Apple Inc. $AAPL Shares Sold by Mattern Capital Management LLC

Key Points

• Mattern Capital Management trimmed its Apple stake by 2.9% in the fourth quarter, but Apple remains its largest holding at 2.5% of the portfolio, worth about $20.9 million.
• Apple reported a strong latest quarter, with EPS of $2.01 beating estimates and revenue of $111.18 billion topping forecasts, while quarterly revenue rose 16.6% year over year.
• The company also raised its dividend to $0.27 per share from $0.26, and analysts remain broadly positive with a Moderate Buy consensus and a price target near $308.74.

Mattern Capital Management LLC lessened its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 76,733 shares of the iPhone maker's stock after selling 2,285 shares during the quarter. Apple comprises 2.5% of Mattern Capital Management LLC's investment portfolio, making the stock its biggest position. Mattern Capital Management LLC's holdings in Apple were worth $20,861,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Pinion Investment Advisors LLC raised its stake in Apple by 10.7% in the fourth quarter. Pinion Investment Advisors LLC now owns 17,211 shares of the iPhone maker's stock valued at $4,679,000 after purchasing an additional 1,664 shares in the last quarter. Peoples Bank OH grew its position in Apple by 3.6% in the fourth quarter. Peoples Bank OH now owns 18,959 shares of the iPhone maker's stock valued at $5,154,000 after acquiring an additional 650 shares during the last quarter. Sava Infond d.o.o. grew its position in Apple by 4.3% in the fourth quarter. Sava Infond d.o.o. now owns 89,475 shares of the iPhone maker's stock valued at $24,325,000 after acquiring an additional 3,695 shares during the last quarter. Approach Retirement Advisors LLC bought a new position in Apple in the fourth quarter valued at about $333,000. Finally, Solidarity Wealth LLC grew its position in Apple by 0.9% in the fourth quarter. Solidarity Wealth LLC now owns 199,720 shares of the iPhone maker's stock valued at $54,296,000 after acquiring an additional 1,788 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Price Performance

Apple stock opened at $308.82 on Monday. The stock's 50 day moving average is $269.64 and its 200 day moving average is $268.62. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02. The firm has a market cap of $4.54 trillion, a P/E ratio of 37.34, a P/E/G ratio of 2.69 and a beta of 1.06. Apple Inc. has a one year low of $193.46 and a one year high of $311.40.

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. The company had revenue of $111.18 billion for the quarter, compared to analyst estimates of $109.46 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.The firm's quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.65 earnings per share. As a group, research analysts expect that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 11th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.3%. This is a boost from Apple's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, May 11th. Apple's payout ratio is presently 13.06%.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O'brien sold 30,002 shares of the business's stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $255.35, for a total value of $7,661,010.70. Following the transaction, the senior vice president directly owned 136,810 shares of the company's stock, valued at approximately $34,934,433.50. The trade was a 17.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy D. Cook sold 64,949 shares of the business's stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $254.23, for a total value of $16,511,984.27. Following the completion of the transaction, the chief executive officer directly owned 3,280,418 shares in the company, valued at approximately $833,980,668.14. This trade represents a 1.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,759 shares of company stock valued at $24,964,305 in the last ninety days. 0.06% of the stock is owned by corporate insiders.

Apple News Roundup

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

Analysts Set New Price Targets

A number of research firms have issued reports on AAPL. Sanford C. Bernstein reiterated an "outperform" rating on shares of Apple in a research report on Wednesday, March 4th. BNP Paribas Exane upgraded Apple from a "neutral" rating to an "outperform" rating and set a $300.00 target price on the stock in a research report on Friday, April 17th. Rosenblatt Securities lifted their target price on Apple from $268.00 to $276.00 and gave the company a "neutral" rating in a research report on Friday, May 1st. DA Davidson reiterated a "neutral" rating and issued a $270.00 target price on shares of Apple in a research report on Friday, May 1st. Finally, Barclays reiterated an "underweight" rating and issued a $253.00 target price (up from $248.00) on shares of Apple in a research report on Friday, May 1st. One investment 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 issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $308.74.

About Apple

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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