Palladium Partners LLC cut its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.0% in the first quarter, Holdings Channel reports. The fund owned 941,885 shares of the iPhone maker’s stock after selling 19,483 shares during the quarter. Apple accounts for approximately 7.2% of Palladium Partners LLC’s portfolio, making the stock its largest position. Palladium Partners LLC’s holdings in Apple were worth $164,462,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AAPL. Elk River Wealth Management LLC boosted its stake in shares of Apple by 49.0% during the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock valued at $29,181,000 after purchasing an additional 54,989 shares in the last quarter. Piscataqua Savings Bank lifted its stake in Apple by 1.5% during the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after acquiring an additional 684 shares during the period. Fountainhead AM LLC boosted its stake in shares of Apple by 11.6% during the 4th quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock worth $7,732,000 after acquiring an additional 4,738 shares in the last quarter. Primoris Wealth Advisors LLC acquired a new position in Apple in the 4th quarter worth about $4,282,000. Finally, Red Door Wealth Management LLC raised its position in Apple by 3.3% during the first quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock worth $16,934,000 after acquiring an additional 3,087 shares during the period. 57.98% of the stock is currently owned by institutional investors.
Insider Activity at Apple
In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the sale, the senior vice president now directly owns 452,334 shares in the company, valued at approximately $73,151,454.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.06% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
A number of research firms have commented on AAPL. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Apple from $200.00 to $175.00 in a report on Tuesday, June 14th. UBS Group set a $185.00 price objective on shares of Apple in a research report on Thursday, July 21st. JPMorgan Chase & Co. set a $200.00 price target on shares of Apple in a research report on Monday. StockNews.com assumed coverage on Apple in a research note on Thursday, March 31st. They set a “hold” rating for the company. Finally, Loop Capital reduced their price objective on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a report on Wednesday, May 25th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus target price of $179.64.
Apple Price Performance
Shares of AAPL opened at $156.79 on Thursday. The stock has a market cap of $2.54 trillion, a PE ratio of 25.45, a PEG ratio of 1.98 and a beta of 1.19. The business has a 50-day simple moving average of $143.41 and a two-hundred day simple moving average of $157.62. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last issued its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, beating the consensus estimate of $1.43 by $0.09. The company had revenue of $97.28 billion during the quarter, compared to the consensus estimate of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $1.40 EPS. Analysts anticipate that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple declared that its Board of Directors has approved a stock repurchase plan on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
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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