Apple Inc. (NASDAQ:AAPL) Stake Raised by McNamara Financial Services Inc.

McNamara Financial Services Inc. increased its position in shares of Apple Inc. (NASDAQ:AAPL) by 11.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,399 shares of the iPhone maker’s stock after purchasing an additional 841 shares during the period. Apple accounts for about 0.3% of McNamara Financial Services Inc.’s investment portfolio, making the stock its 23rd largest holding. McNamara Financial Services Inc.’s holdings in Apple were worth $1,440,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Accredited Investors Inc. grew its position in Apple by 4.6% in the third quarter. Accredited Investors Inc. now owns 249,461 shares of the iPhone maker’s stock worth $42,710,000 after buying an additional 10,955 shares during the last quarter. Impax Asset Management Group plc grew its position in Apple by 2.1% during the 3rd quarter. Impax Asset Management Group plc now owns 1,020,415 shares of the iPhone maker’s stock worth $174,705,000 after purchasing an additional 21,458 shares in the last quarter. Van Hulzen Asset Management LLC grew its position in Apple by 5.2% during the 3rd quarter. Van Hulzen Asset Management LLC now owns 535,030 shares of the iPhone maker’s stock worth $91,603,000 after purchasing an additional 26,218 shares in the last quarter. Jacobson & Schmitt Advisors LLC grew its position in Apple by 16.6% during the 3rd quarter. Jacobson & Schmitt Advisors LLC now owns 1,488 shares of the iPhone maker’s stock worth $255,000 after purchasing an additional 212 shares in the last quarter. Finally, AFT Forsyth & Company Inc. grew its position in Apple by 0.5% during the 3rd quarter. AFT Forsyth & Company Inc. now owns 39,969 shares of the iPhone maker’s stock worth $6,843,000 after purchasing an additional 215 shares in the last quarter. Institutional investors own 60.41% of the company’s stock.

Apple Trading Up 1.6 %

AAPL opened at $220.27 on Wednesday. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $220.38. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99. The firm has a market capitalization of $3.38 trillion, a price-to-earnings ratio of 34.26, a PEG ratio of 2.56 and a beta of 1.24. The company’s 50 day moving average price is $193.14 and its two-hundred day moving average price is $185.44.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. The firm had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.52 EPS. As a group, research analysts predict that Apple Inc. will post 6.59 earnings per share for the current year.

Apple declared that its board has authorized a share repurchase plan on Thursday, May 2nd that permits the company to buyback $110.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were given a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.45%. This is an increase from Apple’s previous quarterly dividend of $0.24. Apple’s payout ratio is 15.55%.

Insider Transactions at Apple

In other news, CFO Luca Maestri sold 53,194 shares of the business’s stock in a transaction that occurred on Thursday, April 11th. The shares were sold at an average price of $174.12, for a total value of $9,262,139.28. Following the transaction, the chief financial officer now owns 107,788 shares in the company, valued at approximately $18,768,046.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 transaction, the chief operating officer now owns 489,944 shares in the company, valued at approximately $84,378,155.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Luca Maestri sold 53,194 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $174.12, for a total transaction of $9,262,139.28. Following the completion of the transaction, the chief financial officer now directly owns 107,788 shares in the company, valued at $18,768,046.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 192,355 shares of company stock worth $34,771,329. Company insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on AAPL shares. Bank of America reiterated a “buy” rating and set a $230.00 price objective on shares of Apple in a research report on Wednesday, June 26th. Needham & Company LLC restated a “buy” rating and set a $220.00 price target on shares of Apple in a report on Monday. Melius Research boosted their price target on shares of Apple from $227.00 to $260.00 and gave the company a “buy” rating in a report on Monday, June 24th. Loop Capital reduced their price objective on shares of Apple from $185.00 to $170.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Finally, Canaccord Genuity Group boosted their target price 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. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $215.71.

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.