Fifth Third Wealth Advisors LLC Has $71.47 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Fifth Third Wealth Advisors LLC raised its position in shares of Apple Inc. (NASDAQ:AAPL) by 10.5% in the first quarter, Holdings Channel reports. The fund owned 321,725 shares of the iPhone maker’s stock after buying an additional 30,475 shares during the quarter. Apple comprises approximately 3.7% of Fifth Third Wealth Advisors LLC’s investment portfolio, making the stock its 3rd biggest holding. Fifth Third Wealth Advisors LLC’s holdings in Apple were worth $71,465,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Drystone LLC bought a new stake in shares of Apple in the fourth quarter valued at about $25,000. Life Planning Partners Inc bought a new stake in shares of Apple in the fourth quarter valued at about $47,000. Conquis Financial LLC bought a new stake in shares of Apple in the fourth quarter valued at about $63,000. LSV Asset Management bought a new stake in shares of Apple in the fourth quarter valued at about $65,000. Finally, Pillar Financial Advisors LLC bought a new position in Apple during the fourth quarter worth about $82,000. 67.73% of the stock is currently owned by institutional investors.

Apple Trading Down 0.3%

AAPL opened at $201.00 on Friday. The stock has a market capitalization of $3.00 trillion, a P/E ratio of 31.31, a P/E/G ratio of 2.25 and a beta of 1.22. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The firm’s fifty day simple moving average is $202.52 and its 200 day simple moving average is $220.53. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion for the quarter, compared to analysts’ expectations of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The firm’s revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.53 EPS. As a group, research analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a $0.26 dividend. This is a boost from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.52%. The ex-dividend date was Monday, May 12th. Apple’s payout ratio is currently 16.20%.

Insider Activity at Apple

In other Apple news, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the sale, the chief financial officer now directly owns 4,569 shares in the company, valued at approximately $941,214. The trade was a 50.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Timothy D. Cook sold 108,136 shares of Apple stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the completion of the sale, the chief executive officer now owns 3,280,295 shares in the company, valued at $733,637,976.75. The trade was a 3.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 191,507 shares of company stock valued at $42,694,080. 0.06% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on AAPL shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Apple in a report on Tuesday, June 10th. Wedbush reissued an “outperform” rating and issued a $270.00 price target on shares of Apple in a report on Tuesday, June 10th. China Renaissance started coverage on shares of Apple in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price objective on the stock. Morgan Stanley reaffirmed an “overweight” rating on shares of Apple in a research note on Friday, June 13th. Finally, Evercore ISI raised their price objective on shares of Apple to $250.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $234.39.

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.