TruNorth Capital Management LLC Acquires Shares of 10,004 Apple Inc. (NASDAQ:AAPL)

TruNorth Capital Management LLC acquired a new stake in shares of Apple Inc. (NASDAQ:AAPL) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 10,004 shares of the iPhone maker’s stock, valued at approximately $1,716,000. Apple comprises 0.6% of TruNorth Capital Management LLC’s holdings, making the stock its 21st biggest holding.

Several other hedge funds have also recently modified their holdings of the business. SRN Advisors LLC raised its stake in shares of Apple by 5.4% in the first quarter. SRN Advisors LLC now owns 4,354 shares of the iPhone maker’s stock worth $747,000 after purchasing an additional 222 shares during the last quarter. Keynote Financial Services LLC purchased a new position in shares of Apple in the first quarter worth $7,798,000. Bush Investment Group LLC purchased a new position in shares of Apple in the first quarter worth $1,002,000. Jackson Wealth Management LLC raised its stake in shares of Apple by 2.5% in the first quarter. Jackson Wealth Management LLC now owns 197,961 shares of the iPhone maker’s stock worth $33,946,000 after purchasing an additional 4,798 shares during the last quarter. Finally, American Trust raised its stake in shares of Apple by 3.1% in the first quarter. American Trust now owns 64,746 shares of the iPhone maker’s stock worth $11,103,000 after purchasing an additional 1,972 shares during the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Trading Up 1.0 %

Shares of NASDAQ:AAPL opened at $226.84 on Friday. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $237.23. The stock has a market cap of $3.48 trillion, a price-to-earnings ratio of 35.28, a PEG ratio of 2.60 and a beta of 1.24. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. The business has a 50-day moving average price of $220.32 and a 200-day moving average price of $194.44.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a return on equity of 145.35% and a net margin of 26.44%. The firm had revenue of $85.78 billion during the quarter, compared to analysts’ expectations of $84.43 billion. During the same period last year, the business posted $1.26 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities analysts predict that Apple Inc. will post 6.61 EPS for the current year.

Apple announced that its board has approved a stock repurchase program on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Apple Announces Dividend

The company 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. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s payout ratio is 15.55%.

Insider Transactions at Apple

In related news, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Chris Kondo sold 5,178 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the sale, the insider now directly owns 24,125 shares of the company’s stock, valued at $5,223,062.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 4,359,576 shares in the company, valued at $835,207,570.08. The disclosure for this sale can be found here. Insiders sold a total of 188,884 shares of company stock worth $38,092,387 over the last three months. 0.06% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Raymond James lifted their price objective on Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Tigress Financial lifted their price objective on Apple from $240.00 to $245.00 and gave the stock a “strong-buy” rating in a report on Thursday, May 30th. Canaccord Genuity Group lifted their price objective on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Saturday, May 4th. UBS Group reaffirmed a “neutral” rating and issued a $190.00 price objective on shares of Apple in a report on Monday, July 1st. Finally, Rosenblatt Securities lifted their price objective on Apple from $260.00 to $261.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $233.63.

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.