Rench Wealth Management Inc. Raises Holdings in Apple Inc. (NASDAQ:AAPL)
Rench Wealth Management Inc. grew its position in Apple Inc. (NASDAQ:AAPL) by 0.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,656 shares of the iPhone maker’s stock after purchasing an additional 169 shares during the period. Apple makes up approximately 7.2% of Rench Wealth Management Inc.’s investment portfolio, making the stock its 2nd largest holding. Rench Wealth Management Inc.’s holdings in Apple were worth $9,321,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of AAPL. Orser Capital Management LLC increased its position in shares of Apple by 7.2% in the fourth quarter. Orser Capital Management LLC now owns 12,323 shares of the iPhone maker’s stock valued at $3,592,000 after acquiring an additional 826 shares during the last quarter. Quadrant Capital Group LLC increased its position in shares of Apple by 22.9% in the fourth quarter. Quadrant Capital Group LLC now owns 55,530 shares of the iPhone maker’s stock valued at $16,262,000 after acquiring an additional 10,344 shares during the last quarter. MERIAN GLOBAL INVESTORS UK Ltd increased its position in shares of Apple by 3.1% in the fourth quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,146,845 shares of the iPhone maker’s stock valued at $336,771,000 after acquiring an additional 34,417 shares during the last quarter. Legacy Wealth Partners Inc. acquired a new stake in shares of Apple in the fourth quarter valued at about $5,458,000. Finally, Epiq Partners LLC acquired a new stake in shares of Apple in the fourth quarter valued at about $1,809,000. Institutional investors own 62.04% of the company’s stock.
Shares of AAPL stock opened at $361.78 on Tuesday. The company has a current ratio of 1.50, a quick ratio of 1.46 and a debt-to-equity ratio of 1.14. The stock has a market cap of $1,532.75 billion, a P/E ratio of 27.74, a price-to-earnings-growth ratio of 2.61 and a beta of 1.18. The stock has a 50 day simple moving average of $331.04 and a 200 day simple moving average of $299.26. Apple Inc. has a 1 year low of $192.58 and a 1 year high of $372.38.
In other Apple news, CFO Luca Maestri sold 41,062 shares of the company’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 in the company, valued at $17,301,515.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Chris Kondo sold 4,491 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $305.62, for a total value of $1,372,539.42. Following the sale, the insider now owns 7,370 shares of the company’s stock, valued at $2,252,419.40. The disclosure for this sale can be found here. Insiders have sold 95,752 shares of company stock valued at $24,750,125 over the last 90 days. Corporate insiders own 0.05% of the company’s stock.
AAPL has been the topic of a number of recent research reports. Royal Bank of Canada raised Apple to an “outperform” rating and lifted their target price for the company from $345.00 to $390.00 in a research report on Wednesday, June 17th. They noted that the move was a valuation call. Canaccord Genuity lifted their target price on Apple from $300.00 to $310.00 and gave the company a “buy” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Apple in a research report on Tuesday, June 23rd. Morgan Stanley boosted their price target on Apple from $326.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 3rd. Finally, Nomura Instinet boosted their price target on Apple from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Apple has an average rating of “Buy” and an average price target of $326.64.
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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