Legacy Wealth Management Inc Invests $323,000 in Apple Inc. (NASDAQ:AAPL)

Legacy Wealth Management Inc bought a new position in shares of Apple Inc. (NASDAQ:AAPL) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 1,885 shares of the iPhone maker’s stock, valued at approximately $323,000. Apple comprises 0.0% of Legacy Wealth Management Inc’s portfolio, making the stock its 21st largest position.

A number of other hedge funds also recently bought and sold shares of AAPL. Conservest Capital Advisors Inc. raised its position in shares of Apple by 0.3% during the third quarter. Conservest Capital Advisors Inc. now owns 16,802 shares of the iPhone maker’s stock worth $2,877,000 after acquiring an additional 55 shares during the last quarter. Flagstone Financial Management lifted its position in Apple by 0.9% during the 4th quarter. Flagstone Financial Management now owns 6,092 shares of the iPhone maker’s stock valued at $1,173,000 after purchasing an additional 56 shares during the period. High Pines Wealth Management LLC lifted its position in Apple by 0.7% during the 4th quarter. High Pines Wealth Management LLC now owns 8,506 shares of the iPhone maker’s stock valued at $1,638,000 after purchasing an additional 58 shares during the period. Asset Planning Corporation boosted its stake in shares of Apple by 1.0% in the 4th quarter. Asset Planning Corporation now owns 6,135 shares of the iPhone maker’s stock valued at $1,181,000 after purchasing an additional 59 shares during the last quarter. Finally, Columbus Macro LLC grew its position in shares of Apple by 0.5% during the 4th quarter. Columbus Macro LLC now owns 11,224 shares of the iPhone maker’s stock worth $2,120,000 after buying an additional 59 shares during the period. 60.41% of the stock is currently owned by institutional investors.

Apple Stock Down 1.6 %

Shares of AAPL stock opened at $210.62 on Monday. The firm’s fifty day moving average price is $192.13 and its two-hundred day moving average price is $185.31. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $220.20. The firm has a market capitalization of $3.23 trillion, a P/E ratio of 32.76, a PEG ratio of 2.56 and a beta of 1.25.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. The business had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. Apple had a return on equity of 148.33% and a net margin of 26.31%. Apple’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.52 earnings per share. On average, equities analysts predict that Apple Inc. will post 6.59 EPS for the current fiscal year.

Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 2nd that allows the company to buyback $110.00 billion in shares. This buyback authorization allows the iPhone maker to buy up to 3.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.47%. The ex-dividend date of this dividend was Friday, May 10th. This is an increase from Apple’s previous quarterly dividend of $0.24. Apple’s dividend payout ratio is presently 15.55%.

Insider Activity at Apple

In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the sale, the director now owns 4,359,576 shares in the company, valued at $835,207,570.08. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Arthur D. Levinson sold 75,000 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the sale, the director now directly owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Chris Kondo sold 4,999 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total transaction of $951,809.60. Following the completion of the sale, the insider now owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 247,087 shares of company stock valued at $44,016,111. 0.06% of the stock is owned by corporate insiders.

Analyst Ratings Changes

AAPL has been the topic of a number of recent research reports. UBS Group reaffirmed a “neutral” rating and issued a $190.00 price objective on shares of Apple in a research note on Tuesday, June 11th. JPMorgan Chase & Co. raised their price target on Apple from $225.00 to $245.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 18th. Monness Crespi & Hardt reiterated a “buy” rating and issued a $205.00 price objective on shares of Apple in a report on Thursday, June 6th. Rosenblatt Securities upgraded Apple from a “neutral” rating to a “buy” rating and raised their target price for the stock from $196.00 to $260.00 in a report on Wednesday, June 26th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $216.00 price target on shares of Apple in a research note on Tuesday, June 11th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $215.71.

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.