GAMMA Investing LLC Increases Stake in Apple Inc. (NASDAQ:AAPL)

GAMMA Investing LLC increased its position in shares of Apple Inc. (NASDAQ:AAPLFree Report) by 25,934.1% during the 1st quarter, HoldingsChannel reports. The fund owned 60,066,398 shares of the iPhone maker’s stock after purchasing an additional 59,835,676 shares during the quarter. Apple accounts for about 24.0% of GAMMA Investing LLC’s investment portfolio, making the stock its largest holding. GAMMA Investing LLC’s holdings in Apple were worth $133,425,490,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in AAPL. Drystone LLC bought a new position in shares of Apple during the fourth quarter worth about $25,000. Life Planning Partners Inc acquired a new position in Apple in the 4th quarter valued at $47,000. Conquis Financial LLC acquired a new position in Apple in the 4th quarter valued at $63,000. LSV Asset Management bought a new position in shares of Apple in the 4th quarter valued at $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in Apple during the 4th quarter worth $82,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on AAPL shares. JPMorgan Chase & Co. reduced their price target on Apple from $270.00 to $245.00 and set an “overweight” rating on the stock in a research report on Monday, April 14th. China Renaissance began coverage on Apple in a report on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 target price for the company. Needham & Company LLC restated a “hold” rating on shares of Apple in a research report on Tuesday, June 10th. Raymond James Financial lowered their price objective on Apple from $250.00 to $230.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Finally, UBS Group restated a “buy” rating on shares of Apple in a research report on Sunday, June 1st. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $234.86.

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Insiders Place Their Bets

In other Apple news, insider Chris Kondo sold 4,486 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, the insider now owns 15,533 shares of the company’s stock, valued at $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Katherine L. Adams sold 38,822 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $223.67, for a total transaction of $8,683,316.74. Following the completion of the sale, the senior vice president now directly owns 179,158 shares of the company’s stock, valued at $40,072,269.86. The trade was a 17.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,507 shares of company stock valued at $42,694,080 over the last quarter. Company insiders own 0.06% of the company’s stock.

Apple Trading Down 0.6%

Shares of AAPL opened at $200.30 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The firm’s 50-day moving average is $202.29 and its two-hundred day moving average is $220.98. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The firm has a market capitalization of $2.99 trillion, a P/E ratio of 31.20, a PEG ratio of 2.25 and a beta of 1.22.

Apple (NASDAQ:AAPLGet Free Report) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.53 earnings per share. On average, research analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. This is an increase from Apple’s previous quarterly dividend of $0.25. Apple’s dividend payout ratio (DPR) is currently 16.20%.

Apple announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Apple Company Profile

(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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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