Apple Inc. $AAPL is Essex Financial Services Inc.'s Largest Position

Key Points

• Essex Financial Services increased its Apple stake by 0.5% in the first quarter, making Apple its largest holding at about 4.6% of portfolio value and roughly $82.1 million.
• Apple reported strong quarterly results, with EPS of $2.01 beating estimates and revenue of $111.18 billion topping expectations, while revenue rose 16.6% year over year.
• The company also raised its quarterly dividend to $0.27 per share from $0.26, and analysts currently view the stock as a Moderate Buy with an average price target of $314.85.

Essex Financial Services Inc. boosted its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 0.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 323,679 shares of the iPhone maker's stock after purchasing an additional 1,603 shares during the period. Apple comprises approximately 4.6% of Essex Financial Services Inc.'s investment portfolio, making the stock its biggest holding. Essex Financial Services Inc.'s holdings in Apple were worth $82,147,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AAPL. Reyes Financial Architecture Inc. raised its position in Apple by 0.4% during the third quarter. Reyes Financial Architecture Inc. now owns 9,898 shares of the iPhone maker's stock valued at $2,520,000 after acquiring an additional 37 shares in the last quarter. WESPAC Advisors LLC boosted its position in Apple by 0.3% in the 4th quarter. WESPAC Advisors LLC now owns 12,326 shares of the iPhone maker's stock worth $3,351,000 after purchasing an additional 39 shares in the last quarter. Interactive Financial Advisors Inc. boosted its position in Apple by 4.0% in the 4th quarter. Interactive Financial Advisors Inc. now owns 1,051 shares of the iPhone maker's stock worth $286,000 after purchasing an additional 40 shares in the last quarter. Sugar Maple Asset Management LLC grew its stake in shares of Apple by 2.0% during the 1st quarter. Sugar Maple Asset Management LLC now owns 2,029 shares of the iPhone maker's stock worth $515,000 after purchasing an additional 40 shares during the period. Finally, Orion Investment Co increased its holdings in shares of Apple by 0.3% during the 4th quarter. Orion Investment Co now owns 14,354 shares of the iPhone maker's stock valued at $3,902,000 after purchasing an additional 41 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Apple Price Performance

AAPL stock opened at $315.32 on Monday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. The firm has a 50-day moving average of $299.55 and a two-hundred day moving average of $275.29. Apple Inc. has a 12 month low of $201.50 and a 12 month high of $317.40. The company has a market cap of $4.63 trillion, a price-to-earnings ratio of 38.13, a PEG ratio of 2.74 and a beta of 1.10.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results 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 return on equity of 146.69% and a net margin of 27.15%.The business had revenue of $111.18 billion during the quarter, compared to analyst estimates of $109.46 billion. During the same period in the prior year, the business earned $1.65 earnings per share. The business's revenue was up 16.6% compared to the same quarter last year. As a group, analysts forecast that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 11th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, May 11th. This is an increase from Apple's previous quarterly dividend of $0.26. Apple's dividend payout ratio (DPR) is currently 13.06%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on AAPL shares. Citigroup reiterated a "buy" rating on shares of Apple in a research note on Monday, June 1st. DA Davidson reaffirmed a "neutral" rating and issued a $270.00 price objective on shares of Apple in a report on Friday, May 1st. Bank of America reaffirmed a "buy" rating and issued a $380.00 price objective on shares of Apple in a report on Thursday, June 18th. Jefferies Financial Group reiterated a "hold" rating on shares of Apple in a research report on Tuesday, June 9th. Finally, BNP Paribas Exane raised shares of Apple from a "neutral" rating to an "outperform" rating and set a $300.00 target price on the stock in a research note on Friday, April 17th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Apple presently has a consensus rating of "Moderate Buy" and an average target price of $314.85.

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 Buying and Selling at Apple

In other news, CFO Kevan Parekh sold 1,534 shares of the business's stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $421,850.00. Following the transaction, the chief financial officer owned 13,366 shares of the company's stock, valued at approximately $3,675,650. The trade was a 10.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ben Borders sold 1,274 shares of the company's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the sale, the insider directly owned 38,713 shares of the company's stock, valued at $11,226,770. This represents a 3.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 2,924 shares of company stock worth $825,546. Insiders own 0.06% of the company's stock.

Apple Profile

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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