Econ Financial Services Corp Buys New Position in Apple Inc. (NASDAQ:AAPL)
Econ Financial Services Corp bought a new position in Apple Inc. (NASDAQ:AAPL – Free Report) during the fourth quarter, Holdings Channel.com reports. The fund bought 9,284 shares of the iPhone maker’s stock, valued at approximately $2,325,000. Apple accounts for approximately 1.3% of Econ Financial Services Corp’s investment portfolio, making the stock its 21st largest position.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Drystone LLC acquired a new stake in Apple during the 4th quarter worth about $25,000. Bull Oak Capital LLC boosted its holdings in shares of Apple by 252.3% in the third quarter. Bull Oak Capital LLC now owns 155 shares of the iPhone maker’s stock worth $36,000 after buying an additional 111 shares during the period. SPX Gestao de Recursos Ltda purchased a new position in shares of Apple in the third quarter worth approximately $71,000. Teachers Insurance & Annuity Association of America acquired a new stake in shares of Apple during the third quarter valued at approximately $77,000. Finally, ARK Investment Management LLC acquired a new stake in Apple during the 3rd quarter valued at $110,000. 67.73% of the stock is currently owned by institutional investors.
Insider Activity
In other news, CEO Timothy D. Cook sold 108,136 shares of the stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the transaction, the chief executive officer now directly owns 3,280,295 shares of the company’s stock, valued at $733,637,976.75. This represents a 3.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jeffrey E. Williams sold 35,493 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $224.01, for a total value of $7,950,786.93. Following the sale, the chief operating officer now owns 390,059 shares of the company’s stock, valued at approximately $87,377,116.59. This represents a 8.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 182,451 shares of company stock valued at $40,818,720. 0.06% of the stock is owned by insiders.
Apple Trading Down 7.3 %
Shares of NASDAQ AAPL opened at $188.38 on Friday. Apple Inc. has a twelve month low of $164.08 and a twelve month high of $260.10. The company’s fifty day moving average is $229.45 and its 200-day moving average is $233.07. The stock has a market cap of $2.83 trillion, a price-to-earnings ratio of 29.90, a P/E/G ratio of 2.44 and a beta of 1.26. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26.
Apple (NASDAQ:AAPL – Get Free Report) last announced its earnings results on Thursday, January 30th. The iPhone maker reported $2.40 earnings per share for the quarter, topping analysts’ consensus estimates of $2.36 by $0.04. Apple had a net margin of 24.30% and a return on equity of 160.83%. Equities research analysts predict that Apple Inc. will post 7.28 EPS for the current year.
Apple Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, February 13th. Investors of record on Monday, February 10th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date was Monday, February 10th. Apple’s dividend payout ratio is currently 15.87%.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on AAPL shares. Bank of America lowered their price target on shares of Apple from $265.00 to $250.00 and set a “buy” rating on the stock in a report on Thursday. Wedbush reaffirmed an “outperform” rating and issued a $325.00 target price on shares of Apple in a report on Friday, March 14th. UBS Group boosted their price target on Apple to $236.00 and gave the company a “hold” rating in a research note on Tuesday, February 25th. Sanford C. Bernstein increased their price target on shares of Apple from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, KeyCorp reissued an “underweight” rating and set a $200.00 price target on shares of Apple in a report on Friday, January 31st. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-one have given a buy rating and two have assigned 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 $245.26.
Check Out Our Latest Research Report on AAPL
About Apple
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.
See Also
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