Wedbush Securities Inc. grew its stake in shares of Apple Inc. (NASDAQ:AAPL) by 3.0% in the second quarter, according to its most recent filing with the SEC. The fund owned 184,638 shares of the iPhone maker’s stock after acquiring an additional 5,408 shares during the period. Apple comprises about 3.7% of Wedbush Securities Inc.’s portfolio, making the stock its largest holding. Wedbush Securities Inc.’s holdings in Apple were worth $36,544,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. CIBC Private Wealth Group LLC lifted its holdings in shares of Apple by 5.9% in the second quarter. CIBC Private Wealth Group LLC now owns 3,812,135 shares of the iPhone maker’s stock valued at $754,496,000 after purchasing an additional 212,969 shares in the last quarter. Wooster Corthell Wealth Management Inc. lifted its holdings in shares of Apple by 4.5% in the second quarter. Wooster Corthell Wealth Management Inc. now owns 1,447 shares of the iPhone maker’s stock valued at $286,000 after purchasing an additional 62 shares in the last quarter. Cibc Bank USA lifted its holdings in shares of Apple by 1.6% in the second quarter. Cibc Bank USA now owns 66,436 shares of the iPhone maker’s stock valued at $13,150,000 after purchasing an additional 1,052 shares in the last quarter. Cape ANN Savings Bank lifted its holdings in shares of Apple by 15.7% in the second quarter. Cape ANN Savings Bank now owns 14,899 shares of the iPhone maker’s stock valued at $2,948,000 after purchasing an additional 2,027 shares in the last quarter. Finally, Trellus Management Company LLC purchased a new stake in shares of Apple in the second quarter valued at $990,000. Institutional investors own 59.21% of the company’s stock.
Shares of NASDAQ:AAPL opened at $203.92 on Wednesday. The company has a market cap of $915.77 billion, a P/E ratio of 17.14, a P/E/G ratio of 1.69 and a beta of 1.25. The stock’s 50-day moving average is $205.07 and its 200-day moving average is $193.47. Apple Inc. has a 52-week low of $142.00 and a 52-week high of $233.47. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.47 and a current ratio of 1.50.
Apple announced that its board has authorized a stock buyback 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were given a $0.77 dividend. This represents a $3.08 annualized dividend and a dividend yield of 1.51%. The ex-dividend date was Friday, August 9th. Apple’s dividend payout ratio is currently 25.86%.
In related news, Director Arthur D. Levinson sold 17,500 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $214.02, for a total value of $3,745,350.00. Following the completion of the sale, the director now owns 1,150,783 shares in the company, valued at $246,290,577.66. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Chris Kondo sold 4,376 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $217.47, for a total transaction of $951,648.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 304,536 shares of company stock worth $62,894,611. 0.05% of the stock is currently owned by company insiders.
A number of analysts have recently issued reports on AAPL shares. Deutsche Bank increased their target price on Apple from $205.00 to $210.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. Morgan Stanley set a $247.00 target price on Apple and gave the company a “buy” rating in a report on Wednesday, July 31st. Rosenblatt Securities restated a “sell” rating and issued a $150.00 target price on shares of Apple in a report on Monday, July 8th. Bank of America increased their target price on Apple from $230.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Raymond James raised shares of Apple from a “market perform” rating to an “outperform” rating and set a $250.00 price target on the stock in a research note on Thursday, July 18th. Four investment analysts have rated the stock with a sell rating, twenty have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. Apple currently has an average rating of “Hold” and an average target price of $217.25.
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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