Carlton Hofferkamp & Jenks Wealth Management LLC Sells 5,678 Shares of Apple Inc. $AAPL

Key Points

• Carlton Hofferkamp & Jenks Wealth Management cut its Apple stake by 14.2% in Q1, selling 5,678 shares and leaving it with 34,373 shares valued at about $9.2 million.
• Apple received several bullish catalysts, including HSBC upgrading the stock to Buy with a higher $366 target and reports that China approved Apple Intelligence for iPhones with Alibaba’s Qwen AI model in the rollout.
• Apple’s latest results were solid, with earnings and revenue beating expectations and the company also raising its quarterly dividend to $0.27 per share.

Carlton Hofferkamp & Jenks Wealth Management LLC lessened its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 14.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,373 shares of the iPhone maker's stock after selling 5,678 shares during the quarter. Apple comprises about 2.7% of Carlton Hofferkamp & Jenks Wealth Management LLC's holdings, making the stock its 8th biggest holding. Carlton Hofferkamp & Jenks Wealth Management LLC's holdings in Apple were worth $9,198,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of AAPL. Vanguard Group Inc. boosted its position in shares of Apple by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker's stock valued at $387,749,545,000 after purchasing an additional 26,856,752 shares during the period. State Street Corp increased its position in Apple by 1.1% during the fourth quarter. State Street Corp now owns 604,056,505 shares of the iPhone maker's stock worth $164,218,801,000 after buying an additional 6,555,392 shares during the period. Geode Capital Management LLC lifted its stake in Apple by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 358,032,517 shares of the iPhone maker's stock valued at $97,031,587,000 after buying an additional 1,866,103 shares during the last quarter. Morgan Stanley lifted its stake in Apple by 0.6% in the fourth quarter. Morgan Stanley now owns 230,483,035 shares of the iPhone maker's stock valued at $62,659,118,000 after buying an additional 1,379,651 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Apple in the fourth quarter valued at approximately $52,266,468,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple News Roundup

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 Transactions at Apple

In other news, CFO Kevan Parekh sold 1,534 shares of the 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 completion of the sale, the chief financial officer owned 13,366 shares in the company, valued at approximately $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ben Borders sold 116 shares of Apple stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total transaction of $34,236.24. Following the sale, the insider owned 38,713 shares in the company, valued at $11,425,754.82. This represents a 0.30% decrease in their position. 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. In the last quarter, insiders sold 2,924 shares of company stock valued at $825,546. Insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. UBS Group set a $250.00 target price on shares of Apple in a research note on Tuesday. Robert W. Baird set a $310.00 price objective on shares of Apple in a research report on Friday, May 1st. Weiss Ratings restated a "buy (b-)" rating on shares of Apple in a research note on Wednesday. Oppenheimer reaffirmed a "market perform" rating on shares of Apple in a report on Tuesday, June 9th. Finally, Rosenblatt Securities reiterated a "neutral" rating and set a $276.00 price target on shares of Apple in a research note on Tuesday, June 9th. One equities 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 assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $318.43.

Apple Trading Up 0.1%

AAPL stock 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 has a market cap of $4.90 trillion, a price-to-earnings ratio of 40.36, a PEG ratio of 2.89 and a beta of 1.10. The business has a fifty day simple moving average of $303.61 and a 200-day simple moving average of $277.09. Apple Inc. has a 52 week low of $201.50 and a 52 week high of $334.99.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, beating analysts' consensus estimates of $1.95 by $0.06. Apple had a return on equity of 146.69% and a net margin of 27.15%.The firm had revenue of $111.18 billion for the quarter, compared to analysts' expectations of $109.46 billion. During the same quarter last year, the firm earned $1.65 earnings per share. The firm's revenue for the quarter was up 16.6% compared to the same quarter last year. On average, equities research analysts expect that Apple Inc. will post 8.76 EPS for the current year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were given a $0.27 dividend. The ex-dividend date of this dividend was Monday, May 11th. This is a positive change from Apple's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. Apple's dividend payout ratio (DPR) is currently 13.06%.

Apple 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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