Petix & Botte Co trimmed its position in Apple Inc. (NASDAQ:AAPL – Free Report) by 14.9% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 23,353 shares of the iPhone maker’s stock after selling 4,083 shares during the period. Apple comprises approximately 1.3% of Petix & Botte Co’s holdings, making the stock its 26th largest holding. Petix & Botte Co’s holdings in Apple were worth $5,927,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Lifetime Wealth Management P.C. bought a new stake in Apple during the 4th quarter worth about $41,000. ROSS JOHNSON & Associates LLC boosted its stake in shares of Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock valued at $42,000 after purchasing an additional 180 shares during the last quarter. LSV Asset Management bought a new position in shares of Apple in the 4th quarter valued at about $65,000. Timmons Wealth Management LLC acquired a new stake in shares of Apple during the 4th quarter worth approximately $69,000. Finally, Inspire Investing LLC acquired a new stake in shares of Apple during the 4th quarter worth approximately $76,000. 67.73% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Apple
In related news, insider Ben Borders sold 116 shares of the company’s 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 sale, the insider owned 38,713 shares in the company, valued at $11,425,754.82. This represents a 0.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.06% of the stock is currently owned by corporate insiders.
Key Stories Impacting Apple
Here are the key news stories impacting Apple this week:
- Positive Sentiment: Ford said it will embed Apple Maps into upcoming EVs, expanding Apple’s software reach and reinforcing the value of its ecosystem. Ford Embeds Apple Maps Directly into Upcoming EVs
- Positive Sentiment: Baird raised its price target on Apple and reiterated an Outperform rating, adding to bullish analyst momentum. Finviz
- Positive Sentiment: Commentary highlighted Apple as outperforming the broader market, supported by strong ratings and a favorable chart setup ahead of earnings. Why is Apple stock outperforming the broader market?
- Neutral Sentiment: Apple was also the subject of discussion around upcoming product launches, AI features, and a possible device-leasing program, which could support demand but remain unconfirmed or longer-term in nature.
- Negative Sentiment: Some reports noted concerns that Apple’s valuation is stretched heading into earnings, and insider sales plus short-interest chatter may temper enthusiasm if results disappoint.
Wall Street Analyst Weigh In
AAPL has been the topic of several analyst reports. Maxim Group restated a “buy” rating and issued a $350.00 price objective (up from $310.00) on shares of Apple in a report on Tuesday, June 9th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Apple in a report on Monday, June 8th. Needham & Company LLC reiterated a “hold” rating on shares of Apple in a research report on Tuesday, June 9th. DA Davidson reissued a “neutral” rating and issued a $270.00 price target on shares of Apple in a research note on Friday, May 1st. Finally, HSBC upgraded Apple from a “hold” rating to a “buy” rating and raised their price target for the stock from $260.00 to $366.00 in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $327.40.
Read Our Latest Stock Analysis on AAPL
Apple Stock Performance
Shares of NASDAQ:AAPL opened at $333.02 on Friday. The firm’s 50 day simple moving average is $306.62 and its 200 day simple moving average is $279.01. Apple Inc. has a fifty-two week low of $201.50 and a fifty-two week high of $334.99. The company has a market capitalization of $4.89 trillion, a price-to-earnings ratio of 40.27, a P/E/G ratio of 2.78 and a beta of 1.10. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02.
Apple (NASDAQ:AAPL – Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.95 by $0.06. Apple had a net margin of 27.15% and a return on equity of 146.69%. The firm had revenue of $111.18 billion during the quarter, compared to analysts’ expectations of $109.46 billion. During the same quarter in the previous year, the company earned $1.65 earnings per share. The business’s revenue for the quarter was up 16.6% on a year-over-year basis. As a group, sell-side analysts forecast that Apple Inc. will post 8.76 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. Stockholders of record on Monday, May 11th were issued a $0.27 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. Apple’s dividend payout ratio (DPR) is presently 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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