34,315 Apple Inc. $AAPL Shares Sold by SVB Wealth LLC

Key Points

• SVB Wealth reduced its Apple stake by 9.9% in the second quarter, selling 34,315 shares and retaining 312,512 shares worth approximately $90.4 million. Apple remains the firm’s second-largest holding and represents about 5.3% of its portfolio.
• Apple reported quarterly earnings of $2.02 per share and revenue of $109.42 billion, exceeding analyst expectations, while revenue grew 16.4% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $340.02, although ratings range from “Strong Buy” to “Sell.” Apple shares opened at $336.64, near their 52-week high, and the company recently paid a quarterly dividend of $0.27 per share.

SVB Wealth LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 9.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 312,512 shares of the iPhone maker's stock after selling 34,315 shares during the period. Apple comprises approximately 5.3% of SVB Wealth LLC's holdings, making the stock its 2nd largest position. SVB Wealth LLC's holdings in Apple were worth $90,429,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in AAPL. Avenir Tech Ltd purchased a new position in Apple in the second quarter worth about $29,000. Longfellow Investment Management Co. LLC purchased a new position in Apple during the second quarter valued at approximately $30,000. Lifetime Wealth Management P.C. bought a new position in Apple in the 4th quarter worth $41,000. ABS Investment Management LLC bought a new position in shares of Apple in the second quarter worth about $376,168,000. Finally, Basso Capital Management L.P. bought a new position in Apple in the 4th quarter worth approximately $88,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Price Performance

AAPL opened at $336.64 on Monday. The business has a fifty day moving average of $322.61 and a 200 day moving average of $303.36. Apple Inc. has a 52-week low of $243.42 and a 52-week high of $345.34. 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 stock has a market cap of $4.91 trillion, a P/E ratio of 38.61, a PEG ratio of 2.68 and a beta of 1.07.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.02 EPS for the quarter, beating the consensus estimate of $1.89 by $0.13. Apple had a return on equity of 135.46% and a net margin of 27.62%. The company had revenue of $109.42 billion for the quarter, compared to the consensus estimate of $109.04 billion. During the same quarter in the prior year, the company posted $1.57 EPS. Apple's quarterly revenue was up 16.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Apple Inc. will post 8.75 EPS for the current year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Monday, August 10th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, August 10th. Apple's payout ratio is currently 12.39%.

Analyst Ratings Changes

Several research analysts have commented on AAPL shares. Maxim Group increased their price objective on shares of Apple from $350.00 to $380.00 and gave the company a "buy" rating in a report on Friday, July 31st. HSBC reaffirmed a "buy" rating and set a $366.00 price objective on shares of Apple in a research note on Tuesday, September 8th. Moffett Nathanson reissued a "neutral" rating and issued a $304.00 target price (up from $270.00) on shares of Apple in a research note on Tuesday, September 8th. China Renaissance lowered shares of Apple from a "buy" rating to a "hold" rating and lowered their target price for the stock from $329.00 to $280.00 in a report on Tuesday, August 4th. Finally, Bank of America restated a "buy" rating and issued a $370.00 target price on shares of Apple in a report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, fourteen have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $340.02.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Potential AI upside: Analyst Dan Ives said Apple could become a “toll collector” for consumer AI by monetizing its more than 2.5 billion active devices and Services ecosystem. He estimates AI could add approximately $75 per share to the company’s value. Apple Could Be the Toll Collector of Consumer AI
• Positive Sentiment: Smart-home expansion: Apple’s planned October 13 “Welcome Home” event could introduce products such as a smart lock, thermostat and doorbell. The initiative may expand Apple’s hardware and Services opportunities and strengthen its position against Amazon and Google. Apple Smart Home Push
• Neutral Sentiment: Possible seasonal order adjustment: Bespoke Investment Group noted that Apple’s autumn iPhone order reductions have occurred in prior years and have sometimes been followed by a stock recovery. Investors will look for evidence that the latest cuts reflect normal supply-chain management rather than lasting demand weakness. Apple’s iPhone Order Cut and Stock Rebound
• Negative Sentiment: iPhone demand concerns: Nikkei Asia reported that Apple asked suppliers to cut iPhone 18 Pro component production, raising concerns that premium pricing is discouraging consumers. The reports are particularly important because Apple is preparing to pursue an even higher-priced product strategy, including a rumored $1,999 foldable iPhone. Apple Cuts iPhone 18 Pro Orders Due to Soft Demand
• Negative Sentiment: Valuation and execution risks: Apple’s elevated earnings multiple leaves less room for disappointment, while higher memory costs could pressure margins. A recent senior vice president stock sale was relatively small but adds to near-term caution. Apple Senior Vice President Stock Sale

Insider Activity at Apple

In other news, CEO John Ternus sold 25,412 shares of the company's stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $332.94, for a total value of $8,460,671.28. Following the transaction, the chief executive officer directly owned 59,567 shares in the company, valued at approximately $19,832,236.98. This represents a 29.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Deirdre O'brien sold 46,389 shares of the firm's stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $333.42, for a total transaction of $15,467,020.38. Following the completion of the transaction, the senior vice president directly owned 136,810 shares in the company, valued at $45,615,190.20. This represents a 25.32% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 279,383 shares of company stock valued at $92,912,517. Company insiders own 0.06% of the company's stock.

About Apple

Apple Inc is a technology company that designs, develops and markets consumer electronics, software and digital services. Its best-known products include the iPhone smartphone, Mac personal computers, iPad tablets, Apple Watch, AirPods and other accessories. The company also develops operating systems and software platforms, including iOS, macOS, iPadOS, watchOS and visionOS.

Apple's services business includes the App Store, Apple Music, Apple TV+, Apple Arcade, Apple News+, Apple Fitness+ and iCloud.

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