Concorde Asset Management LLC grew its stake in Apple Inc. (NASDAQ:AAPL) by 64.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,482 shares of the iPhone maker’s stock after acquiring an additional 2,542 shares during the quarter. Concorde Asset Management LLC’s holdings in Apple were worth $1,008,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Contravisory Investment Management Inc. grew its position in shares of Apple by 30.6% in the 4th quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock valued at $97,000 after purchasing an additional 144 shares during the period. CKW Financial Group grew its position in shares of Apple by 15.0% in the 4th quarter. CKW Financial Group now owns 807 shares of the iPhone maker’s stock valued at $127,000 after purchasing an additional 105 shares during the period. Leith Wheeler Investment Counsel Ltd. acquired a new position in shares of Apple in the 3rd quarter valued at approximately $201,000. Moller Financial Services acquired a new position in shares of Apple in the 3rd quarter valued at approximately $226,000. Finally, Stratford Consulting LLC acquired a new position in shares of Apple in the 3rd quarter valued at approximately $226,000. 57.36% of the stock is owned by institutional investors.
AAPL has been the subject of several research analyst reports. UBS Group boosted their price objective on Apple from $180.00 to $185.00 in a research report on Wednesday, January 30th. Citigroup reiterated a “buy” rating and issued a $170.00 price objective on shares of Apple in a research report on Wednesday, January 30th. Canaccord Genuity decreased their price objective on Apple from $190.00 to $185.00 and set a “buy” rating for the company in a research report on Wednesday, January 30th. Monness Crespi & Hardt boosted their price objective on Apple from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, January 30th. Finally, BTIG Research decreased their price objective on Apple from $197.00 to $189.00 and set a “buy” rating for the company in a research report on Wednesday, January 30th. Three equities research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $211.43.
Apple (NASDAQ:AAPL) last released its quarterly earnings data on Tuesday, April 30th. The iPhone maker reported $2.46 EPS for the quarter, beating the consensus estimate of $2.37 by $0.09. The company had revenue of $58.02 billion during the quarter, compared to the consensus estimate of $57.40 billion. Apple had a return on equity of 51.29% and a net margin of 22.12%. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.73 EPS. On average, sell-side analysts forecast that Apple Inc. will post 11.48 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 13th will be issued a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Friday, May 10th. This is an increase from Apple’s previous quarterly dividend of $0.73. Apple’s dividend payout ratio is presently 25.86%.
Apple announced that its board has approved a stock repurchase plan on Tuesday, April 30th that authorizes the company to repurchase $75.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, COO Jeffrey E. Williams sold 56,411 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total value of $11,866,617.96. Following the completion of the sale, the chief operating officer now owns 151,187 shares of the company’s stock, valued at approximately $31,803,697.32. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Luca Maestri sold 51,138 shares of the stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $196.61, for a total value of $10,054,242.18. Following the completion of the sale, the insider now directly owns 27,448 shares of the company’s stock, valued at approximately $5,396,551.28. The disclosure for this sale can be found here. In the last three months, insiders sold 142,549 shares of company stock valued at $29,300,960. 0.05% of the stock is currently owned by insiders.
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Apple Company Profile
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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