Financial Designs Corp bought a new position in shares of Apple Inc. (NASDAQ:AAPL – Free Report) during the 1st quarter, Holdings Channel.com reports. The fund bought 3,061 shares of the iPhone maker’s stock, valued at approximately $777,000. Apple accounts for 0.4% of Financial Designs Corp’s holdings, making the stock its 20th largest holding.
Several other hedge funds have also modified their holdings of the business. Isthmus Partners LLC boosted its position in shares of Apple by 6.4% during the 3rd quarter. Isthmus Partners LLC now owns 97,177 shares of the iPhone maker’s stock worth $25,000 after purchasing an additional 5,808 shares in the last quarter. Lifetime Wealth Management P.C. acquired a new stake in shares of Apple in the fourth quarter valued at about $41,000. ROSS JOHNSON & Associates LLC boosted its holdings in Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after buying an additional 180 shares in the last quarter. LSV Asset Management acquired a new position in Apple during the fourth quarter worth about $65,000. Finally, Timmons Wealth Management LLC purchased a new position in Apple in the fourth quarter valued at about $69,000. 67.73% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts have recently commented on the company. Sanford C. Bernstein reissued an “outperform” rating on shares of Apple in a research note on Monday, June 8th. Monness Crespi & Hardt lifted their price objective on Apple from $315.00 to $335.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Maxim Group reiterated a “buy” rating and set a $350.00 target price (up from $310.00) on shares of Apple in a research report on Tuesday, June 9th. KGI Securities downgraded Apple from an “outperform” rating to a “hold” rating and set a $315.00 price target for the company. in a research note on Monday. Finally, Robert W. Baird set a $310.00 price objective on shares of Apple in a research report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus target price of $314.85.
Apple News Roundup
Here are the key news stories impacting Apple this week:
- Positive Sentiment: Apple’s new Siri and broader AI reset is being viewed positively by analysts, with BofA reiterating a Buy rating and saying the WWDC update could strengthen Apple’s AI position and support the stock. BofA Says Apple’s (AAPL) New Siri Strategy Could Strengthen its AI Position
- Positive Sentiment: Apple’s reported chip partnership with Intel is being framed as strategically important, with investors focused on supply-chain diversification and a longer-term domestic chip roadmap that could benefit future product cycles. Apple-Intel chip deal makes strategic sense but production is years away
- Positive Sentiment: Several market commentaries say Apple shares are building toward a possible breakout, with the stock staying close to its all-time high and forming a fresh buy zone as momentum improves. Apple Stock Polishing New Buy Zone With All-Time High In Sight
- Neutral Sentiment: Apple is also drawing attention for comments from Eddy Cue about expanding entertainment offerings on Apple TV and in theaters, which supports the long-term services story but is not an immediate earnings catalyst. Apple aims for better and more entertainment offerings, executive Cue says
- Negative Sentiment: Investors are still weighing headwinds from rising memory costs and the possibility of iPhone price increases, which could pressure demand if Apple passes through higher component prices. Apple Price Hike Fears May Be Overblown, Says J.P. Morgan
- Negative Sentiment: Apple also faces legal overhang after a UK tribunal allowed a $4 billion iCloud class-action lawsuit to proceed, adding another potential regulatory and financial risk. Apple supplier Lingyi iTech prices $1.06 billion Hong Kong IPO to tap AI demand
Insider Activity
In related news, SVP Deirdre O’brien sold 30,002 shares of the firm’s stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $255.35, for a total transaction of $7,661,010.70. Following the sale, the senior vice president owned 136,810 shares in the company, valued at approximately $34,934,433.50. This trade represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ben Borders sold 1,274 shares of Apple stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the sale, the insider directly owned 38,713 shares of the company’s stock, valued at $11,226,770. The trade was 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 97,875 shares of company stock worth $24,998,541. 0.06% of the stock is currently owned by corporate insiders.
Apple Stock Down 0.4%
AAPL opened at $293.05 on Thursday. The firm has a market cap of $4.30 trillion, a P/E ratio of 35.44, a PEG ratio of 2.56 and a beta of 1.09. The business’s fifty day simple moving average is $291.83 and its 200 day simple moving average is $273.15. Apple Inc. has a 52 week low of $199.26 and a 52 week high of $317.40. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70.
Apple (NASDAQ:AAPL – Get Free Report) last announced its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.06. The firm had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.65 EPS. As a group, equities research analysts anticipate that Apple Inc. will post 8.74 EPS for the current fiscal year.
Apple Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, May 11th. This is a positive change from Apple’s previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 0.4%. Apple’s payout ratio is currently 13.06%.
About Apple
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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