Apple Inc. $AAPL Stock Holdings Lowered by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates cut its Apple stake by 1.8% in the third quarter, selling 21,694 shares; it still held 1,203,737 shares worth about $400.9 million, its second-largest portfolio position.
• Apple beat quarterly estimates, reporting earnings of $2.10 per share and revenue of $114.48 billion, up 11.7% year over year.
• Despite healthy demand, Apple warned of rising memory-chip costs and supply constraints that could pressure holiday-quarter margins; analysts’ consensus rating is “Moderate Buy,” with a $343.74 price target.

Pinnacle Associates Ltd. lessened its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,203,737 shares of the iPhone maker's stock after selling 21,694 shares during the period. Apple comprises about 4.4% of Pinnacle Associates Ltd.'s portfolio, making the stock its 2nd largest holding. Pinnacle Associates Ltd.'s holdings in Apple were worth $400,868,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of AAPL. Berkshire Hathaway Inc purchased a new position in Apple during the second quarter valued at $65,950,297,000. Bank of America Corp DE acquired a new stake in shares of Apple in the second quarter valued at about $36,986,090,000. Legal & General Group Plc purchased a new stake in shares of Apple during the second quarter worth about $30,443,242,000. Deutsche Bank AG purchased a new stake in shares of Apple during the second quarter worth about $13,658,359,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Apple during the 2nd quarter worth about $10,588,946,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

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 Stock Performance

AAPL opened at $342.37 on Friday. 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 $4.98 trillion, a PE ratio of 38.17, a PEG ratio of 3.21 and a beta of 1.07. The company has a current ratio of 1.02, a quick ratio of 0.93 and a debt-to-equity ratio of 0.61. The firm's 50-day moving average price is $336.01 and its 200 day moving average price is $298.50.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The iPhone maker reported $2.10 EPS for the quarter, beating analysts' consensus estimates of $1.99 by $0.11. Apple had a net margin of 27.60% and a return on equity of 125.35%. The company had revenue of $114.48 billion during the quarter, compared to the consensus estimate of $113.40 billion. During the same quarter in the prior year, the firm earned $1.85 EPS. Apple's quarterly revenue was up 11.7% on a year-over-year basis. As a group, sell-side analysts expect that Apple Inc. will post 9.68 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 0.3%. Apple's dividend payout ratio is 12.04%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AAPL. Weiss Ratings raised shares of Apple from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Daiwa Securities Group lifted their price objective on Apple from $325.00 to $335.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. Guggenheim set a $400.00 price objective on Apple in a research note on Tuesday. Argus increased their target price on Apple from $375.00 to $400.00 and gave the company a "buy" rating in a report on Tuesday, November 3rd. Finally, TD Cowen decreased their target price on Apple from $400.00 to $390.00 and set a "buy" rating on the stock in a research report on Tuesday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating, thirteen have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $343.74.

Insider Transactions at Apple

In other Apple news, CEO John Ternus sold 25,412 shares of the business's stock in a transaction on Friday, October 2nd. The stock was 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 of the company's stock, valued at approximately $19,832,236.98. The trade was a 29.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 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, November 3rd. The shares were sold at an average price of $325.75, for a total value of $781,474.25. Following the completion of the sale, the senior vice president owned 29,997 shares of the company's stock, valued at approximately $9,771,522.75. The trade was a 7.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 291,651 shares of company stock valued at $97,082,537. 0.06% of the stock is currently owned by company insiders.

Apple 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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