Apple Inc. $AAPL is Cane Capital Partners LLC's 5th Largest Position

Key Points

• Cane Capital Partners increased its Apple stake by 7.2% in the first quarter, buying 2,914 more shares and lifting its position to 43,149 shares worth about $10.95 million. Apple now makes up roughly 4.8% of the fund’s portfolio and is its fifth-largest holding.
• Apple’s recent headlines were mixed but leaned positive, highlighted by its lawsuit against OpenAI over alleged trade secret theft and a reported expanded chip deal with Broadcom that could strengthen its supply chain and custom silicon strategy.
• The stock was trading down slightly at $315.32, near its 52-week high, after a strong quarterly report that beat earnings and revenue expectations. Apple also raised its quarterly dividend to $0.27 per share, while analysts currently rate the stock a Moderate Buy with an average target of $314.85.

Cane Capital Partners LLC grew its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 7.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 43,149 shares of the iPhone maker's stock after purchasing an additional 2,914 shares during the quarter. Apple makes up about 4.8% of Cane Capital Partners LLC's investment portfolio, making the stock its 5th largest position. Cane Capital Partners LLC's holdings in Apple were worth $10,951,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AAPL. Lifetime Wealth Management P.C. purchased a new stake in Apple during the fourth quarter valued at about $41,000. ROSS JOHNSON & Associates LLC increased its holdings in shares of Apple by 1,800.0% in the first 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 period. Timmons Wealth Management LLC bought a new stake in shares of Apple in the 4th quarter valued at about $69,000. LSV Asset Management bought a new stake in shares of Apple in the 4th quarter valued at about $65,000. Finally, Inspire Investing LLC purchased a new stake in Apple during the 4th quarter valued at about $76,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s new lawsuit against OpenAI could help protect its hardware roadmap and reinforce its control over proprietary technology, which may support its long-term competitive position. Reuters: Apple sues OpenAI, two former employees for trade secrets theft
• Positive Sentiment: Recent headlines around Apple’s expanded multi-year chip deal with Broadcom continue to boost sentiment, since the agreement strengthens Apple’s supply chain, supports U.S. manufacturing, and deepens its custom silicon strategy. Yahoo Finance: Apple Secures Largest Ever US Chip Deal With Broadcom For $30 Billion
• Neutral Sentiment: Apple was also named among approved U.S. companies eligible for license-free exports under eased UAE trade rules, which is supportive for international operations but not clearly a near-term stock catalyst. Quiver Quant: U.S. eases export controls on UAE
• Neutral Sentiment: Short-interest data showed no meaningful change, suggesting today’s move is being driven more by news flow than by a shift in bearish positioning.
• Negative Sentiment: The OpenAI lawsuit also highlights that Apple’s relationship with a major AI player has soured, adding uncertainty around future AI partnerships and potentially distracting management with litigation. Financial Times: Apple sues OpenAI, alleging it stole top-secret information

Insider Activity at Apple

In related news, CFO Kevan Parekh sold 1,534 shares of the company's stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total value of $421,850.00. Following the sale, the chief financial officer directly owned 13,366 shares of the company's stock, valued at $3,675,650. This represents a 10.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ben Borders sold 116 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total value of $34,236.24. Following the completion of the transaction, the insider owned 38,713 shares of the company's stock, valued at approximately $11,425,754.82. This trade represents a 0.30% 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. Insiders have sold 2,924 shares of company stock worth $825,546 over the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Monness Crespi & Hardt lifted their price target on Apple from $315.00 to $335.00 and gave the stock a "buy" rating in a research note on Friday, May 1st. KeyCorp reissued a "sector weight" rating on shares of Apple in a research note on Tuesday, June 9th. Wedbush restated an "outperform" rating and issued a $400.00 target price on shares of Apple in a report on Friday, June 5th. Oppenheimer reaffirmed a "market perform" rating on shares of Apple in a research note on Tuesday, June 9th. Finally, Tigress Financial reissued a "strong-buy" rating and set a $375.00 price target (up from $305.00) on shares of Apple in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $314.85.

Apple Trading Down 0.3%

Apple stock traded down $0.90 during mid-day trading on Friday, reaching $315.32. 34,104,441 shares of the company traded hands, compared to its average volume of 60,736,044. The firm's 50 day moving average price is $299.55 and its 200 day moving average price is $275.26. The firm has a market capitalization of $4.63 trillion, a price-to-earnings ratio of 38.13, a P/E/G ratio of 2.74 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 Inc. has a 52-week low of $201.50 and a 52-week high of $317.40.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.06. Apple had a net margin of 27.15% and a return on equity of 146.69%. The company had revenue of $111.18 billion for 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. Apple's quarterly revenue was up 16.6% on a year-over-year basis. On average, analysts anticipate that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were given a dividend of $0.27 per share. This is a boost from Apple's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Monday, May 11th. Apple's dividend payout ratio 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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