Apple Inc. $AAPL Position Lifted by Wesbanco Bank Inc.

Key Points

• Wesbanco Bank increased its Apple stake by 1.3% in the first quarter, bringing its holdings to 832,689 shares worth about $211.3 million. Apple is now its largest position, accounting for 5.8% of the firm’s portfolio.
• Apple reported strong quarterly results, posting $2.01 EPS versus the $1.95 estimate and revenue of $111.18 billion, both above expectations. Revenue also rose 16.6% year over year, and analysts expect continued earnings growth.
• The company also raised its quarterly dividend to $0.27 per share from $0.26, while Wall Street remains broadly positive with a Moderate Buy consensus and an average target price of $314.85.

Wesbanco Bank Inc. raised its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 832,689 shares of the iPhone maker's stock after buying an additional 10,493 shares during the period. Apple comprises 5.8% of Wesbanco Bank Inc.'s holdings, making the stock its biggest holding. Wesbanco Bank Inc.'s holdings in Apple were worth $211,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Apple Price Performance

NASDAQ:AAPL opened at $308.63 on Friday. Apple Inc. has a fifty-two week low of $201.50 and a fifty-two week high of $317.40. The stock has a market capitalization of $4.53 trillion, a P/E ratio of 37.32, a P/E/G ratio of 2.68 and a beta of 1.10. 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 company's 50-day simple moving average is $295.25 and its 200-day simple moving average is $273.85.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.06. The firm 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 company's quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.65 EPS. On average, equities 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. Shareholders of record on Monday, May 11th were issued a $0.27 dividend. This is an increase from Apple's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, May 11th. Apple's dividend payout ratio is presently 13.06%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Robert W. Baird set a $310.00 target price on shares of Apple in a research report on Friday, May 1st. TD Cowen upped their price target on shares of Apple from $335.00 to $350.00 and gave the stock a "buy" rating in a research report on Tuesday, June 9th. Bank of America reiterated a "buy" rating and set a $380.00 price objective on shares of Apple in a research note on Thursday, June 18th. UBS Group reissued a "buy" rating on shares of Apple in a research note on Tuesday, June 9th. Finally, Jefferies Financial Group restated a "hold" rating on shares of Apple in a report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $314.85.

Trending Headlines about Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Reports that Apple plans at least five new iPhone models through early 2027, including a stronger foldable iPhone push, have reinforced expectations for a fresh product cycle and a longer growth runway. Apple plans five new iPhones through 2027, eyes Chinese-made chips amid foldable push, reports say
• Positive Sentiment: Apple also appears to be benefiting from investor optimism that it can navigate the memory-chip shortage and secure supply, including possible deals with lower-cost Chinese chipmakers, which could help protect future production. Apple negotiates with blacklisted Chinese chipmakers amid AI-driven memory crunch
• Positive Sentiment: Several market commentary pieces said Apple is holding up better than the broader tech sector, with traders viewing recent weakness as a buying opportunity and analysts still pointing to solid upside potential. Apple’s Aggressive Price Hikes Raise Eyebrows As Wall Street Links AI Chip Shortages To Inflation Pressure
• Neutral Sentiment: Apple’s recent price hikes on Macs and iPads are being interpreted two ways: as a sign of inflationary component costs, but also as a margin-protection move that may not hurt demand as much as feared. Jim Cramer’s Latest Thought on Apple Inc. (AAPL)
• Neutral Sentiment: Apple’s insider-selling activity and mixed institutional positioning are adding caution, but they are not the main driver of the stock today. Apple Stock (AAPL) Opinions on Recent Price Hikes and Analyst Views
• Negative Sentiment: Some coverage continues to flag pressure on Apple’s margins and demand if higher component costs force more price increases, which could weigh on sentiment over time. Is Apple stock in trouble? Rising costs threaten margins, demand

Insider Buying and Selling at Apple

In other news, insider Ben Borders sold 1,274 shares of the company's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $290.00, for a total transaction of $369,460.00. Following the transaction, the insider directly owned 38,713 shares of the company's stock, valued at approximately $11,226,770. This represents a 3.19% decrease in their ownership of the stock. The sale 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 stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $421,850.00. Following the sale, the chief financial officer owned 13,366 shares of the company's stock, valued at approximately $3,675,650. This represents a 10.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 2,924 shares of company stock worth $825,546 over the last ninety days. Corporate 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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