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DORCHESTER WEALTH MANAGEMENT Co cut its holdings in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 18.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 207,802 shares of the iPhone maker’s stock after selling 45,552 shares during the quarter. Apple comprises about 10.3% of DORCHESTER WEALTH MANAGEMENT Co’s holdings, making the stock its largest position. DORCHESTER WEALTH MANAGEMENT Co’s holdings in Apple were worth $52,038,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. AMF Tjanstepension AB lifted its holdings in Apple by 21.1% in the third quarter. AMF Tjanstepension AB now owns 3,380,064 shares of the iPhone maker’s stock valued at $787,631,000 after buying an additional 588,427 shares during the period. Latitude Advisors LLC grew its stake in shares of Apple by 0.3% in the 3rd quarter. Latitude Advisors LLC now owns 17,236 shares of the iPhone maker’s stock worth $4,016,000 after acquiring an additional 50 shares in the last quarter. Cornerstone Wealth Group LLC boosted its position in Apple by 0.5% in the third quarter. Cornerstone Wealth Group LLC now owns 232,665 shares of the iPhone maker’s stock worth $54,211,000 after purchasing an additional 1,044 shares during the last quarter. Solidarity Wealth LLC grew its position in shares of Apple by 6.1% during the 3rd quarter. Solidarity Wealth LLC now owns 164,452 shares of the iPhone maker’s stock valued at $38,317,000 after acquiring an additional 9,507 shares during the period. Finally, Boyd Wealth Management LLC grew its stake in shares of Apple by 3.0% during the 3rd quarter. Boyd Wealth Management LLC now owns 4,459 shares of the iPhone maker’s stock worth $1,039,000 after acquiring an additional 131 shares during the period. 67.73% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research firms have weighed in on AAPL. Morgan Stanley lifted their target price on Apple from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Monday. Maxim Group boosted their price objective on Apple to $215.00 and gave the company a “hold” rating in a research report on Friday, February 21st. Argus raised Apple to a “strong-buy” rating in a research note on Friday, January 31st. Wedbush decreased their price objective on Apple from $325.00 to $250.00 and set an “outperform” rating for the company in a report on Monday, April 7th. Finally, China Renaissance started coverage on Apple in a research report on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price target for the company. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $232.63.
Get Our Latest Stock Analysis on Apple
Apple Trading Up 0.4 %
Shares of Apple stock opened at $213.32 on Friday. The company has a fifty day moving average of $212.98 and a 200 day moving average of $228.83. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The company has a market capitalization of $3.20 trillion, a P/E ratio of 33.86, a P/E/G ratio of 2.44 and a beta of 1.26. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92.
Apple (NASDAQ:AAPL – Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 160.83%. The company had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. During the same period in the previous year, the firm posted $1.53 EPS. Apple’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 12th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. This is a boost from Apple’s previous quarterly dividend of $0.25. Apple’s dividend payout ratio is currently 15.87%.
Apple declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
Insider Activity at Apple
In related news, CEO Timothy D. Cook sold 108,136 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the transaction, the chief executive officer now directly owns 3,280,295 shares in the company, valued at approximately $733,637,976.75. This represents a 3.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the company’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the transaction, the chief financial officer now directly owns 4,569 shares in the company, valued at $941,214. This trade represents a 50.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 187,021 shares of company stock valued at $41,760,140. Insiders own 0.06% of the company’s stock.
Apple Profile
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.
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