Canal Capital Management LLC increased its stake in Apple Inc. (NASDAQ: AAPL – Get Rating) by 2.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The company held 84,233 shares of the iPhone maker after buying an additional 2,084 shares during the period. Apple represents 4.0% of Canal Capital Management LLC‘s holdings, making the stock its second largest holding. Canal Capital Management LLC’s holdings in Apple were worth $14,708,000 when it last filed with the SEC.
A number of other hedge funds have also recently changed their holdings to AAPL. State Street Corp increased its position 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 acquiring an additional 10,951,705 shares in the last quarter. Geode Capital Management LLC increased its position in Apple by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker valued at $46,812,958,000 after acquiring 4,456,954 additional shares in the last quarter. Norges Bank bought a new position in Apple in the fourth quarter worth approximately $25,228,507,000. Charles Schwab Investment Management Inc. increased its position in Apple by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker valued at $14,131,710,000 after acquiring 1,273,148 additional shares in the last quarter. Finally, Fisher Asset Management LLC increased its position in Apple by 5.1% in the fourth quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker valued at $11,361,302,000 after acquiring 3,096,696 additional shares in the last quarter. Institutional investors hold 57.98% of the company’s shares.
Insider buying and selling
In other Apple news, SVP Deirdre O’brien sold 8,000 shares of the company in a trade on Monday, April 18. The stock was sold at an average price of $164.91, for a total value of $1,319,280.00. Following the transaction, the senior vice president now owns 136,290 shares of the company, valued at $22,475,583.90. The transaction was disclosed in a legal filing with the SEC, accessible via the SEC’s website. In other Apple 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 transaction, the senior vice president now owns 452,334 shares of the company, valued at $73,151,454.48. The transaction was disclosed in a legal filing with the SEC, accessible via the SEC’s website. 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 value of $1,319,280.00. Following the transaction, the Senior Vice President now directly owns 136,290 shares of the company, valued at approximately $22,475,583.90. The disclosure of this sale can be found here. 0.06% of the shares are currently held by insiders.
Apple trades up 1.1%
Apple shares opened at $150.17 on Friday. The stock has a fifty-day simple moving average of $142.54 and a 200-day simple moving average of $158.83. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The company has a market capitalization of $2.43 trillion, a P/E ratio of 24.38, a price-to-earnings growth ratio of 1.92 and a beta of 1.19. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt ratio of 1.53.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly results on Thursday, April 28. The iPhone maker reported earnings per share (EPS) of $1.52 for the quarter, beating the consensus estimate 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, versus a consensus estimate of $93.99 billion. In the same quarter a year earlier, the company posted earnings per share of $1.40. Apple’s revenue increased by 8.6% compared to the same quarter last year. On average, sell-side analysts expect Apple Inc. to post earnings per share of 6.09 for the current fiscal year.
Apple said its board on Thursday (April 28) approved a stock repurchase plan that allows the company to repurchase $90.00 billion in outstanding stock. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believe its stock is undervalued.
Apple increases its dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 12. Investors of record on Monday, May 9 received a dividend of $0.23 per share. The ex-dividend date was Friday, May 6. This represents an annualized dividend of $0.92 and a yield of 0.61%. This is an increase from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio is 14.94%.
Changes to analyst ratings
A number of research analysts have published reports on AAPL shares. UBS Group set a target price of $185.00 on Apple in a Tuesday, June 21 research report. Bank of America cut its price target on Apple from $215.00 to $200.00 and set a “buy” rating on the stock in a Thursday, May 19 research note. Barclays cut its price target on Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Deutsche Bank Rese… set a price target of $210.00 on Apple in a Friday, April 8 research note. Finally, Deutsche Bank Aktiengesellschaft lowered its price target on Apple from $200.00 to $175.00 in a Tuesday, June 14 research note. Nine research analysts gave the stock a hold rating, twenty-four gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $183.49.
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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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