Apple Inc. $AAPL Stock Position Trimmed by Financial Management Network Inc.

Key Points

• Financial Management Network Inc. trimmed its Apple stake by 3.3% in the first quarter, selling 2,190 shares and leaving it with 65,077 shares worth about $16.95 million.
• Apple continues to draw mixed but largely positive analyst attention: Morgan Stanley reiterated a Buy rating with a $360 target, while MarketBeat data shows a consensus rating of Moderate Buy and a $314.85 average price target.
• The company recently reported strong quarterly results, with EPS of $2.01 and revenue of $111.18 billion, but it is also facing pressure from rising chip costs that have pushed Apple to raise prices on some Mac and iPad models.

Financial Management Network Inc. trimmed its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 65,077 shares of the iPhone maker's stock after selling 2,190 shares during the quarter. Apple comprises 2.6% of Financial Management Network Inc.'s portfolio, making the stock its 10th largest position. Financial Management Network Inc.'s holdings in Apple were worth $16,952,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Kure Advisory LLC grew its position in Apple by 3.8% during the first quarter. Kure Advisory LLC now owns 6,761 shares of the iPhone maker's stock valued at $1,716,000 after acquiring an additional 245 shares during the period. Hanson & Doremus Investment Management grew its holdings in shares of Apple by 5.5% during the 1st quarter. Hanson & Doremus Investment Management now owns 49,952 shares of the iPhone maker's stock worth $12,677,000 after purchasing an additional 2,586 shares during the period. James J. Burns & Company LLC increased its position in Apple by 0.4% during the 1st quarter. James J. Burns & Company LLC now owns 117,827 shares of the iPhone maker's stock worth $29,903,000 after purchasing an additional 453 shares in the last quarter. Arkfeld Wealth Strategies L.L.C. increased its position in shares of Apple by 3.7% in the first quarter. Arkfeld Wealth Strategies L.L.C. now owns 69,566 shares of the iPhone maker's stock worth $18,535,000 after acquiring an additional 2,468 shares in the last quarter. Finally, Greenbush Financial Group LLC lifted its stake in shares of Apple by 9.1% during the first quarter. Greenbush Financial Group LLC now owns 18,043 shares of the iPhone maker's stock worth $4,579,000 after purchasing an additional 1,505 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Key Stories Impacting Apple

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

Insider Activity

In related news, insider Ben Borders sold 116 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total value of $34,236.24. Following the completion of the sale, the insider owned 38,713 shares in the company, valued at approximately $11,425,754.82. This represents a 0.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Timothy D. Cook sold 64,949 shares of the firm's stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $254.23, for a total transaction of $16,511,984.27. Following the completion of the transaction, the chief executive officer directly owned 3,280,418 shares of the company's stock, valued at $833,980,668.14. This represents a 1.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 97,875 shares of company stock worth $24,998,541 over the last three months. 0.06% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AAPL shares. Robert W. Baird set a $310.00 price target on shares of Apple in a report on Friday, May 1st. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Apple in a research report on Monday, June 8th. Evercore reiterated an "outperform" rating on shares of Apple in a research note on Monday, June 8th. Citigroup reaffirmed a "buy" rating on shares of Apple in a report on Monday, June 1st. Finally, BNP Paribas Exane upgraded shares of Apple from a "neutral" rating to an "outperform" rating and set a $300.00 target price for the company in a research note on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $314.85.

Apple Stock Up 3.3%

Apple stock opened at $284.29 on Friday. Apple Inc. has a 52 week low of $199.26 and a 52 week high of $317.40. The stock has a market cap 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 company's 50-day moving average price is $292.51 and its two-hundred day moving average price is $273.20. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70.

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

Apple Increases Dividend

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

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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