Apple Inc. (NASDAQ:AAPL) is Mitchell Capital Management Co.’s Largest Position
Posted On August 9, 2022
Mitchell Capital Management Co. boosted its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 210,693 shares of the iPhone maker’s stock after buying an additional 7,103 shares during the quarter. Apple makes up 8.2% of Mitchell Capital Management Co.’s investment portfolio, making the stock its largest holding. Mitchell Capital Management Co.’s holdings in Apple were worth $36,789,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. Joseph Group Capital Management purchased a new stake in Apple in the 4th quarter valued at $1,631,000. Cardinal Capital Management Inc. raised its position in Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after buying an additional 221 shares during the last quarter. Shore Point Advisors LLC purchased a new stake in Apple in the 4th quarter valued at $41,000. St. James Investment Advisors LLC purchased a new stake in Apple in the 4th quarter valued at $57,000. Finally, Emerson Wealth LLC increased its position in shares of Apple by 363.6% during the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after purchasing an additional 320 shares during the last quarter. 57.98% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on the company. Piper Sandler decreased their target price on Apple from $200.00 to $195.00 in a research report on Friday, April 29th. Itau BBA Securities assumed coverage on Apple in a research report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 target price for the company. Loop Capital decreased their target price on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, May 25th. Wells Fargo & Company decreased their target price on Apple from $205.00 to $185.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. Finally, Itaú Unibanco started coverage on Apple in a research report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 target price for the company. Two investment analysts have rated the stock with a sell rating, eight 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $179.27.
Insider Buying and Selling
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total value of $4,119,250.00. Following the completion of the sale, the senior vice president now owns 427,334 shares in the company, valued at $70,411,823.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.06% of the stock is owned by corporate insiders.
Apple Stock Down 0.3 %
Shares of NASDAQ AAPL opened at $164.87 on Tuesday. The stock has a market capitalization of $2.65 trillion, a P/E ratio of 27.21, a PEG ratio of 2.14 and a beta of 1.23. Apple Inc. has a one year low of $129.04 and a one year high of $182.94. The firm’s 50 day simple moving average is $146.64 and its two-hundred day simple moving average is $157.02. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.86 and a quick ratio of 0.82.
Apple (NASDAQ:AAPL – Get Rating) last released its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, beating the consensus estimate of $1.14 by $0.06. The company had revenue of $82.96 billion for the quarter, compared to analyst estimates of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.30 EPS. As a group, analysts expect that Apple Inc. will post 6.1 EPS for the current fiscal year.
Apple Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend is Friday, August 5th. Apple’s dividend payout ratio is presently 15.18%.
Apple announced that its Board of Directors has authorized a stock buyback plan on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
Apple Company Profile
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.
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