Apple Inc. $AAPL Stock: Axxcess Wealth Management LLC Lowers Stake

Key Points

• Axxcess Wealth Management cut its Apple stake by 49.4% in the third quarter, selling 277,281 shares; it still held 284,341 shares worth about $90.6 million, with Apple remaining its largest holding.
• Apple beat quarterly expectations, reporting EPS of $2.10 versus $1.99 estimated and revenue of $114.48 billion versus $113.40 billion; revenue rose 11.7% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $343.74. Apple also warned that rising memory costs and supply constraints could pressure holiday-quarter margins.

Axxcess Wealth Management LLC reduced its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 49.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 284,341 shares of the iPhone maker's stock after selling 277,281 shares during the period. Apple comprises approximately 3.7% of Axxcess Wealth Management LLC's holdings, making the stock its largest holding. Axxcess Wealth Management LLC's holdings in Apple were worth $90,630,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Income Insurance Ltd lifted its stake in Apple by 0.3% during the third quarter. Income Insurance Ltd now owns 45,737 shares of the iPhone maker's stock worth $15,231,000 after purchasing an additional 120 shares during the last quarter. Wavvest Wealth LLC bought a new stake in Apple during the third quarter valued at $1,629,000. Albion Financial Group UT increased its stake in Apple by 0.7% during the third quarter. Albion Financial Group UT now owns 331,866 shares of the iPhone maker's stock valued at $110,518,000 after purchasing an additional 2,175 shares during the last quarter. Element Pointe Advisors LLC increased its stake in Apple by 1.2% during the third quarter. Element Pointe Advisors LLC now owns 18,171 shares of the iPhone maker's stock valued at $6,051,000 after purchasing an additional 210 shares during the last quarter. Finally, Guardian Partners Inc. raised its holdings in shares of Apple by 1.4% during the third quarter. Guardian Partners Inc. now owns 84,678 shares of the iPhone maker's stock worth $28,199,000 after purchasing an additional 1,146 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Apple

In other Apple news, CFO Kevan Parekh sold 1,392 shares of the business's stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $345.05, for a total transaction of $480,309.60. Following the completion of the transaction, the chief financial officer directly owned 17,539 shares of the company's stock, valued at $6,051,831.95. The trade was a 7.35% decrease in their position. The transaction 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 dated Tuesday, November 3rd. The stock was sold at an average price of $325.75, for a total transaction of $781,474.25. Following the completion of the transaction, the senior vice president owned 29,997 shares of the company's stock, valued at approximately $9,771,522.75. This trade represents a 7.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 291,651 shares of company stock worth $97,082,537 over the last 90 days. Corporate insiders own 0.06% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on AAPL shares. HSBC restated a "buy" rating on shares of Apple in a research report on Tuesday, October 27th. Evercore reaffirmed an "outperform" rating on shares of Apple in a research report on Tuesday, October 27th. Sanford C. Bernstein increased their price objective on shares of Apple from $370.00 to $380.00 and gave the stock a "buy" rating in a research note on Wednesday, November 4th. KeyCorp reiterated an "underweight" rating and set a $250.00 price objective on shares of Apple in a research note on Tuesday, November 3rd. Finally, Maxim Group raised their target price on shares of Apple from $350.00 to $380.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, thirteen have given a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $343.74.

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

Apple Price Performance

Shares of NASDAQ AAPL opened at $342.37 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 0.94. The firm has a market capitalization of $4.98 trillion, a PE ratio of 38.17, a P/E/G ratio of 3.22 and a beta of 1.07. Apple Inc. has a 1-year low of $243.42 and a 1-year high of $355.38. The business's fifty day moving average price is $336.01 and its two-hundred day moving average price is $298.50.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Monday, November 2nd. The iPhone maker reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.11. The company had revenue of $114.48 billion during the quarter, compared to the consensus estimate of $113.40 billion. Apple had a net margin of 27.60% and a return on equity of 125.35%. The company's revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.85 earnings per share. On average, research analysts expect that Apple Inc. will post 9.68 EPS for the current year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, November 12th will be given a $0.27 dividend. The ex-dividend date is Thursday, November 12th. This represents a $1.08 annualized dividend and a yield of 0.3%. Apple's dividend payout ratio (DPR) is currently 12.04%.

Apple Company Profile

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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