Apple Inc. $AAPL Stock Position Reduced by Cornell Pochily Investment Advisors Inc.

Key Points

• Cornell Pochily Investment Advisors cut its Apple stake by 2.7% in the first quarter, but Apple still remained its largest holding at 7.6% of the portfolio, valued at about $25.8 million.
• Apple reported better-than-expected quarterly results, posting $2.01 EPS on revenue of $111.18 billion, both above consensus estimates, while revenue rose 16.6% year over year.
• The company also raised its quarterly dividend to $0.27 per share, while analysts remain broadly positive with a consensus rating of Moderate Buy and a target price of $314.85.

Cornell Pochily Investment Advisors Inc. reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 101,596 shares of the iPhone maker's stock after selling 2,829 shares during the period. Apple comprises about 7.6% of Cornell Pochily Investment Advisors Inc.'s holdings, making the stock its largest position. Cornell Pochily Investment Advisors Inc.'s holdings in Apple were worth $25,784,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in AAPL. Overbrook Management Corp boosted its stake in Apple by 57.4% during the 4th quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker's stock worth $28,449,000 after acquiring an additional 38,174 shares during the last quarter. Torren Management LLC bought a new stake in shares of Apple in the fourth quarter worth $1,178,000. Adventist Health System Sunbelt Healthcare Corp acquired a new position in Apple during the fourth quarter valued at approximately $105,482,000. KBC Group NV increased its holdings in Apple by 3.1% during the fourth quarter. KBC Group NV now owns 7,044,697 shares of the iPhone maker's stock worth $1,915,172,000 after buying an additional 214,215 shares during the last quarter. Finally, Professional Advisory Services Inc. lifted its position in shares of Apple by 29.6% in the fourth quarter. Professional Advisory Services Inc. now owns 94,277 shares of the iPhone maker's stock valued at $25,630,000 after buying an additional 21,508 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $284.29 on Friday. The firm has a market capitalization of $4.18 trillion, a price-to-earnings ratio of 34.38, a PEG ratio of 2.47 and a beta of 1.09. The stock's 50 day moving average is $292.51 and its 200-day moving average is $273.20. Apple Inc. has a twelve month low of $199.26 and a twelve month high of $317.40. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, topping the consensus estimate of $1.95 by $0.06. Apple had a net margin of 27.15% and a return on equity of 146.69%. The company had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. During the same period in the previous year, the firm posted $1.65 earnings per share. The firm's revenue for the quarter was up 16.6% on a year-over-year basis. Sell-side analysts forecast that Apple Inc. will post 8.74 EPS for the current fiscal year.

Apple Increases Dividend

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

Analysts Set New Price Targets

AAPL has been the topic of several recent research reports. Oppenheimer reiterated a "market perform" rating on shares of Apple in a research report on Tuesday, June 9th. Jefferies Financial Group reissued a "hold" rating on shares of Apple in a research note on Tuesday, June 9th. UBS Group reaffirmed a "buy" rating on shares of Apple in a report on Tuesday, June 9th. Barclays reiterated an "underweight" rating on shares of Apple in a research report on Tuesday, June 9th. Finally, Tigress Financial restated 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. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $314.85.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Some analysts and traders see the recent decline as overdone, arguing that Apple’s pullback has created an attractive entry point and that the stock is oversold at support. Stock Of The Day: Is The Apple Sell-Off Over?
• Positive Sentiment: Morgan Stanley reiterated a Buy rating on AAPL, saying Apple’s pricing and margin-defense strategy supports upside and leaving its $360 target unchanged. Apple Buy Rating Reiterated as Margin Defense Strategy Supports Upside; $360 Price Target Unchanged
• Neutral Sentiment: Wall Street remains divided on the broader implications of Apple’s recent price hikes, with some analysts saying the company can pass through costs thanks to its loyal customer base, while others warn the iPhone will be the real test. Apple Can Get Away With Mac Price Hikes, but iPhone Is the Real Test
• Negative Sentiment: Apple raised prices on several Mac and iPad models because surging memory and storage chip costs tied to AI demand are squeezing margins, raising concerns that higher prices could hurt demand and signal more pressure ahead. Apple raises prices of MacBooks, iPads as memory costs skyrocket
• Negative Sentiment: Apple also lost a key Vision Pro hardware executive to OpenAI, adding to investor concern about execution in its spatial-computing and AI efforts. Apple (AAPL) Loses Key Vision Pro Hardware Chief to OpenAI in Major Talent Blow

Insiders Place Their Bets

In related news, CFO Kevan Parekh sold 1,534 shares of Apple stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total transaction of $421,850.00. Following the sale, the chief financial officer directly owned 13,366 shares in the company, valued at approximately $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Deirdre O'brien sold 30,002 shares of the firm'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 transaction of $7,661,010.70. Following the sale, the senior vice president 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 position. 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 ninety days, insiders sold 97,875 shares of company stock valued at $24,998,541. Insiders own 0.06% of the company's stock.

Apple Company Profile

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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