Apple Inc. $AAPL is Pasadena Private Wealth LLC's 10th Largest Position

Key Points

• Pasadena Private Wealth LLC trimmed its Apple stake by 3.7% in the first quarter, but Apple still remained its 10th-largest holding at 2.5% of the portfolio, valued at about $17.8 million.
• Apple reported a strong latest quarter, with EPS of $2.01 beating estimates and revenue of $111.18 billion topping expectations. Revenue also rose 16.6% year over year.
• Apple recently raised its quarterly dividend to $0.27 per share from $0.26, while analysts remain broadly constructive, with an average rating of Moderate Buy and an average price target of $314.85.

Pasadena Private Wealth LLC cut its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,167 shares of the iPhone maker's stock after selling 2,685 shares during the period. Apple accounts for 2.5% of Pasadena Private Wealth LLC's investment portfolio, making the stock its 10th largest holding. Pasadena Private Wealth LLC's holdings in Apple were worth $17,808,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of AAPL. First Financial Group Corp lifted its position in shares of Apple by 0.4% during the 1st quarter. First Financial Group Corp now owns 20,029 shares of the iPhone maker's stock worth $5,083,000 after purchasing an additional 84 shares during the last quarter. Patton Fund Management Inc. raised its stake in Apple by 10.2% in the first quarter. Patton Fund Management Inc. now owns 862 shares of the iPhone maker's stock valued at $219,000 after buying an additional 80 shares in the last quarter. Princeton Global Asset Management LLC raised its stake in Apple by 0.9% in the first quarter. Princeton Global Asset Management LLC now owns 54,358 shares of the iPhone maker's stock valued at $13,795,000 after buying an additional 507 shares in the last quarter. Seneca Financial Advisors LLC lifted its holdings in Apple by 2.5% during the 1st quarter. Seneca Financial Advisors LLC now owns 6,210 shares of the iPhone maker's stock worth $1,576,000 after buying an additional 154 shares during the last quarter. Finally, Matrix Asset Advisors Inc. NY boosted its position in shares of Apple by 4.4% during the 1st quarter. Matrix Asset Advisors Inc. NY now owns 153,271 shares of the iPhone maker's stock worth $38,899,000 after acquiring an additional 6,469 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Kevan Parekh sold 1,534 shares of the firm's stock in a transaction dated Thursday, April 23rd. The stock was 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 $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ben Borders sold 1,274 shares of the business's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $290.00, for a total value of $369,460.00. Following the completion of the transaction, the insider owned 38,713 shares in the company, valued at $11,226,770. This trade represents a 3.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 2,924 shares of company stock worth $825,546. 0.06% of the stock is currently owned by company insiders.

Apple Trading Down 0.6%

NASDAQ:AAPL opened at $310.66 on Wednesday. The company has a market capitalization of $4.56 trillion, a PE ratio of 37.56, a P/E/G ratio of 2.72 and a beta of 1.10. Apple Inc. has a 52-week low of $201.50 and a 52-week high of $317.40. The stock's 50 day moving average price is $296.83 and its 200 day moving average price is $274.38. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.06. The business had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.The company's revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.65 earnings per share. On average, research analysts anticipate that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 11th 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 of this dividend was Monday, May 11th. This is an increase from Apple's previous quarterly dividend of $0.26. Apple's payout ratio is 13.06%.

Apple News Roundup

Here are the key news stories impacting Apple this week:

• Positive Sentiment: J.P. Morgan reportedly raised its price target on Apple, reinforcing bullish expectations heading into fiscal Q3 earnings and signaling confidence in Apple’s growth and margins. J.P. Morgan Lifts Apple Stock (AAPL) Price Target Ahead of Q3 Earnings
• Positive Sentiment: Apple’s extended chip partnership with Broadcom through 2031 strengthens its AI and connectivity supply chain, improving visibility for future products and supporting sentiment around Apple’s long-term execution. Broadcom, Apple extend chip partnership through 2031
• Positive Sentiment: Several reports say investors are warming to Apple’s “cheap AI” strategy, with attention shifting to Macs, Siri, and other ecosystem features rather than just the iPhone, which could create new upside drivers. Why Investors Fell Back In Love With Apple’s Cheap AI Strategy
• Positive Sentiment: Analysts said Apple should be able to weather hardware price increases because demand remains resilient, suggesting consumers may be less price-sensitive than feared. Apple Sales Seen Weathering Hardware Price Increases

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on AAPL shares. Wedbush reissued an "outperform" rating and set a $400.00 target price on shares of Apple in a research report on Friday, June 5th. Citigroup reissued a "buy" rating on shares of Apple in a report on Monday, June 1st. Monness Crespi & Hardt boosted their price objective on shares of Apple from $315.00 to $335.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Morgan Stanley restated an "overweight" rating on shares of Apple in a report on Friday, June 26th. Finally, DA Davidson reaffirmed a "neutral" rating and issued a $270.00 target price on shares of Apple in a research report on Friday, May 1st. One investment 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 issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $314.85.

Apple Company 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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