Apple Inc. $AAPL Position Raised by Vancity Investment Management Ltd

Key Points

• Vancity Investment Management increased its Apple position by 8.2% in the second quarter, bringing its holdings to 138,312 shares valued at approximately $40 million. Institutional investors own 67.73% of Apple’s outstanding stock.
• Apple insiders, including CEO Timothy Cook and SVP Deirdre O’Brien, sold shares primarily to cover tax obligations tied to vested equity awards. Insiders sold 279,383 shares worth about $92.9 million over the past 90 days.
• Apple reported quarterly earnings and revenue above analyst expectations, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $340.02. The stock trades at a relatively elevated valuation, with a price-to-earnings ratio of 38.61.

Vancity Investment Management Ltd grew its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 8.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 138,312 shares of the iPhone maker's stock after purchasing an additional 10,525 shares during the period. Apple makes up approximately 6.0% of Vancity Investment Management Ltd's holdings, making the stock its 4th largest position. Vancity Investment Management Ltd's holdings in Apple were worth $40,022,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in AAPL. Berkshire Hathaway Inc purchased a new position in shares of Apple in the 2nd quarter worth about $65,950,297,000. Bank of America Corp DE purchased a new stake in Apple during the 2nd quarter valued at about $36,986,090,000. Legal & General Group Plc bought a new stake in Apple during the 2nd quarter valued at about $30,443,242,000. Nuveen LLC raised its holdings in Apple by 3.8% in the fourth quarter. Nuveen LLC now owns 75,000,920 shares of the iPhone maker's stock worth $20,389,750,000 after buying an additional 2,725,121 shares during the last quarter. Finally, Amundi raised its holdings in Apple by 23.2% in the first quarter. Amundi now owns 73,082,616 shares of the iPhone maker's stock worth $18,547,637,000 after buying an additional 13,780,080 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Insider Activity

In other Apple news, insider Timothy D. Cook sold 191,753 shares of the company's stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $332.96, for a total value of $63,846,078.88. Following the completion of the transaction, the insider directly owned 3,264,168 shares in the company, valued at $1,086,837,377.28. This represents a 5.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Deirdre O'brien sold 46,389 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $333.42, for a total transaction of $15,467,020.38. Following the completion of the sale, the senior vice president directly owned 136,810 shares of the company's stock, valued at approximately $45,615,190.20. This trade represents a 25.32% decrease in their ownership of the stock. 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 90 days, insiders sold 279,383 shares of company stock valued at $92,912,517. 0.06% of the stock is owned by insiders.

Apple Trading Down 1.1%

NASDAQ:AAPL opened at $336.64 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.00 and a quick ratio of 0.93. The firm has a market capitalization of $4.91 trillion, a price-to-earnings ratio of 38.61, a price-to-earnings-growth ratio of 2.71 and a beta of 1.07. Apple Inc. has a one year low of $243.42 and a one year high of $345.34. The business has a fifty day moving average price of $322.61 and a 200-day moving average price of $302.99.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.13. Apple had a return on equity of 135.46% and a net margin of 27.62%. The company had revenue of $109.42 billion for the quarter, compared to the consensus estimate of $109.04 billion. During the same period in the previous year, the business earned $1.57 earnings per share. Apple's quarterly revenue was up 16.4% compared to the same quarter last year. Sell-side analysts forecast that Apple Inc. will post 8.75 EPS for the current year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, August 10th were paid a dividend of $0.27 per share. The ex-dividend date was Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. Apple's payout ratio is 12.39%.

Analysts Set New Price Targets

AAPL has been the topic of a number of recent analyst reports. KeyCorp reiterated an "underweight" rating on shares of Apple in a report on Friday, September 4th. Loop Capital set a $380.00 price objective on shares of Apple in a report on Friday, September 18th. DA Davidson reaffirmed a "neutral" rating and issued a $270.00 price objective on shares of Apple in a research report on Wednesday, September 2nd. KGI Securities downgraded Apple from an "outperform" rating to a "hold" rating and set a $315.00 target price on the stock. in a research note on Monday, June 22nd. Finally, Needham & Company LLC reissued a "hold" rating on shares of Apple in a report on Thursday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-five have given a Buy rating, fourteen have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $340.02.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Potential AI upside: Analyst Dan Ives said Apple could become a “toll collector” for consumer AI by monetizing its more than 2.5 billion active devices and Services ecosystem. He estimates AI could add approximately $75 per share to the company’s value. Apple Could Be the Toll Collector of Consumer AI
• Positive Sentiment: Smart-home expansion: Apple’s planned October 13 “Welcome Home” event could introduce products such as a smart lock, thermostat and doorbell. The initiative may expand Apple’s hardware and Services opportunities and strengthen its position against Amazon and Google. Apple Smart Home Push
• Neutral Sentiment: Possible seasonal order adjustment: Bespoke Investment Group noted that Apple’s autumn iPhone order reductions have occurred in prior years and have sometimes been followed by a stock recovery. Investors will look for evidence that the latest cuts reflect normal supply-chain management rather than lasting demand weakness. Apple’s iPhone Order Cut and Stock Rebound
• Negative Sentiment: iPhone demand concerns: Nikkei Asia reported that Apple asked suppliers to cut iPhone 18 Pro component production, raising concerns that premium pricing is discouraging consumers. The reports are particularly important because Apple is preparing to pursue an even higher-priced product strategy, including a rumored $1,999 foldable iPhone. Apple Cuts iPhone 18 Pro Orders Due to Soft Demand
• Negative Sentiment: Valuation and execution risks: Apple’s elevated earnings multiple leaves less room for disappointment, while higher memory costs could pressure margins. A recent senior vice president stock sale was relatively small but adds to near-term caution. Apple Senior Vice President Stock Sale

About Apple

Apple Inc is a technology company that designs, develops and markets consumer electronics, software and digital services. Its best-known products include the iPhone smartphone, Mac personal computers, iPad tablets, Apple Watch, AirPods and other accessories. The company also develops operating systems and software platforms, including iOS, macOS, iPadOS, watchOS and visionOS.

Apple's services business includes the App Store, Apple Music, Apple TV+, Apple Arcade, Apple News+, Apple Fitness+ and iCloud.

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL - Free Report).

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.