58,694 Shares of Apple Inc. $AAPL Acquired by Stonebridge Capital Management Inc.

Key Points

• Stonebridge Capital Management acquired 58,694 Apple shares worth approximately $16.98 million in the second quarter, making Apple 8.2% of its portfolio and its second-largest holding. Institutional investors collectively own 67.73% of Apple.
• Analysts maintain a generally positive outlook, with Apple receiving a “Moderate Buy” consensus rating and an average price target of $340.14. Recent targets include $350 from Wells Fargo and $370 from Bank of America.
• Apple reported quarterly earnings of $2.02 per share, beating estimates, while revenue rose 16.4% year over year to $109.42 billion. The company also pays a quarterly dividend of $0.27 per share, equivalent to a 0.3% yield.

Stonebridge Capital Management Inc. bought a new position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 58,694 shares of the iPhone maker's stock, valued at approximately $16,984,000. Apple accounts for 8.2% of Stonebridge Capital Management Inc.'s portfolio, making the stock its 2nd largest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Prospect Hill Management LLC bought a new position in Apple in the 2nd quarter valued at approximately $146,370,000. Focus Partners Advisor Solutions LLC purchased a new stake in Apple in the 2nd quarter worth approximately $168,646,000. Wealthfront Advisers LLC bought a new position in Apple in the 2nd quarter worth $482,388,000. Satovsky Asset Management LLC purchased a new stake in shares of Apple during the second quarter worth about $16,064,000. Finally, Saranac Partners Ltd purchased a new position in shares of Apple in the second quarter worth $9,513,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $350.00 price objective (up from $310.00) on shares of Apple in a research note on Friday, July 31st. KeyCorp reiterated an "underweight" rating on shares of Apple in a research report on Friday, September 4th. Bank of America restated a "buy" rating and set a $370.00 price objective on shares of Apple in a report on Wednesday, September 23rd. Citigroup reissued a "buy" rating on shares of Apple in a report on Thursday, September 10th. Finally, Moffett Nathanson reiterated a "neutral" rating and issued a $304.00 target price (up from $270.00) on shares of Apple in a report on Tuesday, September 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $340.14.

Apple Price Performance

Shares of NASDAQ AAPL opened at $338.40 on Tuesday. The firm's 50 day simple moving average is $321.79 and its 200-day simple moving average is $298.18. The stock has a market capitalization of $4.94 trillion, a price-to-earnings ratio of 38.81, a PEG ratio of 2.96 and a beta of 1.08. Apple Inc. has a 12 month low of $243.42 and a 12 month high of $345.34. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.00 and a quick ratio of 0.93.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.02 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.13. Apple had a return on equity of 135.46% and a net margin of 27.62%.The business had revenue of $109.42 billion during the quarter, compared to analysts' expectations of $109.04 billion. During the same period in the previous year, the business earned $1.57 earnings per share. The business's revenue was up 16.4% compared to the same quarter last year. Analysts expect that Apple Inc. will post 8.74 EPS for the current year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, August 10th were given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, August 10th. Apple's dividend payout ratio (DPR) is presently 12.39%.

Insider Activity at Apple

In other news, SVP Jennifer Newstead sold 2,399 shares of the company's stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $340.06, for a total value of $815,803.94. Following the transaction, the senior vice president owned 44,391 shares of the company's stock, valued at $15,095,603.46. This represents a 5.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last 90 days, insiders have sold 11,031 shares of company stock worth $3,535,759. 0.06% of the stock is currently owned by insiders.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s renewed patent agreement with Qualcomm helps preserve access to important cellular technology and reduces uncertainty surrounding future iPhone launches. The deal also supports Qualcomm’s royalty stream tied to Apple devices. What Is Going on With Qualcomm Stock on Monday?
• Positive Sentiment: Reports that Apple is increasing orders for TSMC’s next-generation 2-nanometer chips point to continued investment in more powerful and efficient processors for future iPhones and other products. TSMC Ramps Up 2nm Chip Capacity as Apple, Nvidia Orders Jump
• Neutral Sentiment: Apple’s foldable iPhone Duo and premium-device strategy could lift revenue and expand its addressable market, but the roughly $2,000 price raises questions about demand beyond affluent early adopters. Apple’s Premium iPhone Strategy Faces a Test Beyond Early Adopters
• Neutral Sentiment: X Corp. and SpaceXAI reportedly moved to dismiss antitrust claims against Apple and OpenAI, removing one legal challenge, although other regulatory matters remain unresolved. Musk’s X Corp and SpaceXAI Drop Apple From AI Antitrust Fight
• Negative Sentiment: A U.S. jury ordered Apple to pay approximately $5.7 billion to Taction Technology for infringing patents covering haptic feedback used in products such as the iPhone and Apple Watch. Apple denies wrongdoing and plans to appeal, but the potential liability is the largest U.S. patent award of its kind. Apple and Amazon Face Revived UK Consumer Lawsuit Over Product Sales
• Negative Sentiment: Britain’s Competition Appeal Tribunal revived part of a consumer case alleging that Apple and Amazon restricted competition for Apple products sold through Amazon’s U.K. marketplace. Apple also faces an expanded Indian investigation into alleged costly repairs following an iOS 18 software update, increasing potential legal and reputational risk. Apple and Amazon Face Revived UK Consumer Lawsuit Over Product Sales

Apple Profile

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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