Encompass Wealth Advisors LLC lifted its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,226 shares of the iPhone maker’s stock after acquiring an additional 876 shares during the period. Apple comprises approximately 1.8% of Encompass Wealth Advisors LLC’s holdings, making the stock its 13th largest holding. Encompass Wealth Advisors LLC’s holdings in Apple were worth $7,024,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Joseph Group Capital Management bought a new position in Apple during the 4th quarter worth $1,631,000. Cardinal Capital Management Inc. grew its stake in Apple by 5,525.0% during the 1st 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 last quarter. Shore Point Advisors LLC bought a new position in Apple during the 4th quarter worth $41,000. St. James Investment Advisors LLC bought a new position in Apple during the 4th quarter worth $57,000. Finally, Emerson Wealth LLC grew its stake in Apple by 363.6% during the 1st 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 last quarter. 57.98% of the stock is owned by institutional investors and hedge funds.
Apple Stock Down 0.1 %
Shares of Apple stock opened at $165.35 on Friday. The stock has a 50-day moving average price of $146.34 and a 200 day moving average price of $157.12. The company has a market cap of $2.66 trillion, a P/E ratio of 27.29, a P/E/G ratio of 2.15 and a beta of 1.23. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94.
Apple declared that its Board of Directors has authorized a stock repurchase program on Thursday, April 28th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
Apple Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Shareholders of record on Monday, August 8th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 0.56%. The ex-dividend date is Friday, August 5th. Apple’s payout ratio is currently 15.18%.
Insiders Place Their Bets
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the transaction, the senior vice president now directly owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.06% of the company’s stock.
Analysts Set New Price Targets
AAPL has been the subject of a number of recent research reports. Loop Capital lowered their price objective on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. Bank of America decreased their price target on Apple from $200.00 to $185.00 in a research note on Tuesday, July 26th. Fundamental Research set a $177.07 price target on Apple and gave the stock a “buy” rating in a research note on Thursday. KeyCorp increased their price target on Apple from $173.00 to $177.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Rosenblatt Securities decreased their price target on Apple from $168.00 to $160.00 and set a “neutral” rating for the company in a research note on Friday, July 29th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently 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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