Apple Inc. $AAPL Shares Sold by Echo Wealth Management LLC

Key Points

• Echo Wealth Management LLC reduced its Apple stake by 31.8% in the first quarter, selling 3,423 shares and leaving it with 7,330 shares valued at about $1.86 million.
• Apple also saw insider selling, including CFO Kevan Parekh’s sale of 1,534 shares and another sale by Ben Borders; insiders sold 2,924 shares in the last quarter overall.
• Despite mixed ownership activity, Wall Street remains broadly upbeat on Apple, with an average Moderate Buy rating and a consensus price target of $314.85, while the stock recently traded near $308.63 after reporting stronger-than-expected quarterly results.

Echo Wealth Management LLC cut its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 31.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,330 shares of the iPhone maker's stock after selling 3,423 shares during the quarter. Apple accounts for 1.1% of Echo Wealth Management LLC's portfolio, making the stock its 15th biggest holding. Echo Wealth Management LLC's holdings in Apple were worth $1,860,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Isthmus Partners LLC increased its holdings in shares of Apple by 6.4% in the 3rd quarter. Isthmus Partners LLC now owns 97,177 shares of the iPhone maker's stock valued at $25,000 after purchasing an additional 5,808 shares in the last quarter. Lifetime Wealth Management P.C. purchased a new stake in Apple during the fourth quarter worth about $41,000. ROSS JOHNSON & Associates LLC grew its position in Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock worth $42,000 after buying an additional 180 shares during the period. LSV Asset Management acquired a new position in Apple during the fourth quarter worth about $65,000. Finally, Timmons Wealth Management LLC purchased a new position in Apple in the fourth quarter valued at about $69,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Insider Transactions at Apple

In related news, CFO Kevan Parekh sold 1,534 shares of the company's stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $421,850.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ben Borders sold 116 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the sale, the insider owned 38,713 shares in the company, valued at approximately $11,425,754.82. This trade represents a 0.30% decrease in their position. 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 quarter, insiders have sold 2,924 shares of company stock valued at $825,546. Insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. DA Davidson reiterated a "neutral" rating and set a $270.00 price target on shares of Apple in a research report on Friday, May 1st. KeyCorp reaffirmed a "sector weight" rating on shares of Apple in a research note on Tuesday, June 9th. Morgan Stanley reiterated an "overweight" rating on shares of Apple in a research report on Friday, June 26th. UBS Group reissued a "buy" rating on shares of Apple in a report on Tuesday, June 9th. Finally, Barclays reissued an "underweight" rating on shares of Apple in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Apple currently has an average 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

Apple Price Performance

Shares of NASDAQ:AAPL opened at $308.63 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70. The company 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. Apple Inc. has a 52-week low of $201.50 and a 52-week high of $317.40. The stock's fifty day simple moving average is $295.25 and its 200-day simple moving average is $273.85.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, topping 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 quarter last year, the business posted $1.65 EPS. The firm's quarterly revenue was up 16.6% compared to the same quarter last year. As a group, equities research analysts forecast 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. Stockholders of record on Monday, May 11th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. This is a boost from Apple's previous quarterly dividend of $0.26. The ex-dividend date was Monday, May 11th. Apple's payout ratio is presently 13.06%.

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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