Focus Financial Network Inc. ADV Acquires Shares of 664,314 Apple Inc. (NASDAQ:AAPL)



Focus Financial Network Inc. ADV purchased a new position in shares of Apple Inc. (NASDAQ:AAPL – Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 664,314 shares of the iPhone maker’s stock, valued at approximately $127,900,000. Apple comprises about 4.8% of Focus Financial Network Inc. ADV’s holdings, making the stock its largest holding.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Wyrmwood Management LLC increased its holdings in Apple by 69.0% in the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after purchasing an additional 69 shares during the last quarter. Gilfoyle & Co LLC increased its holdings in Apple by 118.0% in the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after purchasing an additional 118 shares during the last quarter. PayPay Securities Corp increased its holdings in Apple by 70.2% in the 3rd quarter. PayPay Securities Corp now owns 509 shares of the iPhone maker’s stock valued at $87,000 after purchasing an additional 210 shares during the last quarter. Friedenthal Financial acquired a new stake in Apple in the 4th quarter valued at approximately $111,000. Finally, Cordant Inc. increased its holdings in Apple by 27.7% in the 3rd quarter. Cordant Inc. now owns 645 shares of the iPhone maker’s stock valued at $110,000 after purchasing an additional 140 shares during the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several research reports. Citigroup dropped their target price on shares of Apple from $220.00 to $210.00 and set a “buy” rating for the company in a report on Monday, April 29th. Barclays lifted their target price on shares of Apple from $158.00 to $164.00 and gave the company an “underweight” rating in a report on Friday, May 3rd. Maxim Group initiated coverage on shares of Apple in a research report on Wednesday, April 17th. They issued a “hold” rating and a $178.00 price target for the company. Rosenblatt Securities reissued a “neutral” rating and issued a $196.00 price target (up previously from $189.00) on shares of Apple in a research report on Friday, May 3rd. Finally, Wedbush raised their price target on shares of Apple from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, May 24th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $205.59.

Get Our Latest Analysis on Apple

Insiders Place Their Bets

In other Apple news, SVP Deirdre O’brien sold 54,732 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the transaction, the senior vice president now directly owns 136,572 shares in the company, valued at $23,068,376.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Apple news, SVP Deirdre O’brien sold 54,732 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the transaction, the senior vice president now directly owns 136,572 shares in the company, valued at $23,068,376.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at $574,260,512.21. The disclosure for this sale can be found here. Over the last three months, insiders have sold 346,270 shares of company stock worth $60,880,196. 0.06% of the stock is owned by company insiders.

Apple Trading Up 1.2 %

NASDAQ AAPL opened at $196.89 on Monday. The stock has a market capitalization of $3.02 trillion, a P/E ratio of 30.62, a P/E/G ratio of 2.40 and a beta of 1.25. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $199.62. The firm has a 50-day moving average price of $179.90 and a 200 day moving average price of $183.38. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24.

Apple (NASDAQ:AAPL – Get Free Report) 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 during the quarter, compared to analysts’ expectations of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.52 earnings per share. Equities research analysts expect that Apple Inc. will post 6.57 EPS for the current year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were given a dividend of $0.25 per share. This is a positive change from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 0.51%. The ex-dividend date of this dividend was Friday, May 10th. Apple’s dividend payout ratio is presently 15.55%.

Apple announced that its board has approved a stock repurchase plan on Thursday, May 2nd that allows the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

About Apple

(Free Report)

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.

Read More

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL – Free Report).

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)



Receive News & Ratings for Apple Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Apple and related companies with MarketBeat.com’s FREE daily email newsletter.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *