Magnolia Wealth Management LLC increased its holdings of Apple Inc. (NASDAQ: AAPL – Get Rating) stock by 7,800.0% in Q1, according to the company in its latest 13F filing with the Securities and Exchange Commission. The institutional investor held 131,930 shares of the iPhone maker after acquiring an additional 130,260 shares during the period. Apple accounts for about 0.3% of Magnolia Wealth Management LLC’s investment portfolio, making the stock its 13th-largest position. Magnolia Wealth Management LLC’s holdings in Apple were worth $22,185,000 when it last filed with the SEC.
Several other large investors have also recently bought and sold shares of AAPL. Norges Bank bought a new stake in Apple during Q4, valued at approximately $25,228,507,000. State Street Corp increased its stake in Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker valued at $112,422,274,000 after buying an additional 10,951,705 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Apple in Q4, valued at approximately $1,461,735,000. Capital Research Global Investors increased its stake in Apple by 38.1% in the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker valued at $5,247,094,000 after buying an additional 8,154,171 shares in the last quarter. Finally, ProShare Advisors LLC increased its stake in Apple by 41.8% in the 4th quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker valued at $3,705,275,000 after buying an additional 6,154,422 shares in the last quarter. Hedge funds and other institutional investors hold 57.98% of the company’s shares.
Apple shares up 3.3%
AAPL opened at $162.51 on Monday. The company has a 50-day moving average price of $144.31 and a two-hundred-day moving average price of $157.20. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt ratio of 1.53. The company has a market capitalization of $2.63 trillion, a PE ratio of 26.38, a P/E/G ratio of 1.97 and a beta of 1.19. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings data on Thursday, July 28. The iPhone maker reported EPS of $1.20 for the quarter, beating the consensus estimate of $1.14 by $0.06. The company posted revenue of $82.96 billion in the quarter, versus a consensus estimate of $82.97 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company’s revenue increased by 1.9% compared to the same quarter last year. During the same period of the previous year, the company achieved EPS of $1.30. As a group, research analysts expect Apple Inc. to post EPS of 6.09 for the current year.
Apple said its board launched a stock repurchase program on Thursday, April 28 that allows the company to repurchase $90.00 billion in outstanding stock. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Stock buyback programs are usually a sign that a company’s management believes its stock is undervalued.
Apple announces dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 11. Shareholders of record on Monday August 8 will receive a dividend of $0.23 per share. This represents an annualized dividend of $0.92 and a yield of 0.57%. The ex-date of this dividend is Friday, August 5. Apple’s payout ratio is 14.94%.
Insiders place their bets
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the company in a trade that took place on Wednesday, May 4. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. As a result of the transaction, the senior vice president now owns 452,334 shares of the company, valued at approximately $73,151,454.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. 0.06% of the shares are currently held by insiders.
A Wall Street analyst gives his opinion
AAPL has been the subject of several recent analyst reports. Rosenblatt Securities lowered its price target on Apple shares from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday. JPMorgan Chase & Co. set a price target of $200.00 on Apple in a Monday, July 25 research note. Loop Capital lowered its price target on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a Wednesday, May 25 research note. Citigroup raised its price target on Apple from $175.00 to $185.00 and gave the company a “buy” rating in a research note on Friday. Finally, Itau BBA Securities began covering Apple in a research note on Tuesday, July 26. They issued an “underperforming” rating and a price target of $136.00 for the company. Two analysts have assigned the stock a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has assigned the company a strong buy rating. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $179.04.
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Apple Inc designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories worldwide. It also sells various related services. Additionally, the company offers iPhone, a range of smartphones; Mac, a line of personal computers; iPad, a range of versatile tablets; AirPods Max, an over-ear wireless headset; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats products, HomePod and iPod touch.
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