Sandy Cove Advisors LLC grew its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 4.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 62,103 shares of the iPhone maker’s stock after buying an additional 2,634 shares during the period. Apple accounts for about 4.5% of Sandy Cove Advisors LLC’s portfolio, making the stock its 7th biggest holding. Sandy Cove Advisors LLC’s holdings in Apple were worth $17,970,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Lifetime Wealth Management P.C. acquired a new position in shares of Apple in the fourth quarter valued at $41,000. ROSS JOHNSON & Associates LLC lifted its stake in shares of Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after buying an additional 180 shares during the last quarter. LSV Asset Management acquired a new stake in shares of Apple during the 4th quarter worth about $65,000. Timmons Wealth Management LLC bought a new stake in shares of Apple during the 4th quarter worth about $69,000. Finally, Inspire Investing LLC acquired a new position in Apple in the 4th quarter valued at about $76,000. 67.73% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts have weighed in on AAPL shares. Morgan Stanley lowered their price target on shares of Apple from $364.00 to $360.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Wells Fargo & Company restated an “overweight” rating and set a $350.00 price objective (up from $310.00) on shares of Apple in a report on Friday, July 31st. Rothschild & Co Redburn set a $400.00 target price on Apple and gave the company a “buy” rating in a research report on Monday. Piper Sandler began coverage on Apple in a research note on Monday. They set an “overweight” rating on the stock. Finally, DZ Bank cut Apple from a “buy” rating to a “hold” rating and set a $310.00 price target for the company. in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twelve have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and an average target price of $330.53.
Apple Price Performance
Shares of Apple stock opened at $316.83 on Thursday. Apple Inc. has a twelve month low of $223.78 and a twelve month high of $344.57. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 0.66. The company has a 50-day simple moving average of $309.95 and a two-hundred day simple moving average of $286.52. The stock has a market capitalization of $4.62 trillion, a price-to-earnings ratio of 36.33, a price-to-earnings-growth ratio of 2.66 and a beta of 1.09.
Apple (NASDAQ:AAPL – Get Free Report) last announced its earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.13. Apple had a net margin of 27.62% and a return on equity of 135.46%. The firm had revenue of $109.42 billion for the quarter, compared to analyst estimates of $109.04 billion. During the same quarter in the prior year, the business posted $1.57 EPS. The business’s revenue was up 16.4% compared to the same quarter last year. Analysts forecast that Apple Inc. will post 8.76 EPS for the current year.
Apple Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, August 10th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, August 10th. Apple’s payout ratio is 12.39%.
Insider Buying and Selling
In other Apple news, SVP Jennifer Newstead sold 1,439 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $307.75, for a total transaction of $442,852.25. Following the transaction, the senior vice president owned 40,107 shares in the company, valued at $12,342,929.25. This trade represents a 3.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ben Borders sold 116 shares of Apple stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total value of $34,236.24. Following the completion of the transaction, the insider directly owned 38,713 shares of the company’s stock, valued at $11,425,754.82. This represents a 0.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 0.06% of the company’s stock.
Apple News Roundup
Here are the key news stories impacting Apple this week:
- Positive Sentiment: Analyst upgrade and bullish outlook: Rothschild & Co. Redburn upgraded Apple from “Neutral” to “Buy” and raised its price target to $400, implying substantial upside. Morgan Stanley also identified Apple among large-cap technology stocks showing a bullish technical signal. Apple stock upgrade and price target
- Positive Sentiment: Apple positioned as an AI and volatility hedge: Analysts argue that Apple’s restrained AI infrastructure spending limits capital-expenditure and valuation risk relative to peers committing hundreds of billions of dollars to AI. Some investors also view Apple as an underappreciated AI beneficiary through its installed base and potential improvements to Siri. Apple’s low AI spending
- Positive Sentiment: Macro support: Retreating Treasury yields helped restore demand for mega-cap technology stocks, while Apple showed relative strength even as semiconductor shares and parts of the technology sector weakened. Apple stock and Treasury yields
- Positive Sentiment: Product optionality: Reports that a future foldable iPhone could support an estimated 11% increase in average iPhone prices provide a potential catalyst for revenue and margin growth, although the product remains unannounced. Apple foldable iPhone outlook
Apple 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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