Apple Inc. $AAPL Stake Lowered by E. Ohman J or Asset Management AB

Key Points

• E. Ohman J or Asset Management AB cut its Apple stake by 5.1% in the first quarter, selling 45,326 shares and leaving it with 850,212 shares worth about $215.8 million.
• Apple reported better-than-expected quarterly results, with EPS of $2.01 versus the $1.95 estimate and revenue of $111.18 billion, up 16.6% year over year.
• The company also raised its quarterly dividend to $0.27 per share from $0.26, while analysts remain broadly bullish with a consensus rating of “Moderate Buy” and an average price target of $314.85.

E. Ohman J or Asset Management AB reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 850,212 shares of the iPhone maker's stock after selling 45,326 shares during the quarter. Apple accounts for approximately 5.7% of E. Ohman J or Asset Management AB's investment portfolio, making the stock its 4th largest holding. E. Ohman J or Asset Management AB's holdings in Apple were worth $215,775,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Reyes Financial Architecture Inc. increased its holdings in Apple by 0.4% during the third quarter. Reyes Financial Architecture Inc. now owns 9,898 shares of the iPhone maker's stock valued at $2,520,000 after buying an additional 37 shares during the period. WESPAC Advisors LLC increased its holdings in shares of Apple by 0.3% in the 4th quarter. WESPAC Advisors LLC now owns 12,326 shares of the iPhone maker's stock valued at $3,351,000 after acquiring an additional 39 shares during the period. Interactive Financial Advisors Inc. raised its position in shares of Apple by 4.0% in the 4th quarter. Interactive Financial Advisors Inc. now owns 1,051 shares of the iPhone maker's stock worth $286,000 after acquiring an additional 40 shares in the last quarter. Orion Investment Co lifted its stake in shares of Apple by 0.3% during the 4th quarter. Orion Investment Co now owns 14,354 shares of the iPhone maker's stock worth $3,902,000 after purchasing an additional 41 shares during the last quarter. Finally, Seven Springs Wealth Group LLC boosted its position in Apple by 0.3% during the third quarter. Seven Springs Wealth Group LLC now owns 15,451 shares of the iPhone maker's stock valued at $3,934,000 after purchasing an additional 42 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, 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 sale, the chief financial officer owned 13,366 shares in the company, valued at $3,675,650. This represents a 10.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy D. Cook sold 64,949 shares of the firm's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $254.23, for a total value of $16,511,984.27. Following the sale, 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. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 97,875 shares of company stock worth $24,998,541. Corporate insiders own 0.06% of the company's stock.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $293.05 on Thursday. Apple Inc. has a twelve month low of $199.26 and a twelve month high of $317.40. The company's 50 day moving average is $291.83 and its 200 day moving average is $273.15. 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 company has a market cap of $4.30 trillion, a PE ratio of 35.44, a price-to-earnings-growth ratio of 2.56 and a beta of 1.09.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating the consensus estimate of $1.95 by $0.06. The business had revenue of $111.18 billion during the quarter, compared to analysts' expectations of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The business's quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.65 EPS. On average, sell-side analysts forecast that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 11th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.08 annualized dividend and a yield of 0.4%. This is an increase from Apple's previous quarterly dividend of $0.26. Apple's payout ratio is 13.06%.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s new Siri and broader AI reset is being viewed positively by analysts, with BofA reiterating a Buy rating and saying the WWDC update could strengthen Apple’s AI position and support the stock. BofA Says Apple’s (AAPL) New Siri Strategy Could Strengthen its AI Position
• Positive Sentiment: Apple’s reported chip partnership with Intel is being framed as strategically important, with investors focused on supply-chain diversification and a longer-term domestic chip roadmap that could benefit future product cycles. Apple-Intel chip deal makes strategic sense but production is years away
• Positive Sentiment: Several market commentaries say Apple shares are building toward a possible breakout, with the stock staying close to its all-time high and forming a fresh buy zone as momentum improves. Apple Stock Polishing New Buy Zone With All-Time High In Sight
• Neutral Sentiment: Apple is also drawing attention for comments from Eddy Cue about expanding entertainment offerings on Apple TV and in theaters, which supports the long-term services story but is not an immediate earnings catalyst. Apple aims for better and more entertainment offerings, executive Cue says
• Negative Sentiment: Investors are still weighing headwinds from rising memory costs and the possibility of iPhone price increases, which could pressure demand if Apple passes through higher component prices. Apple Price Hike Fears May Be Overblown, Says J.P. Morgan
• Negative Sentiment: Apple also faces legal overhang after a UK tribunal allowed a $4 billion iCloud class-action lawsuit to proceed, adding another potential regulatory and financial risk. Apple supplier Lingyi iTech prices $1.06 billion Hong Kong IPO to tap AI demand

Analyst Upgrades and Downgrades

A number of equities analysts have commented on AAPL shares. Tigress Financial reiterated a "strong-buy" rating and issued a $375.00 target price (up from $305.00) on shares of Apple in a report on Thursday, May 14th. Robert W. Baird set a $310.00 target price on shares of Apple in a research report on Friday, May 1st. Maxim Group restated a "buy" rating and issued a $350.00 target price (up from $310.00) on shares of Apple in a research note on Tuesday, June 9th. Moffett Nathanson upped their price target on Apple from $241.00 to $270.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 25th. Finally, Wedbush reissued an "outperform" rating and issued a $400.00 price objective on shares of Apple in a research report on Friday, June 5th. 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. According to MarketBeat.com, Apple has a consensus rating of "Moderate Buy" and an average price target of $314.85.

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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