Blodgett Wealth Advisors LLC Sells 1,800 Shares of Apple Inc. $AAPL

Key Points

• Blodgett Wealth Advisors reduced its Apple stake by 3.1% in the first quarter, selling 1,800 shares and leaving it with 57,087 shares worth about $14.5 million. Apple remains the firm’s third-largest holding and accounts for roughly 11.5% of its portfolio.
• Apple reported better-than-expected quarterly results, with EPS of $2.01 versus $1.95 expected and revenue of $111.18 billion versus $109.46 billion forecast. Revenue rose 16.6% year over year, and the company also raised its quarterly dividend to $0.27 from $0.26.
• Wall Street sentiment remains generally positive, with analysts assigning Apple a consensus “Moderate Buy” rating and an average price target of $327.40. The stock recently traded near its 12-month high after moving up 3.5% to $333.02.

Blodgett Wealth Advisors LLC trimmed its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.1% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 57,087 shares of the iPhone maker's stock after selling 1,800 shares during the quarter. Apple makes up about 11.5% of Blodgett Wealth Advisors LLC's investment portfolio, making the stock its 3rd largest holding. Blodgett Wealth Advisors LLC's holdings in Apple were worth $14,488,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Cedar Mountain Advisors LLC increased its holdings in shares of Apple by 8.5% in the 1st quarter. Cedar Mountain Advisors LLC now owns 10,123 shares of the iPhone maker's stock worth $2,569,000 after acquiring an additional 794 shares during the period. Manning & Napier Advisors LLC boosted its stake in Apple by 1,896.4% during the 1st quarter. Manning & Napier Advisors LLC now owns 42,922 shares of the iPhone maker's stock valued at $10,893,000 after purchasing an additional 40,772 shares during the period. DMC Group LLC grew its position in Apple by 9.2% in the 1st quarter. DMC Group LLC now owns 57,819 shares of the iPhone maker's stock worth $14,674,000 after purchasing an additional 4,872 shares during the last quarter. Costello Asset Management INC grew its position in Apple by 0.5% in the 1st quarter. Costello Asset Management INC now owns 90,387 shares of the iPhone maker's stock worth $22,939,000 after purchasing an additional 429 shares during the last quarter. Finally, Whipplewood Advisors LLC increased its stake in shares of Apple by 5.3% in the first quarter. Whipplewood Advisors LLC now owns 13,748 shares of the iPhone maker's stock valued at $3,489,000 after purchasing an additional 693 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Stock Up 3.5%

AAPL stock opened at $333.02 on Friday. Apple Inc. has a 12-month low of $201.50 and a 12-month high of $334.99. 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 has a market cap of $4.89 trillion, a price-to-earnings ratio of 40.27, a PEG ratio of 2.78 and a beta of 1.10. The company has a 50 day moving average of $306.62 and a two-hundred day moving average of $279.01.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating 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 business had revenue of $111.18 billion for the quarter, compared to analysts' expectations of $109.46 billion. During the same period in the previous year, the company posted $1.65 EPS. Apple's revenue was up 16.6% on a year-over-year basis. On average, equities analysts anticipate that Apple Inc. will post 8.76 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently announced 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 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, May 11th. This is an increase from Apple's previous quarterly dividend of $0.26. Apple's payout ratio is currently 13.06%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AAPL. Jefferies Financial Group reiterated a "hold" rating on shares of Apple in a research report on Tuesday, June 9th. TD Cowen lifted their target price on Apple from $335.00 to $350.00 and gave the company a "buy" rating in a research note on Tuesday, June 9th. KeyCorp lowered Apple from a "sector weight" rating to an "underweight" rating and set a $250.00 price target for the company. in a research report on Tuesday, July 14th. Evercore reissued an "outperform" rating on shares of Apple in a research note on Wednesday, July 8th. Finally, Oppenheimer reissued a "market perform" rating on shares of Apple in a report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Apple has an average rating of "Moderate Buy" and a consensus target price of $327.40.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Ford said it will embed Apple Maps into upcoming EVs, expanding Apple’s software reach and reinforcing the value of its ecosystem. Ford Embeds Apple Maps Directly into Upcoming EVs
• Positive Sentiment: Baird raised its price target on Apple and reiterated an Outperform rating, adding to bullish analyst momentum. Finviz
• Positive Sentiment: Commentary highlighted Apple as outperforming the broader market, supported by strong ratings and a favorable chart setup ahead of earnings. Why is Apple stock outperforming the broader market?
• Neutral Sentiment: Apple was also the subject of discussion around upcoming product launches, AI features, and a possible device-leasing program, which could support demand but remain unconfirmed or longer-term in nature.
• Negative Sentiment: Some reports noted concerns that Apple’s valuation is stretched heading into earnings, and insider sales plus short-interest chatter may temper enthusiasm if results disappoint.

Insider Buying and Selling at Apple

In other news, insider Ben Borders sold 116 shares of the firm's stock in a transaction dated 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 Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.06% of the stock is owned by company insiders.

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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