Corrado Advisors LLC, a financial services firm, recently increased its stake in Apple Inc. (NASDAQ:AAPL) by 20.9% during the first quarter of this year. According to the company’s disclosure with the Securities & Exchange Commission, Corrado Advisors LLC now holds 9,391 shares of Apple stock, having purchased an additional 1,626 shares in that period. The total value of Corrado Advisors LLC’s holdings in Apple is estimated to be around $1,549,000.
Apple Inc. also made an announcement regarding its quarterly dividend payment on August 17th. The company paid out a dividend of $0.24 per share to stockholders who were recorded as owners on August 14th. This translates to an annualized dividend of $0.96 and a dividend yield of 0.53%. It’s worth noting that the ex-dividend date for this payment was on August 11th.
In addition to the dividend announcement, Apple divulged that its Board of Directors had authorized a stock buyback plan on May 4th earlier this year. Under this plan, Apple has been given permission to repurchase outstanding shares worth $90 billion in total. This authorization allows the iPhone maker to acquire up to 3.4% of its own shares through open market purchases. Such buyback plans are often interpreted as a sign that the company’s management believes their stock is undervalued.
These recent developments indicate that Corrado Advisors LLC has shown confidence in Apple’s performance and growth potential by increasing their investment in the company’s shares during the first quarter of this year. Additionally, Apple’s decision to pay out dividends and initiate a stock buyback program may be seen as positive signals by investors.
As always, it is essential for investors and market participants to conduct thorough research and analysis before making any investment decisions. Apple Inc.’s financial performance should be evaluated using various methods, and factors such as industry trends and market conditions should be taken into account. It is also important to consider the risks associated with investing in individual stocks or any investment strategy.
Please note that the information provided in this article is based on data available up to August 24, 2023.
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Hedge Funds and Institutions Increase Stakes in Apple as Confidence Grows
Apple Inc. (NASDAQ:AAPL) has been a focal point for hedge funds and institutions in recent months, with many increasing or decreasing their stakes in the tech giant. One notable firm that boosted its stake in Apple is St. James Investment Advisors LLC, which saw a significant 98.3% increase in shares during the fourth quarter of last year. This move added an additional 117 shares to their portfolio, bringing their total to 236 shares worth $31,000.
Cheyne Capital Management UK LLP also grew its stake by a staggering 200% during the third quarter of last year, adding 550 shares to their holdings. The value of their investment now stands at $212,000. Similarly, HBC Financial Services PLLC increased its position in Apple by 21.7% during the first quarter of this year, acquiring an additional 80 shares which are currently valued at $49,000.
Furthermore, PayPay Securities Corp made a notable entry into Apple’s shareholder ranks by purchasing new positions during the fourth quarter of last year worth approximately $60,000. Another firm that joined in was LFA Lugano Financial Advisors SA, which invested around $93,000 in Apple during the same period.
These actions reflect institutional investors’ confidence in Apple and its potential for growth and profitability. As it stands, institutional investors own a substantial 57.89% of the company’s stock.
In addition to increased investments from institutions and hedge funds, several research reports have been published about AAPL’s performance recently. StockNews.com initiated coverage on Apple with a “hold” rating on August 17th while 51job maintained its existing rating for the company around June 2nd.
JPMorgan Chase & Co and Bank of America were among investment banks that raised their price targets on AAPL based on their positive outlook for the company’s stock value. JPMorgan increased its target from $190.00 to $235.00, labeling Apple as “overweight.” Meanwhile, Bank of America raised its objective from $190.00 to $210.00 and maintained a “neutral” rating.
Another research firm, Canaccord Genuity Group, provided a “buy” rating for Apple’s stock and lifted its price objective significantly from $185.00 to $205.00.
It is worth noting that Bloomberg.com has reported an average rating of “Moderate Buy” for Apple, with a consensus target price of $198.86.
Apple itself made headlines when it announced that its Board of Directors had authorized a massive stock buyback plan on May 4th, enabling the company to repurchase up to $90 billion in shares in open market transactions. This move indicates the company’s belief that its stock is undervalued and signifies management’s commitment to maximizing shareholder value.
As of August 24th, AAPL opened at $181.12 per share. The company’s stock has experienced considerable fluctuations over the past year, ranging from a low of $124.17 to a high of $198.23 during this period.
Apple boasts impressive financials with a debt-to-equity ratio of 1.63 and quick and current ratios of 0.92 and 0.98 respectively, indicating strong liquidity positions in relation to short-term obligations.
Notably, Apple’s fifty-day moving average stands at $187.11 while the two-hundred-day moving average hovers around $171.84.
On August 3rd, Apple released its quarterly earnings report which surpassed analysts’ expectations by generating earnings per share (EPS) of $1.26 compared to a consensus estimate of $1.19 EPS. Moreover, the tech giant achieved net margins of 24.68% alongside an impressive return on equity (ROE) figure at 164.92%. Revenue for the quarter amounted to $81.80 billion, slightly exceeding the estimated $81.79 billion projection. However, it is worth noting that Apple experienced a 1.4% decline in quarterly revenue on a year-over-year basis.
Sell-side analysts predict that Apple Inc. will post earnings per share of 6.04 for the current fiscal year.
Overall, with increased interest and investment from institutional players, positive research reports, and strong financial performance, Apple remains an attractive stock for investors and continues to generate buzz in the market.
