The position of Apple Inc. (NASDAQ:AAPL) was upgraded by Fortis Capital Advisors LLC

VaselineAugust 10, 2024

0 5 minutes read

Fortis Capital Advisors LLC grew its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 0.7% during the first quarter, Holdings Channel.com reports. The fund owned 67,309 shares of the iPhone maker’s stock after purchasing an additional 443 shares during the quarter. Apple comprises approximately 4.9% of Fortis Capital Advisors LLC’s portfolio, making the stock its 5th biggest holding. Fortis Capital Advisors LLC’s holdings in Apple were worth $11,542,000 at the end of the most recent quarter.

A number of other large investors have added to or reduced their stakes in AAPL. Vanguard Group Inc. boosted its holdings in shares of Apple by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after purchasing an additional 18,067,216 shares in the last quarter. Norges Bank bought a new stake in Apple in the fourth quarter valued at $33,912,466,000. International Assets Investment Management LLC boosted its stake in Apple by 14,395.4% during the 4th quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock, valued at $136,119,470,000 after acquired an additional 70,212,651 shares in the last quarter. Wellington Management Group LLP grew its position in Apple by 3.6% during the 4th quarter. Wellington Management Group LLP now owns 60,651,275 shares of the iPhone maker’s stock worth $11,677,190,000 after buying an additional 2,096,360 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its stake in shares of Apple by 2.0% in the fourth quarter. Fisher Asset Management LLC now owns 54,702,300 shares of the iPhone maker’s stock valued at $10,531,834,000 after buying an additional 1,067,587 shares during the last quarter. 60.41% of the shares are owned by institutional investors and hedge funds.

Indoor activity

In other news, insider Chris Kondo sold 4,999 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total transaction of $951,809.60. Following the completion of the transaction, the insider now directly owns 29,278 shares in the company, valued at $5,574,531.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. In other Apple news, insider Chris Kondo sold 4,999 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the transaction, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the transaction, the director now directly owns 4,359,576 shares in the company, valued at $835,207,570.08. The disclosure for this sale can be found here. Insiders have sold 179,999 shares of company stock worth $35,964,310 over the last three months. 0.06% of shares are currently held by corporate insiders.

Apple’s price performance

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AAPL opened at $216.24 on Friday. The stock has a fifty day simple moving average of $215.80 and a two hundred day simple moving average of $192.04. The company has a current ratio of 1.04, a quick ratio of 0.99, and a debt-to-equity ratio of 1.24. The company has a market cap of $3.32 trillion, a price-to-earnings ratio of 33.63, a price-to-earnings-growth ratio of 2.60 and a beta of 1.24. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $237.23.

Apple (NASDAQ:AAPL – Get Free Report ) last posted its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a return on equity of 145.35% and a net margin of 26.44%. The firm had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. During the same period last year, the company earned $1.26 per share. The company’s revenue rose 4.9% year-over-year. Research analysts predict that Apple Inc. will post 6.61 earnings per share for the current fiscal year.

Apple declared that its board has initiated a stock buyback plan on Thursday, May 2nd that permits the company to repurchase $110.00 billion in shares. This buyback authorization allows the iPhone maker to buy up to 3.9% of its shares through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Monday, August 12th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, August 12. This represents an annualized dividend of $1.00 and a dividend yield of 0.46%. Apple’s payout ratio is currently 15.55%.

The Wall Street analyst weighs in

A number of research firms have commented on AAPL. Canaccord Genuity Group raised their price objective on shares of Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a research report on Saturday, May 4th. Citigroup upped their price target on Apple from $210.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. StockNews.com raised Apple from a “hold” rating to a “buy” rating in a report on Wednesday. Wedbush lifted their price objective on Apple from $275.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Bank of America reiterated a “buy” rating and set a $230.00 price objective on shares of Apple in a research note on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Moderate Buy” and a consensus price target of $234.29, according to MarketBeat.com.

Check out the latest stock report on Apple

Apple profile

(Free Report)

Apple Inc designs, manufactures and markets smartphones, personal computers, tablets, wearable devices and accessories worldwide. The company offers the iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multifunction tablets; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats products and HomePod.