Apple Inc. $AAPL Stock: Manchester Capital Management LLC Reduces Position

Key Points

• Manchester Capital Management cut its Apple stake by 1.7%, selling 4,175 shares and ending the quarter with 244,427 shares valued at about $81.4 million. Apple remains its second-largest holding.
• Apple beat quarterly earnings and revenue expectations, reporting EPS of $2.10 versus $1.99 expected and revenue of $114.48 billion; revenue rose 11.7% year over year.
• Apple announced a quarterly dividend of $0.27 per share, equivalent to $1.08 annually and a 0.3% yield.

Manchester Capital Management LLC reduced its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 244,427 shares of the iPhone maker's stock after selling 4,175 shares during the quarter. Apple accounts for approximately 11.0% of Manchester Capital Management LLC's holdings, making the stock its 2nd largest holding. Manchester Capital Management LLC's holdings in Apple were worth $81,399,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. State Street Corp lifted its position in shares of Apple by 4.7% during the second quarter. State Street Corp now owns 630,662,494 shares of the iPhone maker's stock worth $182,897,769,000 after purchasing an additional 28,321,085 shares in the last quarter. Berkshire Hathaway Inc purchased a new position in shares of Apple in the second quarter valued at $65,950,297,000. Bank of America Corp DE acquired a new stake in Apple during the 2nd quarter valued at $36,986,090,000. Legal & General Group Plc acquired a new stake in Apple during the 2nd quarter valued at $30,443,242,000. Finally, Amundi grew its holdings in Apple by 23.2% during the 1st quarter. Amundi now owns 73,082,616 shares of the iPhone maker's stock valued at $18,547,637,000 after purchasing an additional 13,780,080 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Apple Stock Down 0.2%

AAPL stock opened at $354.88 on Friday. The company has a current ratio of 1.02, a quick ratio of 0.94 and a debt-to-equity ratio of 0.61. The firm has a 50 day simple moving average of $338.48 and a 200-day simple moving average of $300.56. The company has a market capitalization of $5.16 trillion, a P/E ratio of 39.56, a PEG ratio of 3.42 and a beta of 1.07. Apple Inc. has a twelve month low of $243.42 and a twelve month high of $359.37.

Apple (NASDAQ:AAPL - Get Free Report) last posted 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. Apple had a net margin of 27.60% and a return on equity of 125.35%. The firm had revenue of $114.48 billion for the quarter, compared to analysts' expectations of $113.40 billion. During the same period in the prior year, the company posted $1.85 earnings per share. The firm's quarterly revenue was up 11.7% on a year-over-year basis. On average, equities research analysts predict that Apple Inc. will post 9.45 earnings per share for the current fiscal year.

Apple Dividend Announcement

The business also recently announced 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 of this dividend is Thursday, November 12th. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. Apple's payout ratio is presently 12.04%.

Latest Apple News

These are some of the AAPL news items that stood out recently:

• Positive Sentiment: China Renaissance upgraded Apple to Buy from Hold and set a $425 price target, citing potential from the first foldable iPhone. Coverage also points to strong interest in the new iPhone lineup as a possible catalyst for continued growth. Apple stock gains as analyst sets a $425 target
• Neutral Sentiment: Google is bringing its Gemini assistant to Apple CarPlay, adding a new AI feature for iPhone users. The partnership may improve CarPlay’s utility, though the assistant is Google’s service rather than Apple’s. Google Brings Gemini Live to Apple CarPlay
• Negative Sentiment: Higher memory-chip prices are a near-term margin risk. Apple’s December-quarter gross-margin outlook was reported below analyst expectations, despite record quarterly sales, raising concerns that component costs could weigh on profitability. Why Apple Stock Fell Despite a Record Quarter

Insider Buying and Selling

In other news, CFO Kevan Parekh sold 1,392 shares of the company's stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $345.05, for a total value of $480,309.60. Following the sale, the chief financial officer owned 17,539 shares in the company, valued at approximately $6,051,831.95. This represents a 7.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Ternus sold 25,412 shares of the company's stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $332.94, for a total transaction of $8,460,671.28. Following the completion of the sale, the chief executive officer owned 59,567 shares in the company, valued at approximately $19,832,236.98. This trade represents a 29.90% 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. In the last three months, insiders have sold 292,611 shares of company stock worth $97,482,597. 0.06% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Guggenheim set a $400.00 price target on shares of Apple in a research note on Tuesday, November 3rd. Jefferies Financial Group reissued an "underperform" rating on shares of Apple in a research report on Wednesday, September 9th. Robert W. Baird set a $340.00 target price on Apple and gave the company an "outperform" rating in a research note on Tuesday, November 3rd. DA Davidson lifted their target price on Apple from $270.00 to $295.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 3rd. Finally, Loop Capital cut Apple from a "buy" rating to a "hold" rating and cut their price target for the stock from $370.00 to $330.00 in a research note on Tuesday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $347.11.

About Apple

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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