My Legacy Advisors LLC Makes New $5.98 Million Investment in Apple Inc. (NASDAQ:AAPL)



My Legacy Advisors LLC acquired a new position in Apple Inc. (NASDAQ:AAPL – Get Rating) during the 1st quarter, HoldingsChannel reports. The fund acquired 34,268 shares of the iPhone maker’s stock, valued at approximately $5,984,000. Apple accounts for approximately 2.8% of My Legacy Advisors LLC’s holdings, making the stock its 5th biggest position.

Other institutional investors also recently added to or reduced their stakes in the company. RVW Wealth LLC raised its stake in shares of Apple by 2.5% during the 1st quarter. RVW Wealth LLC now owns 92,873 shares of the iPhone maker’s stock worth $16,217,000 after buying an additional 2,255 shares during the period. First National Bank of Mount Dora Trust Investment Services raised its stake in shares of Apple by 5.4% during the 1st quarter. First National Bank of Mount Dora Trust Investment Services now owns 72,352 shares of the iPhone maker’s stock worth $12,633,000 after buying an additional 3,715 shares during the period. Advisory Resource Group raised its stake in shares of Apple by 1.2% during the 1st quarter. Advisory Resource Group now owns 22,934 shares of the iPhone maker’s stock worth $4,005,000 after buying an additional 275 shares during the period. jvl associates llc raised its stake in shares of Apple by 1.3% during the 1st quarter. jvl associates llc now owns 54,093 shares of the iPhone maker’s stock worth $9,445,000 after buying an additional 700 shares during the period. Finally, Wedmont Private Capital raised its stake in shares of Apple by 5.4% during the 1st quarter. Wedmont Private Capital now owns 68,504 shares of the iPhone maker’s stock worth $12,224,000 after buying an additional 3,534 shares during the period. Institutional investors and hedge funds own 57.98% of the company’s stock.

Shares of Apple stock opened at $138.27 on Friday. The business has a 50-day moving average of $148.56 and a 200 day moving average of $162.56. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94. The stock has a market capitalization of $2.24 trillion, a price-to-earnings ratio of 22.45, a price-to-earnings-growth ratio of 1.78 and a beta of 1.20. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88.

Apple (NASDAQ:AAPL – Get Rating) last announced its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company had revenue of $97.28 billion during the quarter, compared to analysts’ expectations of $93.99 billion. During the same period last year, the business posted $1.40 EPS. Apple’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts anticipate that Apple Inc. will post 6.11 earnings per share for the current year.

Apple announced that its Board of Directors has authorized a stock repurchase program on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.67%. This is a boost from Apple’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, May 6th. Apple’s dividend payout ratio (DPR) is 14.94%.

In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the sale, the senior vice president now owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Deirdre O’brien sold 29,198 shares of the stock in a transaction dated Monday, April 4th. The shares were sold at an average price of $177.77, for a total value of $5,190,528.46. Following the completion of the sale, the senior vice president now directly owns 136,290 shares in the company, valued at approximately $24,228,273.30. The disclosure for this sale can be found here. Insiders have sold a total of 168,099 shares of company stock valued at $29,376,711 over the last 90 days. 0.06% of the stock is currently owned by company insiders.

Several research analysts have recently weighed in on AAPL shares. Loop Capital reduced their target price on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research note on Wednesday, May 25th. Morgan Stanley reduced their target price on Apple from $195.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, June 14th. Evercore ISI began coverage on Apple in a research note on Friday, March 25th. They issued a “buy” rating and a $210.00 price objective for the company. Oppenheimer reissued an “outperform” rating and issued a $190.00 objective price on shares of Apple in a research note on Wednesday, June 8th. Finally, StockNews.com began coverage on Apple in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $186.55.

Apple Company Profile (Get Rating)

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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)



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