Kovitz Investment Group Partners LLC increased its stake in shares of Apple Inc. (NASDAQ: AAPL – Get Rating) by 2.8% during the first quarter, according to the company in its latest SEC filing. The fund held 1,289,496 shares of the iPhone maker after acquiring 35,171 additional shares during the period. Apple accounts for about 4.3% of Kovitz Investment Group Partners LLC’s holdings, making it its largest position. Kovitz Investment Group Partners LLC’s holdings in Apple were worth $225,159,000 when it last filed with the SEC.
Other hedge funds have also changed their positions in the company. Norges Bank bought a new stake in Apple during Q4, valued at around $25,228,507,000. State Street Corp increased its stake in Apple 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 acquired a new stake in Apple during Q4, valued at approximately $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 valued at $5,247,094,000 after purchasing an additional 8,154,171 shares during the period. 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 purchasing an additional 6,154,422 shares during the period. Institutional investors and hedge funds hold 57.98% of the company’s shares.
Apple shares down 0.8%
Apple shares opened at $154.09 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt ratio of 1.53. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The company has a fifty-day simple moving average of $142.90 and a 200-day simple moving average of $158.03. The stock has a market capitalization of $2.49 trillion, a PE ratio of 25.01, a price-to-earnings growth ratio of 1.98 and a beta of 1.19.
Apple (NASDAQ:AAPL – Get Rating) last reported quarterly earnings data 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. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company posted revenue of $97.28 billion in the quarter, compared to $93.99 billion expected by analysts. In the same period a year earlier, the company earned earnings per share of $1.40. The company’s quarterly revenue increased by 8.6% compared to the same quarter last year. Research analysts predict that Apple Inc. will post EPS of 6.09 for the current year.
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. The ex-dividend date was Friday, May 6. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents an annualized dividend of $0.92 and a yield of 0.60%. Apple’s payout ratio is currently 14.94%.
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 usually indicate that the management of the company believes that its shares are undervalued.
Changes to analyst ratings
Several analysts have recently weighed in on AAPL shares. Oppenheimer rephrased an “outperform” rating and set a target price of $190.00 on Apple stock in a Wednesday, June 8 research note. Fundamental Research cut its price target on Apple from $179.32 to $175.24 and set an “average” rating for the company in a Friday, May 6 research report. Rosenblatt Securities cut its price target on Apple from $184.00 to $168.00 and set a “neutral” rating for the company in a Monday, May 2 research report. Sanford C. Bernstein set a target price of $170.00 on Apple in a Monday, May 2 research report. Finally, Loop Capital reduced its price target on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a Wednesday, May 25 research report. Nine analysts gave the stock a hold rating, twenty-four gave the company a buy rating and one gave the company’s stock a strong buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $182.73.
Insiders place their bets
In other Apple news, SVP Katherine L. Adams sold 25,000 Apple shares in a trade dated Wednesday, May 4. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the transaction, the senior vice president now directly owns 452,334 shares of the company, valued at $73,151,454.48. The transaction was disclosed in a document filed with the SEC, accessible via this hyperlink. Company insiders own 0.06% of the company’s shares.
Apple Company Profile
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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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