Bourne Lent Asset Management Inc. Buys 420 Shares of Apple Inc. (NASDAQ:AAPL)

Bourne Lent Asset Management Inc. increased its stake in shares of Apple Inc. (NASDAQ:AAPL) by 0.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 136,067 shares of the iPhone maker’s stock after purchasing an additional 420 shares during the period. Apple accounts for approximately 9.4% of Bourne Lent Asset Management Inc.’s investment portfolio, making the stock its 3rd biggest position. Bourne Lent Asset Management Inc.’s holdings in Apple were worth $23,333,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AAPL. Central Valley Advisors LLC raised its stake in Apple by 0.8% in the 1st quarter. Central Valley Advisors LLC now owns 64,950 shares of the iPhone maker’s stock valued at $11,137,000 after purchasing an additional 544 shares during the last quarter. Axiom Advisory LLC lifted its stake in shares of Apple by 5.2% in the first quarter. Axiom Advisory LLC now owns 7,793 shares of the iPhone maker’s stock worth $1,336,000 after buying an additional 386 shares in the last quarter. Unison Advisors LLC boosted its position in Apple by 80.7% during the first quarter. Unison Advisors LLC now owns 4,045 shares of the iPhone maker’s stock worth $694,000 after acquiring an additional 1,807 shares during the last quarter. Crane Advisory LLC grew its stake in Apple by 1.3% during the 1st quarter. Crane Advisory LLC now owns 16,873 shares of the iPhone maker’s stock valued at $2,849,000 after acquiring an additional 218 shares in the last quarter. Finally, Strong Tower Advisory Services raised its holdings in Apple by 2.3% in the 1st quarter. Strong Tower Advisory Services now owns 50,005 shares of the iPhone maker’s stock valued at $8,502,000 after acquiring an additional 1,110 shares during the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

Insider Activity at Apple

In related news, Director Arthur D. Levinson sold 75,000 shares of the business’s 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 directly owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was 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 document filed with the SEC, which is available through this link. Also, insider Chris Kondo sold 4,999 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the completion of the sale, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The disclosure for this sale can be found here. Insiders have sold 247,087 shares of company stock valued at $44,016,111 in the last ninety days. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

AAPL has been the subject of a number of analyst reports. Maxim Group upped their price target on Apple from $178.00 to $195.00 and gave the company a “hold” rating in a research report on Tuesday, June 25th. DZ Bank restated a “hold” rating and issued a $180.00 target price on shares of Apple in a report on Thursday, March 28th. Needham & Company LLC reiterated a “buy” rating and set a $220.00 price target on shares of Apple in a report on Tuesday, June 11th. Itau BBA Securities raised shares of Apple from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $162.00 to $188.00 in a report on Friday, May 3rd. Finally, Oppenheimer raised their price objective on shares of Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus price target of $215.71.

Apple Price Performance

Shares of AAPL opened at $210.62 on Monday. The firm has a market capitalization of $3.23 trillion, a price-to-earnings ratio of 32.76, a PEG ratio of 2.56 and a beta of 1.25. The firm’s fifty day simple moving average is $192.13 and its 200-day simple moving average is $185.31. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $220.20. 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 quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. The company had revenue of $90.75 billion during 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 revenue for the quarter was down 4.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.52 EPS. Equities analysts forecast that Apple Inc. will post 6.59 EPS for the current fiscal year.

Apple announced that its Board of Directors has authorized a stock repurchase program 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 stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Apple Increases Dividend

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

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.