Future Financial Wealth Managment LLC reduced its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,220 shares of the iPhone maker’s stock after selling 371 shares during the period. Apple makes up approximately 1.5% of Future Financial Wealth Managment LLC’s portfolio, making the stock its 12th largest position. Future Financial Wealth Managment LLC’s holdings in Apple were worth $1,785,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. First National Trust Co increased its holdings in Apple by 12.0% in the first quarter. First National Trust Co now owns 520,172 shares of the iPhone maker’s stock valued at $90,827,000 after buying an additional 55,726 shares in the last quarter. Oakwell Private Wealth Management LLC increased its holdings in Apple by 10.4% in the first quarter. Oakwell Private Wealth Management LLC now owns 8,603 shares of the iPhone maker’s stock valued at $1,502,000 after buying an additional 808 shares in the last quarter. Metis Global Partners LLC increased its holdings in Apple by 80.0% in the first quarter. Metis Global Partners LLC now owns 252,466 shares of the iPhone maker’s stock valued at $44,083,000 after buying an additional 112,193 shares in the last quarter. Motive Wealth Advisors increased its holdings in Apple by 135.5% in the first quarter. Motive Wealth Advisors now owns 8,691 shares of the iPhone maker’s stock valued at $1,517,000 after buying an additional 5,001 shares in the last quarter. Finally, One Day In July LLC increased its holdings in Apple by 16.8% in the first quarter. One Day In July LLC now owns 16,900 shares of the iPhone maker’s stock valued at $2,951,000 after buying an additional 2,434 shares in the last quarter. 57.62% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts have issued reports on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $190.00 target price on shares of Apple in a report on Wednesday, June 8th. Citigroup increased their price target on shares of Apple from $175.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Barclays lowered their price target on shares of Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 13th. Fundamental Research set a $177.07 price target on shares of Apple and gave the company a “buy” rating in a research report on Thursday, August 4th. Finally, The Goldman Sachs Group set a $139.00 price target on shares of Apple in a research report on Friday, July 29th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $181.18.
Apple Stock Performance
Apple stock opened at $171.52 on Friday. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94. The company has a market capitalization of $2.76 trillion, a price-to-earnings ratio of 28.30, a price-to-earnings-growth ratio of 2.26 and a beta of 1.23. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82. The firm’s fifty day moving average price is $151.13 and its 200 day moving average price is $157.49.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The firm had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. During the same quarter in the previous year, the firm posted $1.30 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. On average, research analysts forecast that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend was Friday, August 5th. Apple’s dividend payout ratio (DPR) is 15.18%.
Apple declared that its Board of Directors has authorized a stock buyback program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling
In related news, CFO Luca Maestri sold 96,735 shares of Apple stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the sale, the chief financial officer now owns 110,673 shares of the company’s stock, valued at approximately $19,362,241.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Apple news, CFO Luca Maestri sold 96,735 shares of the firm’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the completion of the transaction, the chief financial officer now directly owns 110,673 shares of the company’s stock, valued at approximately $19,362,241.35. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total transaction 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 $70,411,823.18. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.
About Apple
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.
Further Reading
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Read More: Future Financial Wealth Managment LLC Cuts Stock Holdings in Apple Inc. (NASDAQ:AAPL)