Connective Capital Management LLC Purchases Shares of 27,356 Apple Inc. (NASDAQ:AAPL)

Connective Capital Management LLC acquired a new position in shares of Apple Inc. (NASDAQ:AAPL) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 27,356 shares of the iPhone maker’s stock, valued at approximately $4,691,000. Apple makes up approximately 7.1% of Connective Capital Management LLC’s holdings, making the stock its 5th biggest position.

Other large investors have also recently made changes to their positions in the company. Christopher J. Hasenberg Inc purchased a new stake in Apple during the 1st quarter worth about $35,000. Fidelis Capital Partners LLC raised its position in shares of Apple by 17.9% during the 1st quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after acquiring an additional 31,278 shares in the last quarter. A.P. Gilfoyle & Co. L.P. purchased a new stake in Apple during the fourth quarter worth approximately $39,000. Gilfoyle & Co LLC boosted its holdings in Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after purchasing an additional 118 shares in the last quarter. Finally, University of Texas Texas AM Investment Managment Co. increased its stake in Apple by 657.1% in the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock valued at $82,000 after purchasing an additional 368 shares during the last quarter. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Apple

In related news, insider Chris Kondo sold 8,706 shares of Apple stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the sale, the insider now owns 15,419 shares in the company, valued at approximately $3,469,275. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Katherine L. Adams sold 100,000 shares of the company’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 completion of the transaction, the senior vice president now directly owns 191,543 shares in the company, valued at $39,542,136.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chris Kondo sold 8,706 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $225.00, for a total value of $1,958,850.00. Following the completion of the sale, the insider now directly owns 15,419 shares in the company, valued at $3,469,275. The disclosure for this sale can be found here. Insiders sold a total of 188,884 shares of company stock valued at $38,092,387 over the last three months. 0.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AAPL. The Goldman Sachs Group boosted their price objective on shares of Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Moffett Nathanson initiated coverage on shares of Apple in a research report on Monday. They issued a “neutral” rating and a $211.00 price target for the company. Piper Sandler Companies reaffirmed a “neutral” rating and set a $225.00 price objective (up previously from $190.00) on shares of Apple in a report on Tuesday, July 9th. TD Cowen boosted their target price on Apple from $220.00 to $250.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Melius Research raised their price target on Apple from $227.00 to $260.00 and gave the stock a “buy” rating in a research note on Monday, June 24th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $233.63.

Apple Price Performance

Apple stock opened at $225.89 on Tuesday. The firm has a market capitalization of $3.46 trillion, a PE ratio of 35.13, a P/E/G ratio of 2.60 and a beta of 1.24. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.23. The firm’s 50-day simple moving average is $219.17 and its 200 day simple moving average is $193.40. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 145.35%. The company had revenue of $85.78 billion for the quarter, compared to the consensus estimate of $84.43 billion. During the same quarter in the prior year, the firm earned $1.26 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities research analysts predict that Apple Inc. will post 6.61 EPS for the current fiscal year.

Apple declared that its Board of Directors has authorized a share buyback plan on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Apple Dividend Announcement

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