Provident Investment Management Inc. Buys 1,877 Shares of Apple Inc. (NASDAQ:AAPL)

Provident Investment Management Inc. raised its position in shares of Apple Inc. (NASDAQ:AAPL) by 26.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,099 shares of the iPhone maker’s stock after acquiring an additional 1,877 shares during the quarter. Apple makes up approximately 0.2% of Provident Investment Management Inc.’s holdings, making the stock its 26th largest position. Provident Investment Management Inc.’s holdings in Apple were worth $1,916,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Fidelis Capital Partners LLC increased its stake in shares of Apple by 17.9% during the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock valued at $35,000 after purchasing an additional 31,278 shares in the last quarter. Access Investment Management LLC bought a new position in Apple during the 1st quarter valued at approximately $140,000. Hoese & Co LLP raised its stake in Apple by 6.7% during the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after buying an additional 57 shares during the last quarter. Sage Financial Group Inc. bought a new stake in Apple in the second quarter worth $206,000. Finally, Benchmark Wealth Management LLC purchased a new stake in shares of Apple in the second quarter worth $208,000. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Insider Buying and Selling at Apple

In related news, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the sale, the chief executive officer now owns 3,280,180 shares in the company, valued at $736,269,202.80. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Katherine L. Adams sold 100,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total value of $20,644,000.00. Following the completion of the sale, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy D. Cook sold 223,986 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total value of $50,275,897.56. Following the sale, the chief executive officer now directly owns 3,280,180 shares in the company, valued at $736,269,202.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 517,924 shares of company stock valued at $114,786,399 in the last quarter. 0.06% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AAPL has been the subject of a number of analyst reports. UBS Group restated a “hold” rating and set a $236.00 price objective on shares of Apple in a research note on Wednesday, October 16th. Monness Crespi & Hardt reiterated a “buy” rating and set a $245.00 target price on shares of Apple in a research note on Monday, September 9th. Cfra boosted their price target on Apple from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. KeyCorp downgraded Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price objective for the company. in a report on Friday. Finally, Piper Sandler Companies reaffirmed a “neutral” rating and set a $225.00 price target (up previously from $190.00) on shares of Apple in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $235.91.

Apple Stock Up 0.4 %

NASDAQ AAPL opened at $231.41 on Monday. The stock has a 50 day moving average price of $226.86 and a 200-day moving average price of $210.64. Apple Inc. has a one year low of $164.07 and a one year high of $237.49. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. The company has a market capitalization of $3.55 trillion, a P/E ratio of 35.99, a P/E/G ratio of 2.40 and a beta of 1.24.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. Apple had a return on equity of 147.15% and a net margin of 26.44%. The business had revenue of $85.78 billion for the quarter, compared to the consensus estimate of $84.43 billion. During the same period in the prior year, the business posted $1.26 earnings per share. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities analysts predict that Apple Inc. will post 6.65 EPS for the current fiscal year.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date was Monday, August 12th. Apple’s payout ratio is currently 15.55%.

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.