Quadrant Capital Group LLC reduced its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,069 shares of the iPhone maker’s stock after selling 733 shares during the quarter. Apple accounts for 1.4% of Quadrant Capital Group LLC’s holdings, making the stock its 10th largest position. Quadrant Capital Group LLC’s holdings in Apple were worth $5,346,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Contravisory Investment Management Inc. raised its position in Apple by 30.6% in the fourth quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock valued at $97,000 after purchasing an additional 144 shares during the period. CKW Financial Group raised its holdings in shares of Apple by 15.0% in the 4th quarter. CKW Financial Group now owns 807 shares of the iPhone maker’s stock valued at $127,000 after buying an additional 105 shares during the period. Selective Wealth Management purchased a new stake in shares of Apple in the 3rd quarter valued at $194,000. Lawson Kroeker Investment Management Inc. NE purchased a new stake in shares of Apple in the 3rd quarter valued at $201,000. Finally, Leith Wheeler Investment Counsel Ltd. purchased a new stake in shares of Apple in the 3rd quarter valued at $201,000. 57.47% of the stock is currently owned by institutional investors.
Shares of NASDAQ AAPL traded down $2.76 during midday trading on Friday, reaching $197.18. 38,764,368 shares of the company’s stock were exchanged, compared to its average volume of 27,024,756. Apple Inc. has a 52-week low of $142.00 and a 52-week high of $233.47. The firm has a market cap of $986.57 billion, a price-to-earnings ratio of 16.56, a PEG ratio of 1.70 and a beta of 1.14. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.26 and a current ratio of 1.32.
The company also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Investors of record on Monday, May 13th will be paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a yield of 1.56%. This is an increase from Apple’s previous quarterly dividend of $0.73. The ex-dividend date is Friday, May 10th. Apple’s dividend payout ratio (DPR) is 24.52%.
Apple declared that its Board of Directors has initiated a stock buyback program on Tuesday, April 30th that allows the company to buyback $75.00 billion in shares. This buyback authorization allows the iPhone maker to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Several equities research analysts have weighed in on the company. Piper Jaffray Companies upped their price target on Apple from $201.00 to $230.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Sanford C. Bernstein set a $190.00 price target on Apple and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Morgan Stanley upped their price objective on Apple from $234.00 to $240.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 1st. Jefferies Financial Group upped their price objective on Apple from $160.00 to $210.00 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. Finally, Loop Capital upped their price objective on Apple to $190.00 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. Three research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $211.43.
In other Apple news, COO Jeffrey E. Williams sold 56,411 shares of Apple stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total value of $11,866,617.96. Following the completion of the transaction, the chief operating officer now directly owns 151,187 shares in the company, valued at $31,803,697.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Arthur D. Levinson sold 35,000 shares of Apple stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $210.86, for a total value of $7,380,100.00. Following the completion of the transaction, the director now owns 1,168,283 shares of the company’s stock, valued at $246,344,153.38. The disclosure for this sale can be found here. Insiders sold 142,549 shares of company stock valued at $29,300,960 over the last quarter. Insiders own 0.05% of the company’s stock.
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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