Folger Nolan Fleming Douglas Capital Management Inc. Purchases 7,322 Shares of Apple Inc. $AAPL

Folger Nolan Fleming Douglas Capital Management Inc. raised its holdings in Apple Inc. (NASDAQ:AAPL) by 5.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,732 shares of the iPhone maker’s stock after buying an additional 7,322 shares during the period. Apple comprises about 3.5% of Folger Nolan Fleming Douglas Capital Management Inc.’s holdings, making the stock its 5th largest position. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Apple were worth $39,269,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new stake in Apple in the fourth quarter valued at $52,266,468,000. Nuveen LLC purchased a new position in shares of Apple during the first quarter worth about $17,472,482,000. Cardano Risk Management B.V. increased its position in shares of Apple by 890.7% during the fourth quarter. Cardano Risk Management B.V. now owns 41,984,810 shares of the iPhone maker’s stock worth $11,413,990,000 after purchasing an additional 37,746,784 shares in the last quarter. Laurel Wealth Advisors LLC lifted its holdings in shares of Apple by 20,464.8% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker’s stock valued at $5,553,753,000 after purchasing an additional 26,937,401 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Apple by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker’s stock valued at $387,749,545,000 after purchasing an additional 26,856,752 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Activity

In related news, CFO Kevan Parekh sold 1,534 shares of the business’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $421,850.00. Following the sale, the chief financial officer owned 13,366 shares of the company’s stock, valued at approximately $3,675,650. The trade was a 10.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Ben Borders sold 116 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the transaction, the insider owned 38,713 shares in the company, valued at $11,425,754.82. The trade was a 0.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 2,924 shares of company stock valued at $825,546 in the last quarter. Company insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AAPL. Barclays restated an “underweight” rating on shares of Apple in a research note on Tuesday, June 9th. Oppenheimer reissued a “market perform” rating on shares of Apple in a report on Tuesday, June 9th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $310.00 target price (up from $300.00) on shares of Apple in a report on Friday, May 1st. TD Cowen upped their price target on shares of Apple from $335.00 to $350.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Finally, Evercore reiterated an “outperform” rating on shares of Apple in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $314.85.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple announced a multiyear partnership with Broadcom worth more than $30 billion to design and produce U.S.-made custom silicon and wireless chips, its largest domestic manufacturing commitment to date. The deal improves supply-chain resiliency and supports future product cycles. Article Title
• Positive Sentiment: JPMorgan said Apple’s recent price increases for Mac and iPad, and any possible iPhone hikes, are unlikely to significantly hurt demand, and it raised its price target while reiterating a Buy rating. Article Title
• Positive Sentiment: UBS said App Store data points to roughly 3% growth in Apple’s June quarter, signaling that services revenue remains resilient even as U.S. revenue softens somewhat. Article Title
• Neutral Sentiment: Several pieces framed Apple as a potential leader in a broader “Magnificent Seven” rebound, but these were mostly market commentary rather than company-specific catalysts. Article Title
• Negative Sentiment: An EU court rejected Apple’s challenge to Digital Markets Act gatekeeper rules, leaving the company exposed to tighter App Store and iOS antitrust obligations in Europe. Article Title
• Negative Sentiment: Hedgeye reportedly added Apple as a new short idea, which may be adding some caution around the stock’s near-term valuation after a strong run. Article Title

Apple Stock Performance

NASDAQ:AAPL opened at $316.16 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02. The firm has a market cap of $4.64 trillion, a price-to-earnings ratio of 38.23, a price-to-earnings-growth ratio of 2.73 and a beta of 1.10. The firm’s fifty day moving average price is $298.65 and its 200 day moving average price is $274.97. Apple Inc. has a 1-year low of $201.50 and a 1-year high of $317.40.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating analysts’ consensus estimates of $1.95 by $0.06. The firm had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The firm’s revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.65 earnings per share. On average, sell-side analysts expect that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. This is a positive change from Apple’s previous quarterly dividend of $0.26. The ex-dividend date was Monday, May 11th. Apple’s dividend payout ratio (DPR) is 13.06%.

About Apple

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.