Warren Street Wealth Advisors LLC lessened its position in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 17.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 17,817 shares of the iPhone maker’s stock after selling 3,790 shares during the quarter. Apple accounts for about 1.4% of Warren Street Wealth Advisors LLC’s holdings, making the stock its 19th biggest position. Warren Street Wealth Advisors LLC’s holdings in Apple were worth $4,844,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in AAPL. Approach Retirement Advisors LLC purchased a new stake in Apple in the fourth quarter valued at approximately $333,000. Solidarity Wealth LLC lifted its stake in Apple by 0.9% in the fourth quarter. Solidarity Wealth LLC now owns 199,720 shares of the iPhone maker’s stock valued at $54,296,000 after buying an additional 1,788 shares during the last quarter. Veracity Capital LLC lifted its stake in Apple by 3.4% in the fourth quarter. Veracity Capital LLC now owns 34,275 shares of the iPhone maker’s stock valued at $9,318,000 after buying an additional 1,139 shares during the last quarter. Wheelhouse Advisory Group LLC lifted its stake in Apple by 18.2% in the fourth quarter. Wheelhouse Advisory Group LLC now owns 8,496 shares of the iPhone maker’s stock valued at $2,320,000 after buying an additional 1,309 shares during the last quarter. Finally, Resonant Capital Advisors LLC lifted its stake in Apple by 4.5% in the fourth quarter. Resonant Capital Advisors LLC now owns 99,610 shares of the iPhone maker’s stock valued at $27,080,000 after buying an additional 4,318 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.
Analysts Set New Price Targets
AAPL has been the subject of a number of research reports. Wells Fargo & Company reiterated an “overweight” rating and issued a $310.00 price objective (up from $300.00) on shares of Apple in a research note on Friday, May 1st. Scotiabank set a $330.00 price objective on Apple in a research note on Monday, February 2nd. KGI Securities upgraded shares of Apple to an “outperform” rating and set a $306.00 target price for the company in a research note on Friday, January 30th. BNP Paribas Exane upgraded shares of Apple from a “neutral” rating to an “outperform” rating and set a $300.00 target price for the company in a research note on Friday, April 17th. Finally, Rosenblatt Securities increased their target price on shares of Apple from $268.00 to $276.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus price target of $308.74.
Insider Activity
In related news, CEO Timothy D. Cook sold 64,949 shares of the stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $254.23, for a total transaction of $16,511,984.27. Following the completion of the transaction, the chief executive officer directly owned 3,280,418 shares of the company’s stock, valued at $833,980,668.14. This represents a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ben Borders sold 1,274 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $290.00, for a total transaction of $369,460.00. Following the transaction, the insider directly owned 38,713 shares of the company’s stock, valued at $11,226,770. This represents a 3.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 97,759 shares of company stock valued at $24,964,305. Company insiders own 0.06% of the company’s stock.
Apple News Summary
Here are the key news stories impacting Apple this week:
- Positive Sentiment: Apple continues to be viewed as one of the best long-term large-cap tech names, with reports highlighting strong iPhone demand, its massive installed base, and the potential for Services to drive the next leg of earnings growth. Apple Services story
- Positive Sentiment: Analysts remain constructive: Evercore ISI reiterated an Outperform rating and raised its price target, while other commentary says Apple can keep compounding earnings and free cash flow as it expands AI features and devices. Analyst commentary
- Positive Sentiment: Apple executives saying the company is still in the “early innings” of spatial computing is reinforcing the view that new product categories could support future growth beyond the iPhone. Spatial computing article
- Neutral Sentiment: Apple’s legal fight with Epic Games remains a drag on sentiment, as the company asked the U.S. Supreme Court to review a contempt order tied to App Store fees. Epic lawsuit article
- Negative Sentiment: Some analysts are becoming more cautious on valuation after Apple’s run to new highs, warning the stock may be due for profit-taking. KeyBanc caution article
Apple Price Performance
Apple stock opened at $308.82 on Monday. Apple Inc. has a twelve month low of $193.46 and a twelve month high of $311.40. The stock has a 50 day moving average of $269.64 and a two-hundred day moving average of $268.62. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $4.54 trillion, a price-to-earnings ratio of 37.34, a PEG ratio of 2.69 and a beta of 1.06.
Apple (NASDAQ:AAPL – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.06. Apple had a return on equity of 146.69% and a net margin of 27.15%.The company had revenue of $111.18 billion during the quarter, compared to analysts’ expectations of $109.46 billion. During the same period last year, the firm earned $1.65 EPS. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, research analysts expect that Apple Inc. will post 8.74 earnings per share for the current year.
Apple Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were issued a dividend of $0.27 per share. This is an increase from Apple’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, May 11th. Apple’s dividend payout ratio is currently 13.06%.
Apple Company Profile
Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.
Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.
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