Beacon Bank & Trust Has $17.93 Million Holdings in Apple Inc. $AAPL

Key Points

• Beacon Bank & Trust trimmed its Apple stake by 5.7% in the first quarter, selling 4,242 shares and ending with 70,658 shares valued at about $17.93 million. Apple remains a major holding for the firm, representing roughly 3.7% of its portfolio.
• Wall Street sentiment is still broadly positive: Apple has a consensus rating of “Moderate Buy,” with an average price target of $318.43. Several firms recently raised targets, including TD Cowen, while UBS set a $250 target and Barclays kept an underweight view.
• Apple’s latest results showed continued strength, with Q2 earnings of $2.01 per share and revenue of $111.18 billion, both above expectations. The company also increased its quarterly dividend to $0.27 per share and is trading near its 52-week high.

Beacon Bank & Trust cut its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 5.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 70,658 shares of the iPhone maker's stock after selling 4,242 shares during the quarter. Apple makes up approximately 3.7% of Beacon Bank & Trust's portfolio, making the stock its 6th biggest position. Beacon Bank & Trust's holdings in Apple were worth $17,932,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AAPL. Overbrook Management Corp increased its holdings in shares of Apple by 57.4% in the fourth quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker's stock valued at $28,449,000 after purchasing an additional 38,174 shares during the last quarter. Rainier Family Wealth Inc. boosted its stake in shares of Apple by 14.1% in the first quarter. Rainier Family Wealth Inc. now owns 24,386 shares of the iPhone maker's stock valued at $6,189,000 after purchasing an additional 3,014 shares during the period. Torren Management LLC acquired a new stake in shares of Apple in the fourth quarter valued at $1,178,000. Summit Wealth Partners LLC raised its holdings in Apple by 108.3% in the first quarter. Summit Wealth Partners LLC now owns 34,989 shares of the iPhone maker's stock valued at $8,880,000 after acquiring an additional 18,188 shares in the last quarter. Finally, Adventist Health System Sunbelt Healthcare Corp purchased a new stake in shares of Apple during the 4th quarter worth $105,482,000. Institutional investors own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AAPL. UBS Group set a $250.00 target price on shares of Apple in a research report on Tuesday. TD Cowen boosted their price objective on shares of Apple from $335.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, June 9th. DA Davidson restated a "neutral" rating and issued a $270.00 target price on shares of Apple in a research note on Friday, May 1st. Rosenblatt Securities restated a "neutral" rating and set a $276.00 target price on shares of Apple in a research report on Tuesday, June 9th. Finally, Barclays restated an "underweight" rating on shares of Apple in a research report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $318.43.

Apple Price Performance

AAPL opened at $333.74 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70. The company's 50-day moving average price is $303.61 and its 200 day moving average price is $277.09. The firm has a market cap of $4.90 trillion, a price-to-earnings ratio of 40.36, a price-to-earnings-growth ratio of 2.90 and a beta of 1.10. Apple Inc. has a fifty-two week low of $201.50 and a fifty-two week high of $334.99.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $0.06. The company had revenue of $111.18 billion for the quarter, compared to the consensus estimate of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. Apple's revenue was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.65 EPS. As a group, sell-side analysts expect that Apple Inc. will post 8.76 earnings per share for the current year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were issued a $0.27 dividend. This is a boost from Apple's previous quarterly dividend of $0.26. The ex-dividend date was Monday, May 11th. This represents a $1.08 annualized dividend and a yield of 0.3%. Apple's payout ratio is 13.06%.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: HSBC upgraded Apple Inc. NASDAQ: AAPL to Buy and raised its price target to $366 from $260, saying the company is at an operational turning point with AI features and hardware momentum supporting growth. HSBC upgrades Apple to Buy, sees "strong cycle ahead"
• Positive Sentiment: China approved Apple Intelligence for iPhones, and Apple will integrate Alibaba’s Qwen AI model in its China rollout, a key step that could expand Apple’s AI adoption in one of its most important markets. Alibaba and Baidu shares jump in Hong Kong on Apple AI partnership
• Positive Sentiment: Multiple reports say Apple briefly overtook Nvidia in market value, reinforcing the view that investors are rotating toward Apple’s consumer execution and away from some AI-heavy names. Apple closes in on Nvidia in race for world's most valuable company
• Positive Sentiment: Several commentaries highlighted Apple’s cash generation, shareholder returns, and robotics/innovation efforts, supporting the bullish “cash flow machine” and diversification narrative. Apple’s Core Business Cash Flow Machine Will Support Innovation and Diversification

Insider Buying and Selling

In related news, insider Ben Borders sold 116 shares of the firm's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the completion of the sale, the insider directly owned 38,713 shares of the company's stock, valued at $11,425,754.82. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevan Parekh sold 1,534 shares of the business's stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total value of $421,850.00. Following the sale, the chief financial officer directly owned 13,366 shares of the company's stock, valued at $3,675,650. This represents a 10.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 2,924 shares of company stock worth $825,546 in the last ninety days. Insiders own 0.06% of the company's stock.

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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