Apple Inc. $AAPL is Stenger Family Office LLC's 6th Largest Position

Key Points

• Stenger Family Office LLC increased its Apple stake by 8.8% in the first quarter, ending with 102,851 shares worth about $26.1 million. Apple is now its 6th largest holding, making up roughly 4.7% of the portfolio.
• Wall Street sentiment remains broadly positive, with analysts’ consensus rating at “Moderate Buy” and an average price target of $325.71. Recent calls were mixed, including a downgrade from KGI Securities, while Wedbush and Evercore reiterated bullish views.
• Apple posted strong recent financial results and raised its dividend, reporting $2.01 EPS on revenue of $111.18 billion, both ahead of estimates. The quarterly dividend rose to $0.27 per share from $0.26, though insider selling was also noted over the past 90 days.

Stenger Family Office LLC boosted its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 8.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 102,851 shares of the iPhone maker's stock after acquiring an additional 8,287 shares during the quarter. Apple accounts for approximately 4.7% of Stenger Family Office LLC's holdings, making the stock its 6th largest position. Stenger Family Office LLC's holdings in Apple were worth $26,103,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Lifetime Wealth Management P.C. purchased a new stake in shares of Apple during the fourth quarter valued at $41,000. ROSS JOHNSON & Associates LLC raised its position in Apple by 1,800.0% in the 1st 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 last quarter. LSV Asset Management purchased a new position in Apple in the 4th quarter worth about $65,000. Timmons Wealth Management LLC bought a new position in Apple during the 4th quarter valued at about $69,000. Finally, Inspire Investing LLC bought a new position in Apple during the 4th quarter valued at about $76,000. 67.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on AAPL shares. KGI Securities lowered shares of Apple from an "outperform" rating to a "hold" rating and set a $315.00 price target for the company. in a research note on Monday, June 22nd. DA Davidson restated a "neutral" rating and set a $270.00 price objective on shares of Apple in a research report on Friday, May 1st. Wedbush restated an "outperform" rating and issued a $400.00 target price on shares of Apple in a report on Friday, June 5th. Raymond James Financial set a $380.00 target price on shares of Apple in a research report on Monday. Finally, Evercore reaffirmed an "outperform" rating on shares of Apple in a research report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $325.71.

Apple Trading Up 0.4%

Apple stock opened at $327.74 on Wednesday. The business has a 50-day simple moving average of $304.95 and a two-hundred day simple moving average of $277.89. The company has a market cap of $4.81 trillion, a P/E ratio of 39.63, a P/E/G ratio of 2.84 and a beta of 1.10. Apple Inc. has a 52-week low of $201.50 and a 52-week high of $334.99. 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 released its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 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 firm had revenue of $111.18 billion during the quarter, compared to analyst estimates of $109.46 billion. During the same quarter in the prior year, the firm earned $1.65 EPS. The business's revenue for the quarter was up 16.6% compared to the same quarter last year. Analysts predict that Apple Inc. will post 8.76 EPS for the current year.

Apple Increases Dividend

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

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple is reportedly launching a new device leasing program with Klarna, a major change to how it sells hardware that could support upgrade demand and recurring device sales. Reuters: Apple to launch 'Upgrade' device leasing program to spur sales, Bloomberg News reports
• Positive Sentiment: HSBC upgraded Apple, saying it is entering a powerful new upgrade cycle supported by AI and a strong hardware roadmap. Barchart: HSBC Says Apple Is Entering a Powerful New Upgrade Cycle
• Positive Sentiment: Several commentators highlighted Apple’s pricing power, strong installed base, and relative insulation from the AI capex arms race as reasons investors are favoring AAPL over some other mega-cap tech names. MarketBeat: Apple Stock Sends Major Warning Signal as Momentum Hits Peak

Insider Buying and Selling

In other news, CFO Kevan Parekh sold 1,534 shares of Apple stock in a transaction on 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 in the company, valued at $3,675,650. This trade represents a 10.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Ben Borders sold 116 shares of the business's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total transaction of $34,236.24. Following the sale, the insider directly owned 38,713 shares of the company's stock, valued at approximately $11,425,754.82. The trade was a 0.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 2,924 shares of company stock valued at $825,546. 0.06% of the stock is owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.