M&R Capital Management Inc. reduced its stake in Apple Inc. (NASDAQ: AAPL – Get a rating) by 2.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund held 190,738 shares of the iPhone maker after selling 4,744 shares during the period. Apple represents 8.8% of M&R Capital Management Inc.’s investment portfolio, making the stock its largest holding. M&R Capital Management Inc.’s holdings in Apple were worth $31,430,000 when it last filed with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also recently changed their stock holdings. Verity & Verity LLC increased its stake in Apple by 0.5% in the first quarter. Verity & Verity LLC now owns 134,814 shares of the iPhone maker valued at $22,231,000 after purchasing an additional 731 shares during the period. Rempart Asset Management Inc. increased its stake in Apple by 1.2% in the first quarter. Rempart Asset Management Inc. now owns 8,685 shares of the iPhone maker valued at $1,432,000 after buying an additional 100 shares during the period. Kozak & Associates Inc. increased its stake in Apple by 2.5% in the first quarter. Kozak & Associates Inc. now owns 50,394 shares of the iPhone maker valued at $8,310,000 after buying an additional 1,228 shares during the period. Global Wealth Strategies & Associates increased its stake in Apple by 16.6% in the first quarter. Global Wealth Strategies & Associates now owns 7,630 shares of the iPhone maker valued at $1,258,000 after purchasing an additional 1,085 shares during the period. Finally, Center Asset Management LLC increased its stake in Apple by 5.3% in the first quarter. Center Asset Management LLC now owns 146,396 shares of the iPhone maker valued at $24,141,000 after purchasing an additional 7,340 shares during the period. 57.60% of the shares are held by hedge funds and other institutional investors.
Insider activity
In other news, SVP Deirdre O’brien sold 43,622 shares of the company in a trade that took place on Monday, April 3. The shares were sold at an average price of $165.41, for a total value of $7,215,515.02. Following the completion of the transaction, the senior vice president now owns 136,444 shares of the company, valued at $22,569,202.04. The transaction was disclosed in a document filed with the SEC, accessible via this link. Separately, COO Jeffrey E. Williams sold 187,730 shares of the company in a trade that took place on Wednesday, March 22. The shares were sold at an average price of $159.76, for a total value of $29,991,744.80. Following completion of the transaction, the COO now owns 489,816 shares of the company, valued at $78,253,004.16. The transaction was disclosed in a document filed with the SEC, accessible via this link. Additionally, SVP Deirdre O’brien sold 43,622 shares of the company in a trade that took place on Monday, April 3. The stock was sold at an average price of $165.41, for a total transaction of $7,215,515.02. As a result of the transaction, the senior vice president now directly owns 136,444 shares of the company, valued at approximately $22,569,202.04. Disclosure of this sale can be found here. Insiders sold a total of 439,529 shares of the company worth $71,703,657 in the past 90 days. Insiders own 0.06% of the shares of the company.
Apple shares down 0.6%
Shares of NASDAQAAPL opened at $184.92 on Monday. Apple Inc. has a 12-month low of $124.17 and a 12-month high of $186.99. The company has a market capitalization of $2.91 trillion, a PE ratio of 31.40, a price-to-earnings growth ratio of 2.47 and a beta of 1.29. The company has a debt ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.88. The company’s 50-day moving average is $172.60 and its two-hundred-day moving average is $155.26.
Apple (NASDAQ: AAPL – Get a rating) last announced its quarterly results on Thursday, May 4. The iPhone maker reported earnings per share (EPS) of $1.52 for the quarter, beating the consensus estimate of $1.44 by $0.08. The company posted revenue of $94.84 billion for the quarter, versus a consensus estimate of $92.84 billion. Apple had a net margin of 24.49% and a return on equity of 165.72%. The company’s revenue for the quarter decreased 2.5% compared to the same quarter last year. In the same quarter a year earlier, the company had earned earnings per share of $1.52. Stock analysts expect Apple Inc. to post EPS of 5.99 for the current fiscal year.
Apple said its board on Thursday (May 4) approved a stock repurchase program that allows the company to repurchase $90.00 billion in stock. This repurchase authorization allows the iPhone maker to repurchase up to 3.4% of its shares through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Apple increases its dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 18. Shareholders of record on Monday, May 15 received a dividend of $0.24. This represents a dividend of $0.96 on an annualized basis and a dividend yield of 0.52%. The ex-dividend date was Friday, May 12. This is a positive change from Apple’s previous quarterly dividend of $0.23. Apple’s payout ratio is currently 16.30%.
Analyst upgrades and downgrades
A number of research companies have commented on the AAPL. Bank of America raised its price target on Apple shares from $176.00 to $190.00 in a Monday, June 5 research note. Jefferies Financial Group raised its price target on Apple shares from $195.00 to $210.00 in a Friday, June 2 research note. Monness Crespi & Hardt raised its price target on Apple shares from $174.00 to $188.00 and gave the company a “buy” rating in a Friday, May 5 research note. Needham & Company LLC raised its price target on Apple shares from $170.00 to $195.00 and gave the company a “buy” rating in a Friday, May 5 report. Finally, Wedbush reaffirmed an “outperform” rating and issued a price target of $205.00 on Apple shares in a Monday, April 17 report. Two analysts rated the stock with a sell rating, eight gave the company a hold rating and twenty-four gave the company a buy rating. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.40.
About Apple
Apple Inc designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories worldwide. The company offers iPhone, a range of smartphones; Mac, a line of personal computers; iPad, a range of versatile tablets; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats and HomePod products.
Further reading
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