Patten Group Inc. reduced its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 107,770 shares of the iPhone maker’s stock after selling 1,477 shares during the period. Apple comprises approximately 5.3% of Patten Group Inc.’s holdings, making the stock its largest holding. Patten Group Inc.’s holdings in Apple were worth $18,818,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Cardinal Capital Management Inc. increased its position in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after buying an additional 221 shares during the period. Shore Point Advisors LLC acquired a new stake in Apple in the fourth quarter worth $41,000. St. James Investment Advisors LLC acquired a new stake in Apple in the fourth quarter worth $57,000. Emerson Wealth LLC increased its position in Apple by 363.6% in the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock worth $71,000 after buying an additional 320 shares during the period. Finally, Econ Financial Services Corp increased its position in Apple by 29.1% in the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock worth $74,000 after buying an additional 95 shares during the period. 57.98% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Apple
In other news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the completion of the sale, the senior vice president now directly owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.06% of the company’s stock.
Apple Stock Down 0.1 %
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.06. The firm 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%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the business earned $1.30 EPS. As a group, analysts expect that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple announced that its board has authorized a share buyback program on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
Apple Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date of this dividend is Friday, August 5th. Apple’s dividend payout ratio (DPR) is presently 15.18%.
Wall Street Analyst Weigh In
AAPL has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft set a $175.00 price target on Apple in a research note on Monday, August 1st. Fundamental Research set a $177.07 price target on Apple and gave the stock a “buy” rating in a research note on Thursday. Loop Capital decreased their price target on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. Credit Suisse Group set a $166.00 price target on Apple in a research note on Friday, July 29th. Finally, JPMorgan Chase & Co. set a $200.00 price target on Apple in a research note on Monday, July 25th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $179.27.
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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