Cardinal Capital Management Grows Stock Position in Apple Inc. (NASDAQ:AAPL)

Cardinal Capital Management grew its position in Apple Inc. (NASDAQ:AAPL) by 1.2% in the second quarter, Holdings Channel.com reports. The fund owned 83,241 shares of the iPhone maker’s stock after buying an additional 1,025 shares during the period. Apple makes up approximately 3.0% of Cardinal Capital Management’s investment portfolio, making the stock its 4th largest position. Cardinal Capital Management’s holdings in Apple were worth $17,532,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in AAPL. Norges Bank bought a new stake in Apple during the fourth quarter valued at $33,912,466,000. Vanguard Group Inc. grew its position in shares of Apple by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after buying an additional 18,067,216 shares during the last quarter. Swedbank AB acquired a new stake in Apple during the first quarter worth about $3,026,492,000. Global Assets Advisory LLC lifted its holdings in shares of Apple by 23,076.4% in the 1st quarter. Global Assets Advisory LLC now owns 9,240,214 shares of the iPhone maker’s stock worth $1,584,512,000 after purchasing an additional 9,200,345 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Apple by 158.3% during the 1st quarter. Canada Pension Plan Investment Board now owns 11,532,438 shares of the iPhone maker’s stock valued at $1,977,582,000 after purchasing an additional 7,067,379 shares during the period. 60.41% of the stock is owned by institutional investors and hedge funds.

Apple Stock Down 0.3 %

Shares of AAPL stock opened at $229.00 on Tuesday. Apple Inc. has a one year low of $164.07 and a one year high of $237.23. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.95 and a quick ratio of 0.91. The stock has a fifty day moving average price of $222.30 and a 200 day moving average price of $196.25. The stock has a market cap of $3.51 trillion, a P/E ratio of 35.61, a price-to-earnings-growth ratio of 2.69 and a beta of 1.24.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. The company had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. Apple had a net margin of 26.44% and a return on equity of 147.15%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the firm earned $1.26 EPS. Analysts predict that Apple Inc. will post 6.7 earnings per share for the current year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date was Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. Apple’s dividend payout ratio is currently 15.55%.

Wall Street Analyst Weigh In

Several equities analysts have commented on AAPL shares. Loop Capital raised shares of Apple from a “hold” rating to a “buy” rating and raised their target price for the company from $170.00 to $300.00 in a research note on Monday, July 15th. Piper Sandler reiterated a “neutral” rating and issued a $225.00 target price on shares of Apple in a report on Tuesday, August 27th. TD Cowen lifted their price target on Apple from $220.00 to $250.00 and gave the company a “buy” rating in a report on Monday, July 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price objective on shares of Apple in a research report on Monday, August 5th. Finally, Barclays lowered their target price on Apple from $187.00 to $186.00 and set an “underweight” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $237.30.

Insider Transactions at Apple

In related news, SVP Katherine L. Adams sold 100,000 shares of the business’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the sale, the senior vice president now owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Chris Kondo sold 8,706 shares of Apple stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total value of $1,958,850.00. Following the completion of the transaction, the insider now owns 15,419 shares in the company, valued at $3,469,275. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Katherine L. Adams sold 100,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the sale, the senior vice president now owns 191,543 shares in the company, valued at $39,542,136.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,884 shares of company stock valued at $23,723,887. Corporate insiders own 0.06% of the company’s stock.

Apple Profile

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.