Altfest L J & Co. Inc. Increases Stake in Apple Inc. (AAPL)

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Altfest L J & Co. Inc. lifted its position in Apple Inc. (NASDAQ:AAPL) by 2.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 23,577 shares of the iPhone maker’s stock after acquiring an additional 603 shares during the period. Apple accounts for about 1.7% of Altfest L J & Co. Inc.’s investment portfolio, making the stock its 11th largest holding. Altfest L J & Co. Inc.’s holdings in Apple were worth $3,956,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. B. Riley Financial Inc. increased its position in Apple by 27.6% during the 1st quarter. B. Riley Financial Inc. now owns 17,412 shares of the iPhone maker’s stock valued at $2,921,000 after buying an additional 3,770 shares in the last quarter. Mizuho Securities USA LLC bought a new position in Apple during the 1st quarter valued at approximately $1,477,000. Roof Advisory Group Inc. increased its position in Apple by 44.0% during the 1st quarter. Roof Advisory Group Inc. now owns 42,322 shares of the iPhone maker’s stock valued at $7,101,000 after buying an additional 12,930 shares in the last quarter. Viridian Ria LLC bought a new position in Apple during the 1st quarter valued at approximately $525,000. Finally, Turim 21 Investimentos Ltda. increased its position in Apple by 5.1% during the 1st quarter. Turim 21 Investimentos Ltda. now owns 59,421 shares of the iPhone maker’s stock valued at $9,970,000 after buying an additional 2,906 shares in the last quarter. 60.11% of the stock is owned by hedge funds and other institutional investors.

In other Apple news, insider Johny Srouji sold 14,976 shares of the business’s stock in a transaction that occurred on Wednesday, May 23rd. The stock was sold at an average price of $187.74, for a total transaction of $2,811,594.24. Following the completion of the transaction, the insider now owns 73,302 shares in the company, valued at $13,761,717.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Angela J. Ahrendts sold 6,568 shares of the business’s stock in a transaction that occurred on Friday, June 15th. The shares were sold at an average price of $188.81, for a total value of $1,240,104.08. Following the transaction, the insider now owns 79,476 shares of the company’s stock, valued at approximately $15,005,863.56. The disclosure for this sale can be found here. Insiders have sold 141,066 shares of company stock valued at $28,208,138 in the last 90 days. Company insiders own 0.06% of the company’s stock.

A number of research firms have commented on AAPL. Loop Capital lifted their target price on Apple from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Friday, July 6th. Needham & Company LLC lifted their target price on Apple from $210.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, August 1st. BidaskClub lowered Apple from a “buy” rating to a “hold” rating in a report on Wednesday, May 23rd. DZ Bank reissued a “buy” rating on shares of Apple in a report on Wednesday, August 1st. Finally, Sanford C. Bernstein set a $190.00 target price on Apple and gave the stock a “neutral” rating in a report on Monday, July 16th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, thirty-two have assigned a buy rating and one has issued a strong buy rating to the stock. Apple presently has an average rating of “Buy” and a consensus price target of $219.51.

Shares of NASDAQ AAPL opened at $217.58 on Monday. The company has a current ratio of 1.31, a quick ratio of 1.24 and a debt-to-equity ratio of 0.84. Apple Inc. has a 1-year low of $149.16 and a 1-year high of $217.95. The company has a market cap of $1,020.04 billion, a price-to-earnings ratio of 23.62, a P/E/G ratio of 1.64 and a beta of 1.16.

Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, July 31st. The iPhone maker reported $2.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.18 by $0.16. Apple had a return on equity of 43.50% and a net margin of 21.98%. The business had revenue of $53.27 billion during the quarter, compared to analyst estimates of $52.43 billion. During the same quarter in the previous year, the business earned $1.67 earnings per share. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. analysts predict that Apple Inc. will post 11.68 EPS for the current fiscal year.

Apple declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 1st that allows the company to buyback $100.00 billion in shares. This buyback authorization allows the iPhone maker to reacquire up to 11.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 16th. Shareholders of record on Monday, August 13th were given a dividend of $0.73 per share. The ex-dividend date was Friday, August 10th. This represents a $2.92 annualized dividend and a dividend yield of 1.34%. Apple’s dividend payout ratio (DPR) is presently 31.70%.

About Apple

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications.

Further Reading: Diversification in Your Portfolio

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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