Cornell Pochily Investment Advisors Inc. lowered its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 10.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 115,416 shares of the iPhone maker’s stock after selling 13,315 shares during the quarter. Apple accounts for about 7.8% of Cornell Pochily Investment Advisors Inc.’s holdings, making the stock its biggest position. Cornell Pochily Investment Advisors Inc.’s holdings in Apple were worth $20,153,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Elk River Wealth Management LLC increased its position in shares of Apple by 49.0% in 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 buying an additional 54,989 shares in the last quarter. Piscataqua Savings Bank increased its position in Apple by 1.5% during the 1st quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock worth $8,302,000 after purchasing an additional 684 shares in the last quarter. Harbor Capital Advisors Inc. purchased a new stake in Apple during the 1st quarter worth about $171,000. Fountainhead AM LLC increased its position in 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 purchasing an additional 4,738 shares in the last quarter. Finally, Primoris Wealth Advisors LLC purchased a new stake in Apple during the 4th quarter worth about $4,282,000. Institutional investors and hedge funds own 57.98% of the company’s stock.
In related news, SVP Katherine L. Adams sold 25,000 shares of Apple 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 sale, the senior vice president now directly owns 427,334 shares in the company, valued at approximately $70,411,823.18. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.06% of the company’s stock.
Wall Street Analysts Forecast Growth
AAPL has been the subject of a number of recent research reports. UBS Group set a $185.00 price objective on Apple in a research report on Thursday, July 21st. set a $175.00 price objective on Apple in a research report on Friday, July 29th. Oppenheimer reiterated an “outperform” rating and set a $190.00 price objective on shares of Apple in a research report on Wednesday, June 8th. Bank of America lowered their price target on Apple from $200.00 to $185.00 in a report on Tuesday, July 26th. Finally, Rosenblatt Securities lowered their price target on Apple from $168.00 to $160.00 and set a “neutral” rating for the company in a 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 assigned a strong buy rating to the company. According to MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and an average target price of $179.27.
Apple Trading Down 0.3 %
NASDAQ AAPL opened at $164.87 on Tuesday. The firm has a market capitalization of $2.65 trillion, a PE ratio of 27.21, a price-to-earnings-growth ratio of 2.14 and a beta of 1.23. Apple Inc. has a one year low of $129.04 and a one year high of $182.94. The company has a 50-day simple moving average of $146.64 and a 200-day simple moving average of $157.02. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86.
Apple (NASDAQ:AAPL – Get Rating) last issued its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. The company had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. Apple’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.30 earnings per share. On average, equities analysts forecast that Apple Inc. will post 6.1 earnings per share for the current year.
Apple declared that its Board of Directors has initiated a stock buyback program on Thursday, April 28th that allows the company to buyback $90.00 billion in shares. This buyback authorization allows the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Apple Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend is Friday, August 5th. Apple’s payout ratio is 15.18%.
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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