Apple Inc. $AAPL Stock Sold by Evanson Financial LLC

Key Points

• Evanson Financial cut its Apple stake by 0.8%, selling 2,118 shares in the third quarter; it still held 267,777 shares valued at about $89.2 million.
• Apple reported quarterly earnings of $2.10 per share, beating estimates of $1.99, while revenue rose 11.7% year over year to $114.48 billion.
• CEO John Ternus and insider Timothy Cook sold shares to cover tax withholding on vested equity awards; insiders sold 292,611 shares worth about $97.5 million over the quarter.

Evanson Financial LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 0.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 267,777 shares of the iPhone maker's stock after selling 2,118 shares during the period. Apple comprises 4.5% of Evanson Financial LLC's portfolio, making the stock its 5th biggest position. Evanson Financial LLC's holdings in Apple were worth $89,175,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Avenir Tech Ltd bought a new stake in shares of Apple during the second quarter worth $29,000. Ironwood Wealth Management Inc. acquired a new position in Apple during the 3rd quarter worth about $34,000. Longfellow Investment Management Co. LLC acquired a new position in Apple during the 2nd quarter worth about $30,000. ABS Investment Management LLC acquired a new position in Apple during the 2nd quarter worth about $376,168,000. Finally, Bamco Inc. NY bought a new stake in Apple during the 2nd quarter worth about $118,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Insider Activity at Apple

In related news, CEO John Ternus sold 25,412 shares of the company's stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $332.94, for a total value of $8,460,671.28. Following the transaction, the chief executive officer owned 59,567 shares in the company, valued at approximately $19,832,236.98. This represents a 29.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Timothy D. Cook sold 191,753 shares of the stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $332.96, for a total value of $63,846,078.88. Following the transaction, the insider directly owned 3,264,168 shares of the company's stock, valued at approximately $1,086,837,377.28. This trade represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 292,611 shares of company stock valued at $97,482,597 over the last quarter. 0.06% of the stock is currently owned by insiders.

Apple Stock Up 0.4%

Apple stock opened at $356.27 on Friday. The firm has a market capitalization of $5.18 trillion, a price-to-earnings ratio of 39.72, a price-to-earnings-growth ratio of 3.41 and a beta of 1.07. The company has a current ratio of 1.02, a quick ratio of 0.94 and a debt-to-equity ratio of 0.61. Apple Inc. has a 1-year low of $243.42 and a 1-year high of $360.83. The firm's fifty day moving average price is $339.04 and its two-hundred day moving average price is $301.05.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results 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 return on equity of 125.35% and a net margin of 27.60%. The business had revenue of $114.48 billion during the quarter, compared to analyst estimates of $113.40 billion. During the same period in the prior year, the firm posted $1.85 EPS. Apple's quarterly revenue was up 11.7% compared to the same quarter last year. 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 dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Thursday, November 12th. Apple's dividend payout ratio is currently 12.04%.

Apple News Summary

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

• Positive Sentiment: Bernstein cited Apple’s relatively defensive business as a safe haven amid an AI-sector selloff, helping attract investors as Nvidia weakness put pressure on technology stocks. Apple stock gains as Bernstein highlights safe-haven appeal
• Positive Sentiment: China Renaissance upgraded Apple to Buy and set a $425 price target, pointing to potential from a future foldable iPhone and interest in the company’s product lineup. Recent quarterly results also beat earnings and revenue estimates, with revenue up year over year. China Renaissance’s view on Apple
• Neutral Sentiment: HomeView is not launching in the EU because Siri AI is unavailable there, and early coverage has questioned Siri’s readiness. This could constrain the device’s initial reach and reception. HomeView launch coverage

Analyst Ratings Changes

AAPL has been the subject of a number of recent research reports. Wells Fargo & Company reissued an "overweight" rating and set a $350.00 price target (up from $310.00) on shares of Apple in a research note on Friday, July 31st. JPMorgan Chase & Co. reduced their price target on Apple from $360.00 to $355.00 and set an "overweight" rating for the company in a report on Tuesday, November 3rd. Argus raised their target price on shares of Apple from $375.00 to $400.00 and gave the stock a "buy" rating in a research note on Tuesday, November 3rd. Phillip Securities cut shares of Apple from a "hold" rating to a "moderate sell" rating in a research note on Friday, November 6th. Finally, Robert W. Baird set a $340.00 target price on shares of Apple and gave the stock an "outperform" rating in a report on Tuesday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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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