Rench Wealth Management Inc. Boosts Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Rench Wealth Management Inc. grew its position in shares of Apple Inc. (NASDAQ:AAPL) by 0.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,656 shares of the iPhone maker’s stock after buying an additional 169 shares during the quarter. Apple accounts for approximately 7.2% of Rench Wealth Management Inc.’s investment portfolio, making the stock its 2nd biggest holding. Rench Wealth Management Inc.’s holdings in Apple were worth $9,321,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Bill & Melinda Gates Foundation Trust bought a new position in shares of Apple during the 1st quarter worth approximately $127,410,000. Ameritas Investment Company LLC increased its stake in shares of Apple by 161.9% during the 1st quarter. Ameritas Investment Company LLC now owns 89,319 shares of the iPhone maker’s stock worth $21,981,000 after purchasing an additional 55,216 shares during the last quarter. Peapack Gladstone Financial Corp increased its stake in shares of Apple by 4.8% during the 1st quarter. Peapack Gladstone Financial Corp now owns 318,206 shares of the iPhone maker’s stock worth $80,917,000 after purchasing an additional 14,698 shares during the last quarter. Cooper Financial Group increased its stake in shares of Apple by 24.6% during the 1st quarter. Cooper Financial Group now owns 32,216 shares of the iPhone maker’s stock worth $8,192,000 after purchasing an additional 6,357 shares during the last quarter. Finally, Capital Research Global Investors increased its stake in shares of Apple by 29.2% during the 1st quarter. Capital Research Global Investors now owns 8,842,313 shares of the iPhone maker’s stock worth $2,248,512,000 after purchasing an additional 1,997,259 shares during the last quarter. 62.04% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have recently issued reports on AAPL shares. Cascend Securities decreased their price target on shares of Apple from $350.00 to $325.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Canaccord Genuity raised their price target on shares of Apple from $300.00 to $310.00 and gave the stock a “buy” rating in a research note on Friday, May 1st. Needham & Company LLC restated a “buy” rating and set a $350.00 price target on shares of Apple in a research note on Friday, May 1st. BidaskClub upgraded shares of Apple from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 19th. Finally, Loop Capital lifted their price objective on shares of Apple from $280.00 to $330.00 and gave the company a “hold” rating in a research note on Tuesday, June 23rd. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the stock. Apple presently has a consensus rating of “Buy” and an average target price of $326.64.

NASDAQ AAPL opened at $361.78 on Tuesday. Apple Inc. has a 52-week low of $192.58 and a 52-week high of $372.38. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.46 and a current ratio of 1.50. The company has a market capitalization of $1,532.75 billion, a P/E ratio of 27.74, a P/E/G ratio of 2.61 and a beta of 1.18. The company has a fifty day moving average of $331.04 and a 200-day moving average of $299.26.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.29. The business had revenue of $58.31 billion during the quarter, compared to the consensus estimate of $54.64 billion. Apple had a net margin of 21.35% and a return on equity of 64.49%. The firm’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the firm posted $2.46 earnings per share. As a group, analysts forecast that Apple Inc. will post 12.32 EPS for the current fiscal year.

In other Apple news, insider Chris Kondo sold 4,491 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $305.62, for a total value of $1,372,539.42. Following the completion of the sale, the insider now directly owns 7,370 shares of the company’s stock, valued at $2,252,419.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Luca Maestri sold 41,062 shares of the business’s stock in a transaction on Tuesday, April 7th. The stock was sold at an average price of $264.44, for a total transaction of $10,858,435.28. Following the completion of the sale, the chief financial officer now directly owns 65,427 shares of the company’s stock, valued at $17,301,515.88. The disclosure for this sale can be found here. Insiders sold 95,752 shares of company stock valued at $24,750,125 over the last three months. 0.05% of the stock is currently owned by insiders.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. 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, HomePod, iPod touch, and other Apple-branded and third-party accessories.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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