Altar Rock LLC Sells 3,233 Shares of Apple Inc. $AAPL

Key Points

• Altar Rock LLC cut its Apple position by 31.1% in the second quarter, selling 3,233 shares and retaining 7,173 shares valued at approximately $2.08 million. Institutional investors and hedge funds collectively own 67.73% of Apple.
• Apple reported quarterly revenue of $109.42 billion and earnings of $2.02 per share, exceeding analyst estimates, while revenue grew 16.4% year over year. The company also maintains a quarterly dividend of $0.27 per share.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $340.39, although some analysts remain cautious about competition, supplier order reductions and potential margin pressure.

Altar Rock LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 31.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,173 shares of the iPhone maker's stock after selling 3,233 shares during the period. Apple accounts for about 3.0% of Altar Rock LLC's investment portfolio, making the stock its 12th largest holding. Altar Rock LLC's holdings in Apple were worth $2,076,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in AAPL. Sterling Wealth Management Inc. raised its stake in shares of Apple by 0.3% during the 2nd quarter. Sterling Wealth Management Inc. now owns 11,579 shares of the iPhone maker's stock worth $3,351,000 after purchasing an additional 30 shares in the last quarter. Evansbrook LLC increased its holdings in shares of Apple by 0.4% during the 1st quarter. Evansbrook LLC now owns 8,095 shares of the iPhone maker's stock valued at $2,054,000 after acquiring an additional 34 shares during the last quarter. JMG Financial Group Ltd. increased its holdings in shares of Apple by 0.7% during the 1st quarter. JMG Financial Group Ltd. now owns 5,102 shares of the iPhone maker's stock valued at $1,295,000 after acquiring an additional 35 shares during the last quarter. Advocate Investing Services LLC increased its holdings in shares of Apple by 0.5% during the 2nd quarter. Advocate Investing Services LLC now owns 7,847 shares of the iPhone maker's stock valued at $2,271,000 after acquiring an additional 39 shares during the last quarter. Finally, Sugar Maple Asset Management LLC raised its stake in shares of Apple by 2.0% in the 1st quarter. Sugar Maple Asset Management LLC now owns 2,029 shares of the iPhone maker's stock valued at $515,000 after acquiring an additional 40 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: JPMorgan raised its Apple price target from $340 to $360 and maintained an “Overweight” rating, citing improved iPhone 18 Pro demand. Bank of America reiterated its Buy rating and kept a $370 target, viewing potential Starlink competition as manageable. Apple Stock Climbs as JPMorgan Lifts Target, BofA Reiterates Buy
• Positive Sentiment: Apple reportedly reached a 22% share of the global smartphone market in the third quarter, supported by premium iPhone 18 Pro demand despite an overall industry shipment decline. Reports of strong orders for a new foldable iPhone also provided an additional growth narrative. Apple Stock Nears Record High as iPhone Market Share Hits 22%
• Positive Sentiment: Investors are anticipating Apple’s expanded smart-home strategy, including a rumored HomeView hub and updated Apple TV and HomePod mini. A successful launch could strengthen Apple’s ecosystem and open a new product category. Will the HomeView Be Apple’s First Smart Home Success?
• Neutral Sentiment: CEO succession is proceeding with John Ternus replacing Tim Cook, while Cook becomes executive chairman. Apple also met with Chinese officials, underscoring the importance of maintaining stable business and trade relations in its largest overseas market. Tim Cook Meets China’s Vice Premier
• Negative Sentiment: SpaceX’s planned Starlink mobile service could pressure wireless-carrier subsidies that support iPhone sales and eventually create a competing smartphone ecosystem. SpaceX’s Starlink Could Pose Risks to Apple
• Negative Sentiment: Reported supplier order reductions and rising memory costs are renewing concerns about iPhone 18 demand and margins. Google’s integration of wearable data with more than 160 lab tests also increases competition for Apple’s health-platform advantage. iPhone 18 Demand and Supplier Order Cuts

Apple Trading Up 1.3%

Shares of AAPL stock opened at $340.97 on Tuesday. The firm has a market capitalization of $4.98 trillion, a P/E ratio of 39.10, a price-to-earnings-growth ratio of 2.68 and a beta of 1.07. Apple Inc. has a 1 year low of $243.42 and a 1 year high of $345.34. The firm's fifty day simple moving average is $323.36 and its 200 day simple moving average is $303.99. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $109.04 billion. During the same period in the prior year, the firm earned $1.57 EPS. The business's revenue was up 16.4% on a year-over-year basis. As a group, sell-side analysts predict that Apple Inc. will post 8.75 EPS for the current year.

Apple Announces Dividend

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

Insider Buying and Selling

In other news, CEO John Ternus sold 25,412 shares of the company's stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $332.94, for a total value of $8,460,671.28. Following the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 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 stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $333.42, for a total value of $15,467,020.38. Following the completion of the transaction, the senior vice president directly owned 136,810 shares of the company's stock, valued at approximately $45,615,190.20. The trade was a 25.32% 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. Insiders sold a total of 279,383 shares of company stock valued at $92,912,517 over the last ninety days. Company insiders own 0.06% of the company's stock.

Analyst Ratings Changes

AAPL has been the subject of several analyst reports. Barclays restated an "underweight" rating and issued a $245.00 target price (down from $253.00) on shares of Apple in a report on Friday, July 31st. Robert W. Baird increased their price target on Apple from $310.00 to $330.00 and gave the company an "outperform" rating in a report on Friday, July 24th. DA Davidson restated a "neutral" rating and issued a $270.00 price objective on shares of Apple in a research note on Wednesday, September 2nd. Jefferies Financial Group reaffirmed an "underperform" rating on shares of Apple in a report on Wednesday, September 9th. Finally, Wells Fargo & Company reaffirmed 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. One investment analyst has rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $340.39.

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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