Apple Inc. $AAPL Shares Acquired by Kerusso Capital Management LLC

Key Points

• Kerusso Capital Management boosted its Apple stake by 31.8% in the fourth quarter, buying 6,119 additional shares and bringing its holding to 25,364 shares worth about $6.9 million.
• Apple’s stock was up 1.3% and traded near its 52-week high, with a market cap of $4.54 trillion. The shares also trade at a relatively rich valuation, including a P/E ratio of 37.34.
• Apple posted better-than-expected quarterly earnings and revenue, and it recently raised its dividend from $0.26 to $0.27 per quarter. Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $308.74.

Kerusso Capital Management LLC increased its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 31.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,364 shares of the iPhone maker's stock after purchasing an additional 6,119 shares during the period. Apple makes up approximately 3.2% of Kerusso Capital Management LLC's investment portfolio, making the stock its 2nd largest holding. Kerusso Capital Management LLC's holdings in Apple were worth $6,895,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in AAPL. First National Bank of Hutchinson grew its stake in shares of Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock worth $8,845,000 after purchasing an additional 6,982 shares during the period. Eagle Capital Management LLC grew its stake in shares of Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after purchasing an additional 272 shares during the period. Brighton Jones LLC grew its stake in shares of Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after purchasing an additional 69,207 shares during the period. Revolve Wealth Partners LLC grew its stake in shares of Apple by 4.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock worth $16,742,000 after purchasing an additional 2,695 shares during the period. Finally, Highview Capital Management LLC DE grew its stake in shares of Apple by 2.4% during the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock worth $12,587,000 after purchasing an additional 1,155 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Apple Stock Up 1.3%

NASDAQ:AAPL opened at $308.82 on Friday. Apple Inc. has a 1 year low of $193.46 and a 1 year high of $311.40. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. The stock has a market cap of $4.54 trillion, a price-to-earnings ratio of 37.34, a PEG ratio of 2.66 and a beta of 1.06. The stock has a 50-day moving average price of $269.64 and a two-hundred day moving average price of $268.63.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.06. Apple had a return on equity of 146.69% and a net margin of 27.15%.The firm had revenue of $111.18 billion during the quarter, compared to analysts' expectations of $109.46 billion. During the same period in the previous year, the firm earned $1.65 earnings per share. The company's revenue was up 16.6% on a year-over-year basis. As a group, equities analysts expect that Apple Inc. will post 8.74 earnings per share 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 paid a $0.27 dividend. The ex-dividend date of this dividend was Monday, May 11th. This is a positive change 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%. Apple's payout ratio is presently 13.06%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AAPL. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Apple in a research note on Wednesday, March 4th. Robert W. Baird set a $310.00 price objective on Apple in a research note on Friday, May 1st. KeyCorp reaffirmed a "sector weight" rating on shares of Apple in a research note on Thursday, March 12th. Stephens set a $315.00 price objective on Apple in a research note on Monday, January 26th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Apple in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $308.74.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple continues to be viewed as one of the best long-term large-cap tech names, with reports highlighting strong iPhone demand, its massive installed base, and the potential for Services to drive the next leg of earnings growth. Apple Services story
• Positive Sentiment: Analysts remain constructive: Evercore ISI reiterated an Outperform rating and raised its price target, while other commentary says Apple can keep compounding earnings and free cash flow as it expands AI features and devices. Analyst commentary
• Positive Sentiment: Apple executives saying the company is still in the “early innings” of spatial computing is reinforcing the view that new product categories could support future growth beyond the iPhone. Spatial computing article
• Neutral Sentiment: Apple’s legal fight with Epic Games remains a drag on sentiment, as the company asked the U.S. Supreme Court to review a contempt order tied to App Store fees. Epic lawsuit article
• Negative Sentiment: Some analysts are becoming more cautious on valuation after Apple’s run to new highs, warning the stock may be due for profit-taking. KeyBanc caution article

Insider Transactions at Apple

In other news, SVP Deirdre O'brien sold 30,002 shares of the company's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $255.35, for a total transaction of $7,661,010.70. Following the completion of the transaction, the senior vice president directly owned 136,810 shares of the company's stock, valued at $34,934,433.50. This represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevan Parekh sold 1,534 shares of the company'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 transaction, the chief financial officer directly owned 13,366 shares of the company's stock, valued at $3,675,650. This represents a 10.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 97,759 shares of company stock valued at $24,964,305 over the last three months. 0.06% of the stock is currently owned by corporate insiders.

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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