Assetmark Inc. Buys 104,803 Shares of Apple Inc. $AAPL

Key Points

• Assetmark increased its Apple position by 3.5% in the second quarter, adding 104,803 shares for a total of 3.09 million shares valued at approximately $893.6 million. Institutional investors and hedge funds own 67.73% of Apple.
• Apple reported strong quarterly momentum, with revenue up 16.4% year over year and earnings exceeding estimates. Investor focus is turning to the September 9 product event and potential foldable iPhone, though supply constraints, higher memory costs and launch pricing pose risks.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $330.61, although Jefferies downgraded the stock to “underperform.” Apple also faces legal challenges, including a $2.7 billion UK app-tracking lawsuit.

Assetmark Inc. raised its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.5% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 3,088,319 shares of the iPhone maker's stock after buying an additional 104,803 shares during the period. Apple comprises approximately 1.5% of Assetmark Inc.'s holdings, making the stock its 11th largest holding. Assetmark Inc.'s holdings in Apple were worth $893,636,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in AAPL. Norges Bank acquired a new stake in shares of Apple in the 4th quarter valued at approximately $52,266,468,000. Nuveen LLC acquired a new position in Apple during the first quarter valued at approximately $17,472,482,000. Cardano Risk Management B.V. increased its stake in Apple by 890.7% in the fourth quarter. Cardano Risk Management B.V. now owns 41,984,810 shares of the iPhone maker's stock valued at $11,413,990,000 after purchasing an additional 37,746,784 shares in the last quarter. Laurel Wealth Advisors LLC increased its stake in Apple by 20,464.8% in the second quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker's stock valued at $5,553,753,000 after purchasing an additional 26,937,401 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Apple by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker's stock worth $387,749,545,000 after purchasing an additional 26,856,752 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s Sept. 9 product event is generating significant interest under new CEO John Ternus, with expectations for new iPhones, an Apple Watch update and potentially the company’s first foldable iPhone. Citi estimates the foldable device could sell 7.3 million units despite a possible price above $2,000. Citi foldable iPhone sales forecast
• Positive Sentiment: Apple’s latest quarter showed strong momentum, with revenue rising 16.4% year over year and earnings exceeding analyst expectations. Morgan Stanley has also suggested the foldable iPhone could contribute roughly $14 billion in December-quarter revenue if successfully launched. Morgan Stanley foldable iPhone estimate
• Neutral Sentiment: John Ternus has succeeded Tim Cook as CEO, while Cook remains executive chairman. The transition offers continuity through a longtime Apple executive but raises questions about whether Ternus can accelerate Apple’s artificial-intelligence strategy and sustain Cook-era growth. John Ternus becomes Apple CEO
• Negative Sentiment: Reports indicate initial foldable iPhone production was only a few hundred units per day in late August. Tight quality controls and memory shortages could limit launch supply, delay purchases and prevent Apple from fully capturing expected demand. Foldable iPhone production hurdles
• Negative Sentiment: Memory costs have reportedly surged, potentially forcing Apple to raise iPhone prices, absorb lower margins or risk weaker demand. Jefferies has also downgraded AAPL amid skepticism about the foldable product’s market potential. iPhone memory cost concerns
• Negative Sentiment: Apple faces a $2.7 billion UK lawsuit over alleged unfair app-tracking rules and a separate BASF patent lawsuit involving facial-authentication technology, adding regulatory and litigation risk. Apple UK app-tracking lawsuit

Insider Activity

In related news, SVP Jennifer Newstead sold 1,439 shares of the business's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $317.01, for a total value of $456,177.39. Following the sale, the senior vice president owned 35,790 shares of the company's stock, valued at $11,345,787.90. The trade was a 3.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ben Borders sold 116 shares of the company's stock in a transaction dated 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 $11,425,754.82. This trade represents a 0.30% 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. Insiders sold 5,872 shares of company stock valued at $1,823,201 over the last quarter. Corporate insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a report on Friday, July 31st. Tigress Financial reaffirmed a "strong-buy" rating and set a $375.00 price target (up from $305.00) on shares of Apple in a research report on Thursday, May 14th. Jefferies Financial Group cut Apple from a "buy" rating to an "underperform" rating and cut their price objective for the company from $285.56 to $263.66 in a report on Monday, August 10th. Piper Sandler began coverage on Apple in a research report on Monday, August 17th. They issued an "overweight" rating for the company. Finally, UBS Group reissued a "neutral" rating on shares of Apple in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twelve have given a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $330.61.

Apple Price Performance

Shares of NASDAQ AAPL opened at $319.97 on Monday. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 0.66. The company has a market cap of $4.67 trillion, a PE ratio of 36.69, a price-to-earnings-growth ratio of 2.77 and a beta of 1.08. Apple Inc. has a twelve month low of $225.95 and a twelve month high of $344.57. The business's 50 day moving average price is $315.65 and its two-hundred day moving average price is $290.59.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.13. Apple had a return on equity of 135.46% and a net margin of 27.62%.The business had revenue of $109.42 billion during the quarter, compared to analysts' expectations of $109.04 billion. During the same period last year, the firm posted $1.57 EPS. The firm's revenue for the quarter was up 16.4% compared to the same quarter last year. On average, analysts predict that Apple Inc. will post 8.74 EPS for the current year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, August 10th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. Apple's dividend payout ratio (DPR) is 12.39%.

About Apple

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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