Armstrong Henry H Associates Inc. increased its stake in Apple Inc. (NASDAQ: AAPL – Get a rating) by 1.0% in the first quarter, HoldingsChannel reports. The company held 69,928 shares of the iPhone maker after buying an additional 704 shares during the quarter. Apple accounts for 1.3% of Armstrong Henry H Associates Inc.’s portfolio, making the stock its 10th-largest position. Armstrong Henry H Associates Inc.’s holdings in Apple were worth $12,210,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently changed their stakes in the company. Elk River Wealth Management LLC increased its holdings of Apple shares by 49.0% in the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker valued at $29,181,000 after buying an additional 54,989 shares last quarter. Piscataqua Savings Bank increased its stake in Apple by 1.5% in the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker worth $8,302,000 after buying an additional 684 shares during the period. Fountainhead AM LLC increased its stake in Apple by 11.6% in the fourth quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker worth $7,732,000 after purchasing an additional 4,738 shares during the period. Primoris Wealth Advisors LLC bought a new position in Apple during the fourth quarter worth $4,282,000. Finally, Red Door Wealth Management LLC increased its stake in Apple by 3.3% during the first quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker worth $16,934,000 after buying 3,087 additional shares during the period. 57.98% of the shares are held by hedge funds and other institutional investors.
Insider trading at Apple
In other news, please Katherine L. Adams sold 25,000 shares of the company in a trade dated Wednesday, May 4. The stock was 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 owns 452,334 shares of the company, valued at $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. Insiders own 0.06% of the shares of the company.
Changes to analyst ratings
Several research analysts have commented on AAPL shares. Raymond James dropped his price target on Apple shares from $190.00 to $185.00 and set a “hold” rating for the company in a research note on Friday. Barclays raised its price target on Apple shares from $166.00 to $169.00 and gave the stock a “holding” rating in a research note on Friday. Loop Capital lowered its price target on Apple shares from $210.00 to $180.00 and set a “buy” rating for the company in a Wednesday, May 25 research note. Piper Sandler lowered her price target on Apple shares from $200.00 to $195.00 in a Friday, April 29 research note. Finally, Deutsche Bank Aktiengesellschaft set a target price of $175.00 on Apple in a research report on Monday. Two analysts gave the stock a sell rating, eight gave the stock a hold rating, twenty-one gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus price target of $179.04.
Apple stock performance
Shares of Apple broth opened at $161.51 on Tuesday. The company has a market capitalization of $2.61 trillion, a PE ratio of 26.65, a P/E/G ratio of 2.11 and a beta of 1.23. The company has a debt ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86. The company has a 50-day simple moving average of $144.68 and a two-hundred-day simple moving average of $157.12. Apple Inc. has a one-year low of $129.04 and a one-year high of $182.94.
Apple (NASDAQ: AAPL – Get a rating) last announced its results on Thursday, July 28. The iPhone maker reported EPS of $1.20 for the quarter, beating analyst consensus estimates of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company posted revenue of $82.96 billion in the quarter, versus a consensus estimate of $82.97 billion. In the same period a year earlier, the company posted earnings per share of $1.30. The company’s revenue increased 1.9% year-over-year. Research analysts expect Apple Inc. to post EPS of 6.08 for the current fiscal year.
Apple announced that its board of directors authorized a stock repurchase program on Thursday, April 28 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 buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Apple dividend announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11. Shareholders of record on Monday August 8 will receive a dividend of $0.23 per share. The ex-dividend date is Friday August 5th. This represents a dividend of $0.92 on an annualized basis and a dividend yield of 0.57%. Apple’s payout ratio is 15.18%.
Apple Profile
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.
Further reading
Want to see which other hedge funds hold AAPLs? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ: AAPL – Get a rating).
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