Apple Inc. $AAPL is Wallington Asset Management LLC's 4th Largest Position

Key Points

• Wallington Asset Management trimmed its Apple stake by 4.1% in the first quarter, but Apple still remained its 4th largest holding at 4.3% of the portfolio, worth about $32.45 million.
• Apple reported strong quarterly results, with earnings of $2.01 per share beating estimates and revenue of $111.18 billion topping expectations, while revenue jumped 16.6% year over year.
• Wall Street remains bullish overall on Apple, with a consensus Moderate Buy rating and an average price target of $314.85, alongside a recent dividend increase to $0.27 per share.

Wallington Asset Management LLC cut its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 127,866 shares of the iPhone maker's stock after selling 5,431 shares during the period. Apple accounts for approximately 4.3% of Wallington Asset Management LLC's portfolio, making the stock its 4th largest holding. Wallington Asset Management LLC's holdings in Apple were worth $32,451,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Overbrook Management Corp lifted its position in Apple by 57.4% during the fourth quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker's stock valued at $28,449,000 after purchasing an additional 38,174 shares during the last quarter. Rainier Family Wealth Inc. increased its holdings in shares of Apple by 14.1% in the 1st quarter. Rainier Family Wealth Inc. now owns 24,386 shares of the iPhone maker's stock worth $6,189,000 after buying an additional 3,014 shares during the last quarter. Torren Management LLC purchased a new stake in shares of Apple during the 4th quarter valued at $1,178,000. Summit Wealth Partners LLC raised its position in shares of Apple by 108.3% during the 1st quarter. Summit Wealth Partners LLC now owns 34,989 shares of the iPhone maker's stock valued at $8,880,000 after buying an additional 18,188 shares in the last quarter. Finally, Adventist Health System Sunbelt Healthcare Corp bought a new stake in shares of Apple during the 4th quarter worth $105,482,000. 67.73% of the stock is currently owned by institutional investors.

Apple Stock Performance

Shares of AAPL stock opened at $310.66 on Wednesday. The company has a market capitalization of $4.56 trillion, a P/E ratio of 37.56, a PEG ratio of 2.72 and a beta of 1.10. Apple Inc. has a fifty-two week low of $201.50 and a fifty-two week high of $317.40. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a 50 day moving average price of $296.83 and a two-hundred day moving average price of $274.38.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, topping the consensus estimate of $1.95 by $0.06. The company had revenue of $111.18 billion for the quarter, compared to the consensus estimate of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The firm's revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.65 earnings per share. Analysts expect that Apple Inc. will post 8.74 earnings per share for the current year.

Apple Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AAPL. Maxim Group reissued a "buy" rating and issued a $350.00 target price (up from $310.00) on shares of Apple in a research note on Tuesday, June 9th. Rosenblatt Securities reissued a "neutral" rating and set a $276.00 price objective on shares of Apple in a report on Tuesday, June 9th. KeyCorp restated a "sector weight" rating on shares of Apple in a research report on Tuesday, June 9th. Monness Crespi & Hardt increased their price target on shares of Apple from $315.00 to $335.00 and gave the company a "buy" rating in a research report on Friday, May 1st. Finally, Oppenheimer reissued a "market perform" rating on shares of Apple in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $314.85.

More Apple News

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

Insider Activity

In other news, insider Ben Borders sold 1,274 shares of the 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 in the company, valued at approximately $11,226,770. This represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $421,850.00. Following the completion of the sale, the chief financial officer directly owned 13,366 shares in the company, valued at $3,675,650. The trade was a 10.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 2,924 shares of company stock valued at $825,546. Insiders own 0.06% of the company's stock.

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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