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Sandy Cove Advisors LLC increased its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 16.6% in the first quarter, the company said in its latest filing with the Securities and Exchange Commission. The fund owned 47,694 shares of the iPhone maker after buying an additional 6,796 shares during the same period. Apple makes up about 3.8% of Sandy Cove Advisors LLC’s holdings, making the stock its seventh-largest position. Sandy Cove Advisors LLC’s Apple holdings were worth $8,179,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently changed their holdings in AAPL. Wyrmwood Management LLC increased its holdings in Apple by 69.0% in the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after buying an additional 69 shares in the last quarter. Gilfoyle & Co LLC increased its holdings in Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after buying an additional 118 shares in the last quarter. AP Gilfoyle & Co. LP bought a new position in Apple in the fourth quarter valued at $39,000. University of Texas Texas AM Investment Management Co. increased its position in Apple by 657.1% in the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after purchasing an additional 368 shares in the last quarter. Finally, Clarity Asset Management Inc. bought a new stake in Apple in the fourth quarter valued at about $85,000. 60.41% of the shares are owned by institutional investors.

Insider activities at Apple

In other Apple news, insider Chris Kondo sold 4,999 shares of the company’s stock in a transaction that occurred on Wednesday, May 15. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the transaction, the insider now directly owns 29,278 shares of the company’s stock, valued at approximately $5,574,531.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Chris Kondo sold 4,999 shares of the company’s stock in a transaction that occurred on Wednesday, May 15. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the completion of the sale, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Arthur D. Levinson sold 75,000 shares of the company’s stock in a transaction dated Thursday, May 30. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the transaction, the director now directly owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The disclosure regarding this sale can be found here. 0.06% of the shares are currently owned by company insiders.

Wall Street analysts comment

AAPL has been the subject of numerous analyst reports. Wedbush raised their price target on Apple from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, May 24th. JPMorgan Chase & Co. raised their price target on shares of Apple from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Piper Sandler raised their price target on shares of Apple from $190.00 to $225.00 and gave the stock a “neutral” rating in a research report on Tuesday. Oppenheimer raised their price target on shares of Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, June 28th. Finally, Itau BBA Securities upgraded Apple from “underperform” to “market perform” and increased their price target on the stock from $162.00 to $188.00 in a research note on Friday, May 3. One analyst has rated the stock with a “sell”, eleven have “hold”, 24 have “buy” and one has assigned a “strong buy” rating to the stock. According to MarketBeat.com, the company currently has an average rating of “moderate buy” and a consensus price target of $218.43.

Read our latest research report on Apple

Price development of Apple shares

Apple stock opened at $232.98 on Thursday. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $233.08. The company’s 50-day moving average is $200.96 and its 200-day moving average is $186.98. The company has a market cap of $3.57 trillion, a P/E ratio of 36.23, a price-to-earnings-growth ratio of 2.77 and a beta of 1.24. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99.

Apple (NASDAQ:AAPL – Get Free Report) last released its quarterly results on Thursday, May 2. The iPhone maker reported earnings per share (EPS) of $1.53 for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The company posted revenue of $90.75 billion for the quarter, compared to analysts’ expectations of $90.37 billion. In the same quarter last year, the company posted earnings per share of $1.52. Apple’s revenue declined 4.3% compared to the same quarter last year. Research analysts forecast that Apple Inc. will report earnings per share of $6.59 for the current year.

Apple announced that its board of directors initiated a stock repurchase plan on Thursday, May 2, that authorizes the company to buy back $110.00 billion worth of outstanding shares. This repurchase authorization entitles the iPhone maker to buy back up to 3.9% of its shares through the open market. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Apple increases dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16. Investors of record on Monday, May 13 were paid a dividend of $0.25. This represents a $1.00 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend was Friday, May 10. This is an increase from Apple’s previous quarterly dividend of $0.24. Apple’s dividend payout ratio (DPR) is currently 15.55%.

Apple company profile

(Free report)

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 multipurpose tablets; and wearables, home devices, and accessories, including AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

See also

Want to see which other hedge funds hold AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL – Free Report).

Institutional ownership by quarter for Apple (NASDAQ:AAPL)

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