Tufton Capital Management Boosts Stake in Apple Inc. (AAPL)

Tufton Capital Management increased its holdings in Apple Inc. (NASDAQ:AAPL) by 64.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 23,976 shares of the iPhone maker’s stock after buying an additional 9,360 shares during the period. Tufton Capital Management’s holdings in Apple were worth $3,781,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of AAPL. Anderson Hoagland & Co. lifted its position in Apple by 1.3% in the 3rd quarter. Anderson Hoagland & Co. now owns 19,900 shares of the iPhone maker’s stock valued at $4,551,000 after purchasing an additional 250 shares during the last quarter. Financial & Investment Management Group Ltd. acquired a new position in shares of Apple in the 3rd quarter worth approximately $531,000. Sonora Investment Management LLC grew its stake in shares of Apple by 5.0% in the 3rd quarter. Sonora Investment Management LLC now owns 78,331 shares of the iPhone maker’s stock worth $17,683,000 after purchasing an additional 3,745 shares during the last quarter. Westbourne Investment Advisors Inc. grew its stake in shares of Apple by 1.7% in the 3rd quarter. Westbourne Investment Advisors Inc. now owns 47,860 shares of the iPhone maker’s stock worth $10,804,000 after purchasing an additional 793 shares during the last quarter. Finally, Schneider Downs Wealth Management Advisors LP grew its stake in shares of Apple by 30.5% in the 3rd quarter. Schneider Downs Wealth Management Advisors LP now owns 6,875 shares of the iPhone maker’s stock worth $1,552,000 after purchasing an additional 1,606 shares during the last quarter. 57.36% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently weighed in on AAPL shares. DA Davidson dropped their target price on shares of Apple to $245.00 and set a “buy” rating on the stock in a research report on Wednesday, January 23rd. They noted that the move was a valuation call. Rosenblatt Securities set a $165.00 target price on shares of Apple and gave the stock a “hold” rating in a research report on Friday, January 25th. UBS Group set a $185.00 target price on shares of Apple and gave the stock a “buy” rating in a research report on Monday, January 28th. Royal Bank of Canada set a $185.00 target price on shares of Apple and gave the stock a “buy” rating in a research report on Monday, January 28th. Finally, JPMorgan Chase & Co. set a $228.00 target price on shares of Apple and gave the stock a “buy” rating in a research report on Wednesday, January 30th. Three analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Apple currently has an average rating of “Hold” and an average target price of $211.25.

In other news, Director Arthur D. Levinson sold 35,000 shares of the business’s stock in a transaction 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 sale, the director now directly owns 1,168,283 shares in the company, valued at $246,344,153.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jeffrey E. Williams sold 56,411 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the completion of the sale, the chief operating officer now owns 151,187 shares of the company’s stock, valued at $31,803,697.32. 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 90 days. 0.05% of the stock is owned by corporate insiders.

Shares of Apple stock traded down $2.67 on Wednesday, reaching $183.93. The stock had a trading volume of 8,055,325 shares, compared to its average volume of 30,953,145. The company has a current ratio of 1.32, a quick ratio of 1.26 and a debt-to-equity ratio of 0.85. Apple Inc. has a fifty-two week low of $142.00 and a fifty-two week high of $233.47. The stock has a market capitalization of $928.96 billion, a price-to-earnings ratio of 15.44, a PEG ratio of 1.60 and a beta of 1.14.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.37 by $0.09. Apple had a net margin of 22.12% and a return on equity of 51.29%. The business had revenue of $58.02 billion during the quarter, compared to analysts’ expectations of $57.40 billion. During the same period in the previous year, the company earned $2.73 earnings per share. Apple’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, research analysts predict that Apple Inc. will post 11.48 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were paid a $0.77 dividend. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.67%. This is a boost from Apple’s previous quarterly dividend of $0.73. The ex-dividend date was Friday, May 10th. Apple’s payout ratio is presently 25.86%.

Apple declared that its board has approved a stock buyback plan on Tuesday, April 30th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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Apple Profile

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.

See Also: Cost of equity and a company’s balance sheet

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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