Contravisory Investment Management Inc. Trims Stake in Apple Inc. $AAPL

Key Points

• Contravisory Investment Management reduced its Apple stake by 6.5% in the first quarter, selling 2,654 shares and leaving it with 38,422 shares valued at about $9.75 million.
• Apple continues to draw strong institutional and analyst interest, with 67.73% of shares held by hedge funds and a Moderate Buy consensus rating and average price target of $314.85.
• The company recently beat quarterly earnings and revenue expectations, and it also raised its dividend to $0.27 per share while shares traded near their 12-month high at $308.63.

Contravisory Investment Management Inc. cut its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 6.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,422 shares of the iPhone maker's stock after selling 2,654 shares during the period. Apple comprises 2.0% of Contravisory Investment Management Inc.'s portfolio, making the stock its 12th biggest position. Contravisory Investment Management Inc.'s holdings in Apple were worth $9,751,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. First National Bank of Hutchinson lifted its stake in Apple by 24.6% in the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock worth $8,845,000 after acquiring an additional 6,982 shares during the period. Eagle Capital Management LLC grew its holdings in Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after acquiring an additional 272 shares in the last quarter. Brighton Jones LLC increased its position in Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after purchasing an additional 69,207 shares during the period. Revolve Wealth Partners LLC raised its holdings in shares of Apple by 4.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock valued at $16,742,000 after purchasing an additional 2,695 shares in the last quarter. Finally, Highview Capital Management LLC DE lifted its position in shares of Apple by 2.4% in the 4th quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock worth $12,587,000 after purchasing an additional 1,155 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AAPL has been the topic of several research reports. Wells Fargo & Company reissued an "overweight" rating and set a $310.00 price objective (up from $300.00) on shares of Apple in a report on Friday, May 1st. KGI Securities lowered Apple from an "outperform" rating to a "hold" rating and set a $315.00 target price for the company. in a report on Monday, June 22nd. Evercore reiterated an "outperform" rating on shares of Apple in a report on Monday, June 8th. UBS Group reissued a "buy" rating on shares of Apple in a research report on Tuesday, June 9th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Apple in a research report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $314.85.

Apple Stock Performance

Shares of AAPL stock opened at $308.63 on Friday. The business's fifty day simple moving average is $294.54 and its 200-day simple moving average is $273.60. The company has a market cap of $4.53 trillion, a PE ratio of 37.32, a PEG ratio of 2.56 and a beta of 1.10. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. Apple Inc. has a 12-month low of $201.50 and a 12-month high of $317.40.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $109.46 billion. During the same period in the previous year, the business earned $1.65 EPS. The firm's revenue for the quarter was up 16.6% on a year-over-year basis. Analysts expect that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders 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. This represents a $1.08 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, May 11th. Apple's dividend payout ratio is 13.06%.

Insider Activity

In related news, CFO Kevan Parekh sold 1,534 shares of the stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $421,850.00. Following the completion of the transaction, the chief financial officer directly owned 13,366 shares of the company's stock, valued at $3,675,650. This trade represents a 10.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Ben Borders sold 1,274 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the transaction, the insider directly owned 38,713 shares of the company's stock, valued at $11,226,770. The trade was a 3.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 2,924 shares of company stock worth $825,546. Corporate insiders own 0.06% of the company's stock.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple is reportedly planning at least five new iPhone models through early 2027, including a bigger push into foldables, which could refresh demand and support a stronger upgrade cycle. Apple plans five new iPhones through 2027, eyes Chinese-made chips amid foldable push, reports say
• Positive Sentiment: Several reports say Apple’s stock is rebounding after last week’s selloff, with investors viewing recent price hikes as a way to defend margins rather than a sign of weakening demand. Apple’s Aggressive Price Hikes Raise Eyebrows As Wall Street Links AI Chip Shortages To Inflation Pressure— Ryan Detrick Says 'This is the Real World Stuff'
• Positive Sentiment: Wall Street commentary remained constructive, with some analysts and strategists pointing to Apple’s AI roadmap, App Store/services growth, and long-term product pipeline as reasons to stay bullish on AAPL. What's Going on With Apple Stock Thursday?
• Neutral Sentiment: Market rotation matters too: Apple is outperforming a weak tech tape, so some of the stock’s strength may reflect investors rotating into higher-quality mega-cap names rather than a company-specific catalyst alone. Dow Jones Futures: Dow Hits High But AI Tumbles; Apple, Robinhood Are Buys As Tesla, Sandisk Dive
• Negative Sentiment: The main overhang is margin pressure from surging memory and component costs, which has already forced Apple to raise prices on Macs and iPads and could squeeze profitability if costs stay elevated. Is Apple stock in trouble? Rising costs threaten margins, demand
• Negative Sentiment: Investors are also watching reports that Apple may source memory chips from blacklisted Chinese suppliers, a move that highlights the seriousness of the supply shortage and adds geopolitical risk. Russia warns Apple of $52 million fine over alleged bias against local apps

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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