Apple Inc. (NASDAQ:AAPL) Shares Bought by Cahaba Wealth Management Inc.

Cahaba Wealth Management Inc. grew its position in Apple Inc. (NASDAQ:AAPL) by 2.5% in the first quarter, HoldingsChannel reports. The fund owned 28,719 shares of the iPhone maker’s stock after acquiring an additional 708 shares during the quarter. Apple accounts for about 0.4% of Cahaba Wealth Management Inc.’s portfolio, making the stock its 24th largest position. Cahaba Wealth Management Inc.’s holdings in Apple were worth $4,925,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of AAPL. Headinvest LLC increased its stake in shares of Apple by 1.7% during the third quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker’s stock worth $9,236,000 after purchasing an additional 872 shares in the last quarter. Sound Income Strategies LLC raised its holdings in shares of Apple by 16.1% during the fourth quarter. Sound Income Strategies LLC now owns 75,110 shares of the iPhone maker’s stock valued at $14,461,000 after acquiring an additional 10,425 shares during the last quarter. DNB Asset Management AS lifted its position in shares of Apple by 6.9% in the fourth quarter. DNB Asset Management AS now owns 4,307,068 shares of the iPhone maker’s stock valued at $829,240,000 after acquiring an additional 279,311 shares in the last quarter. Boltwood Capital Management boosted its stake in shares of Apple by 2.8% in the fourth quarter. Boltwood Capital Management now owns 37,178 shares of the iPhone maker’s stock worth $7,158,000 after acquiring an additional 1,021 shares during the last quarter. Finally, Private Wealth Partners LLC increased its position in shares of Apple by 3.8% during the third quarter. Private Wealth Partners LLC now owns 673,349 shares of the iPhone maker’s stock worth $115,284,000 after purchasing an additional 24,634 shares in the last quarter. 60.41% of the stock is owned by hedge funds and other institutional investors.

Apple Price Performance

Shares of AAPL stock traded up $10.35 during mid-day trading on Friday, hitting $183.38. 163,224,109 shares of the stock traded hands, compared to its average volume of 59,692,680. The company’s 50-day simple moving average is $172.17 and its 200-day simple moving average is $181.60. The firm has a market cap of $2.83 trillion, a price-to-earnings ratio of 28.52, a price-to-earnings-growth ratio of 2.09 and a beta of 1.26. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.02 and a current ratio of 1.07. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $199.62.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.02. The firm had revenue of $90.75 billion for the quarter, compared to analyst estimates of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 153.25%. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.52 earnings per share. As a group, equities research analysts expect that Apple Inc. will post 6.53 earnings per share for the current year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 13th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Friday, May 10th. This is an increase from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.55%. Apple’s dividend payout ratio is 14.93%.

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

Analysts Set New Price Targets

A number of research analysts have weighed in on AAPL shares. Piper Sandler decreased their price objective on Apple from $205.00 to $190.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. Redburn Atlantic cut shares of Apple from a “buy” rating to a “neutral” rating and set a $200.00 price objective for the company. in a research note on Wednesday, January 10th. JPMorgan Chase & Co. lifted their price objective on Apple from $210.00 to $225.00 and gave the stock an “overweight” rating in a research report on Friday. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price target on shares of Apple in a research note on Friday. Finally, Itau BBA Securities raised Apple from an “underperform” rating to a “market perform” rating and upped their price target for the company from $162.00 to $188.00 in a research note on Friday. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $204.00.

Insider Transactions at Apple

In other news, COO Jeffrey E. Williams sold 59,162 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $172.22, for a total value of $10,188,879.64. Following the transaction, the chief operating officer now directly owns 489,944 shares of the company’s stock, valued at $84,378,155.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Apple news, COO Jeffrey E. Williams sold 59,162 shares of the business’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $172.22, for a total transaction of $10,188,879.64. Following the completion of the transaction, the chief operating officer now owns 489,944 shares of the company’s stock, valued at approximately $84,378,155.68. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Arthur D. Levinson sold 100,000 shares of Apple stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $180.94, for a total value of $18,094,000.00. Following the completion of the transaction, the director now directly owns 4,434,576 shares in the company, valued at $802,392,181.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 366,271 shares of company stock valued at $63,653,887. 0.06% of the stock is owned by insiders.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.