Cannon Wealth Management Services LLC Invests $4.22 Million in Apple Inc. $AAPL

Key Points

• Cannon Wealth Management Services LLC initiated a $4.22 million Apple position by purchasing 14,591 shares, making Apple its 15th-largest holding and about 2.3% of its portfolio.
• Institutional investors own approximately 67.73% of Apple, while insiders own just 0.06%; an Apple senior vice president recently sold shares to cover tax obligations tied to equity awards.
• Apple reported quarterly earnings and revenue above analyst expectations, with revenue up 16.4% year over year. Analysts maintain a broadly positive view, with a “Moderate Buy” consensus rating and an average price target of $340.14.

Cannon Wealth Management Services LLC purchased a new stake in Apple Inc. (NASDAQ:AAPL - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 14,591 shares of the iPhone maker's stock, valued at approximately $4,222,000. Apple makes up about 2.3% of Cannon Wealth Management Services LLC's investment portfolio, making the stock its 15th biggest holding.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. MJP Associates Inc. ADV purchased a new stake in shares of Apple in the 2nd quarter worth about $40,748,000. PCM Encore LLC purchased a new position in Apple during the 2nd quarter valued at about $25,306,000. Grand Wealth Management LLC acquired a new position in Apple during the second quarter worth about $267,000. Trillium Asset Management LLC acquired a new position in Apple during the second quarter worth about $151,000,000. Finally, Burr Financial Services LLC purchased a new stake in shares of Apple in the second quarter valued at about $2,025,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Insider Transactions at Apple

In other news, SVP Jennifer Newstead sold 1,438 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $330.19, for a total value of $474,813.22. Following the completion of the sale, the senior vice president owned 32,914 shares of the company's stock, valued at $10,867,873.66. This represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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. Insiders have sold 8,632 shares of company stock worth $2,719,955 in the last ninety days. 0.06% of the stock is owned by insiders.

Apple Price Performance

Shares of Apple stock opened at $336.13 on Monday. The business's fifty day moving average price is $320.24 and its 200 day moving average price is $294.90. Apple Inc. has a twelve month low of $240.21 and a twelve month high of $344.57. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $4.91 trillion, a P/E ratio of 38.55, a PEG ratio of 2.92 and a beta of 1.08.

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

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Monday, August 10th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Monday, August 10th. Apple's payout ratio is 12.39%.

Wall Street Analyst Weigh In

AAPL has been the topic of several research reports. BTIG Research initiated coverage on shares of Apple in a research report on Monday, August 17th. They issued a "neutral" rating on the stock. KeyCorp restated an "underweight" rating on shares of Apple in a research report on Friday, September 4th. Daiwa Securities Group upped their target price on Apple from $325.00 to $335.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. Sanford C. Bernstein increased their target price on Apple from $350.00 to $370.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Finally, Piper Sandler assumed coverage on Apple in a research report on Monday, August 17th. They set an "overweight" rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $340.14.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Evercore ISI raised its Apple price target to $380 from $365 and maintained an outperform view. A survey of roughly 4,000 consumers indicated a potentially stronger-than-expected iPhone upgrade cycle and a higher average selling price. iPhone 18 Pro Hits Stores Today
• Positive Sentiment: iPhone 18 Pro sales are supported by carrier trade-in promotions. Bank of America said incentives can offset the $100 price increase, reducing the risk that higher prices will weaken demand. Apple’s iPhone 18 Lineup Keeps Bank of America Bullish
• Positive Sentiment: Apple’s ecosystem is gaining additional reach. General Motors plans to restore Apple CarPlay after consumer backlash, while Apple is reportedly preparing an Apple Pay launch in India with Axis Bank. These developments could support services engagement and ecosystem adoption. GM Is Re-downloading Apple CarPlay
• Neutral Sentiment: Initial iPhone 18 Pro demand indicators are mixed. Quick-commerce shortages in India suggest strong localized demand, but UBS cited muted wait times in several major markets. Investors are also assessing whether customers may delay purchases for Apple’s roughly $1,999 foldable iPhone Duo. Apple iPhone 18 Seeing Muted Initial Wait Times
• Negative Sentiment: Risks include premium pricing, valuation and regulatory pressure. Analysts warn that expensive devices could limit adoption in price-sensitive markets such as India. More than 1,600 Italian Apple store employees also struck on launch day, while Apple continues to challenge a potential UK encryption backdoor order and faces European legal scrutiny. Italian Apple Store Employees Strike

About Apple

Apple Inc is a technology company that designs, develops and markets consumer electronics, software and digital services. Its principal products include the iPhone, Mac computers, iPad tablets, Apple Watch, AirPods and other accessories. The company also develops operating systems and applications that support its hardware products.

Apple's services business includes the App Store, Apple Music, Apple TV, Apple Arcade, Apple Fitness+, Apple News+, Apple Pay and iCloud. These services provide digital content, payments, cloud storage and subscription offerings across the company's ecosystem of devices.

Founded in 1976, Apple is headquartered in Cupertino, California, and serves consumers, businesses, educational institutions and government customers worldwide.

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.