owns 136,290 shares of the company, valued at $22,475,583.90. The disclosure of this sale can be found here. 0.06% of the shares are held by insiders.
Wall Street analysts predict growth
AAPL has been the subject of several recent research reports. Deutsche Bank Rese… set a target price of $210.00 on Apple shares in a Friday, April 8 research note. Evercore ISI lowered its price target on Apple stock from $210.00 to $180.00 and set an “outperform” rating on the stock in a Tuesday, June 28 report. StockNews.com began covering Apple in a report on Thursday, March 31. They issued a “maintaining” rating for the company. Oppenheimer reiterated an “outperform” rating and set a price target of $190.00 on Apple stock in a Wednesday, June 8 research note. Finally, Piper Sandler reduced her target price on Apple from $200.00 to $195.00 in a Friday, April 29 research note. Nine investment 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, the stock currently has a consensus rating of “moderate buy” and an average target price of $183.49.
Apple shares up 1.1%
AAPL opened at $150.17 on Friday. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt ratio of 1.53. The company’s 50-day moving average price is $142.54 and its 200-day moving average price is $158.97. The company has a market capitalization of $2.43 trillion, a P/E ratio of 24.38, a P/E/G ratio of 1.89 and a beta of 1.19.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly results on Thursday, April 28. The iPhone maker reported EPS of $1.52 for the quarter, beating analyst consensus estimates of $1.43 by $0.09. The company posted revenue of $97.28 billion for the quarter, versus $93.99 billion expected by analysts. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company’s quarterly revenue increased 8.6% year over year. During the same period of the previous year, the company achieved EPS of $1.40. On average, stock analysts expect Apple Inc. to post EPS of 6.09 for the current year.
Apple said its board authorized a stock repurchase program on Thursday, April 28 that allows the company to repurchase $90.00 billion in outstanding stock. This repurchase authorization allows the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Stock buyback programs are often a sign that a company’s board believes its stock is undervalued.
Apple increases its dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12. Shareholders of record on Monday, May 9 received a dividend of $0.23 per share. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents a dividend of $0.92 on an annualized basis and a dividend yield of 0.61%. The ex-dividend date was Friday, May 6. Apple’s dividend payout ratio is currently 14.94%.
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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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