Newbridge Financial Services Group Inc. Has $16.68 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Newbridge Financial Services Group Inc. lessened its holdings in Apple Inc. (NASDAQ:AAPL) by 6.0% during the 4th quarter, HoldingsChannel reports. The firm owned 86,609 shares of the iPhone maker’s stock after selling 5,495 shares during the period. Apple accounts for approximately 8.1% of Newbridge Financial Services Group Inc.’s portfolio, making the stock its 2nd largest position. Newbridge Financial Services Group Inc.’s holdings in Apple were worth $16,675,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AAPL. Diversified LLC lifted its holdings in shares of Apple by 0.8% in the 3rd quarter. Diversified LLC now owns 46,990 shares of the iPhone maker’s stock valued at $8,045,000 after acquiring an additional 368 shares during the last quarter. 1776 Wealth LLC raised its position in Apple by 0.7% during the third quarter. 1776 Wealth LLC now owns 125,861 shares of the iPhone maker’s stock valued at $21,549,000 after purchasing an additional 850 shares during the period. OFI Invest Asset Management bought a new stake in shares of Apple in the 3rd quarter valued at approximately $164,163,000. Channing Global Advisors LLC boosted its holdings in shares of Apple by 17.6% in the 3rd quarter. Channing Global Advisors LLC now owns 14,776 shares of the iPhone maker’s stock worth $2,530,000 after purchasing an additional 2,208 shares during the period. Finally, MRP Capital Investments LLC increased its position in shares of Apple by 105.4% during the 3rd quarter. MRP Capital Investments LLC now owns 42,152 shares of the iPhone maker’s stock valued at $7,217,000 after purchasing an additional 21,633 shares during the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on AAPL shares. Maxim Group assumed coverage on Apple in a research report on Wednesday, April 17th. They issued a “hold” rating and a $178.00 price target for the company. Rosenblatt Securities restated a “neutral” rating and issued a $196.00 target price on shares of Apple in a report on Tuesday, June 11th. JPMorgan Chase & Co. upped their price target on shares of Apple from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Tuesday. Loop Capital decreased their price objective on shares of Apple from $185.00 to $170.00 and set a “hold” rating for the company in a research note on Monday, April 1st. Finally, Canaccord Genuity Group increased their price target on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Saturday, May 4th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $208.06.

Apple Trading Down 1.1 %

AAPL opened at $214.29 on Wednesday. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $220.20. The stock has a fifty day moving average price of $185.62 and a 200-day moving average price of $184.36. The firm has a market cap of $3.29 trillion, a price-to-earnings ratio of 33.33, a PEG ratio of 2.59 and a beta of 1.25. 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 (NASDAQ:AAPL) last announced its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business had revenue of $90.75 billion during the quarter, compared to the consensus estimate of $90.37 billion. During the same period in the previous year, the company posted $1.52 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. As a group, equities research analysts anticipate that Apple Inc. will post 6.58 earnings per share for the current fiscal year.

Apple Increases Dividend

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

Apple declared that its board has initiated a stock repurchase plan on Thursday, May 2nd that permits the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the completion of the sale, the director now owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Apple news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the sale, the chief executive officer now owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Arthur D. Levinson sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the transaction, the director now owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 346,270 shares of company stock valued at $60,880,196. 0.06% of the stock is currently owned by insiders.

Apple Company 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.