Apple Inc. $AAPL Shares Sold by AMI Asset Management Corp

Key Points

• AMI Asset Management cut its Apple stake by 4.4% in the third quarter, selling 19,120 shares. It still held 418,851 shares valued at about $139.5 million, making Apple its largest holding at 8% of its portfolio.
• Apple’s latest quarter topped estimates, with earnings of $2.10 per share and revenue of $114.48 billion; revenue rose 11.7% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $343.74. Company insiders sold 291,651 shares worth about $97.1 million during the last quarter.

AMI Asset Management Corp reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 418,851 shares of the iPhone maker's stock after selling 19,120 shares during the quarter. Apple accounts for about 8.0% of AMI Asset Management Corp's holdings, making the stock its biggest holding. AMI Asset Management Corp's holdings in Apple were worth $139,486,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Avenir Tech Ltd acquired a new stake in Apple in the 2nd quarter worth about $29,000. Longfellow Investment Management Co. LLC purchased a new stake in shares of Apple during the second quarter valued at $30,000. Ironwood Wealth Management Inc. bought a new position in shares of Apple in the 3rd quarter valued at approximately $34,000. Ascentis Wealth Management LLC boosted its stake in Apple by 822.7% in the 2nd quarter. Ascentis Wealth Management LLC now owns 292,493 shares of the iPhone maker's stock valued at $85,000 after buying an additional 260,792 shares in the last quarter. Finally, Bamco Inc. NY acquired a new position in Apple in the second quarter valued at about $118,000. 67.73% of the stock is owned by institutional investors.

Insider Transactions at Apple

In other Apple news, CEO John Ternus sold 25,412 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $332.94, for a total transaction of $8,460,671.28. Following the transaction, the chief executive officer owned 59,567 shares in the company, valued at $19,832,236.98. This represents a 29.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jennifer Newstead sold 2,399 shares of the company's stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $336.18, for a total value of $806,495.82. Following the sale, the senior vice president owned 41,992 shares of the company's stock, valued at $14,116,870.56. This trade represents a 5.40% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 291,651 shares of company stock worth $97,082,537 in the last quarter. Insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $350.00 price target (up from $310.00) on shares of Apple in a report on Friday, July 31st. Robert W. Baird set a $340.00 price objective on Apple and gave the stock an "outperform" rating in a report on Tuesday. Evercore reissued an "outperform" rating on shares of Apple in a report on Tuesday, October 27th. UBS Group reiterated a "neutral" rating and issued a $340.00 price objective (up from $296.00) on shares of Apple in a research report on Tuesday. Finally, BTIG Research began coverage on shares of Apple in a research note on Monday, August 17th. They issued a "neutral" rating for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, fourteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Apple currently has an average rating of "Moderate Buy" and a consensus target price of $343.74.

Apple Stock Performance

NASDAQ:AAPL opened at $342.37 on Friday. The company has a fifty day moving average of $336.01 and a 200-day moving average of $298.50. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 0.66. Apple Inc. has a twelve month low of $243.42 and a twelve month high of $355.38. The firm has a market capitalization of $5.00 trillion, a P/E ratio of 38.40, a P/E/G ratio of 2.82 and a beta of 1.07.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.99 by $0.11. Apple had a return on equity of 128.88% and a net margin of 27.60%. The business had revenue of $114.48 billion during the quarter, compared to analysts' expectations of $113.40 billion. During the same quarter in the previous year, the business earned $1.85 earnings per share. The firm's quarterly revenue was up 11.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Apple Inc. will post 9.70 EPS for the current year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Stockholders of record on Thursday, November 12th will be issued a dividend of $0.27 per share. The ex-dividend date is Thursday, November 12th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. Apple's payout ratio is presently 12.04%.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple beat fiscal fourth-quarter earnings and revenue estimates, with solid iPhone and Mac demand. Apple also says more apps optimized for its new foldable iPhone are coming, potentially improving the product’s appeal. Apple earnings beat
• Positive Sentiment: Apple has held up better than many chipmakers amid the AI-stock sell-off, and Bernstein raised its price target to $380 while maintaining a Buy rating. This relative strength may support investor sentiment. Apple holds up amid market weakness
• Neutral Sentiment: Apple is reportedly seeking about $7.5 billion through a bond offering. The financing provides flexibility, though the reports do not specify its use. The company is also limiting some employees’ AI-tool budgets, a move that could help control costs but raises questions about its internal AI investment. Apple bond sale report
• Negative Sentiment: Management warned of unprecedented memory-chip costs and supply constraints heading into the holiday quarter, putting gross margins at risk despite healthy demand. Investors are also weighing slower Services growth and Apple’s premium valuation. Memory costs and supply constraints

About Apple

Apple Inc designs, manufactures and markets consumer electronics, software and digital services. Its products include the iPhone, Mac computers, iPad, Apple Watch and AirPods, along with operating systems and applications such as iOS, macOS and iPadOS.

The company also offers services including the App Store, Apple Music, Apple TV+, iCloud and Apple Pay. These products and services are integrated across Apple's devices and are sold to consumers, businesses and institutions around the world.

Founded in 1976 and headquartered in Cupertino, California, Apple serves customers globally through online and retail stores, wireless carriers and other resellers.

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