CPC Advisors LLC Cuts Stock Position in Apple Inc. $AAPL

Key Points

• CPC Advisors LLC cut its Apple stake by 55.6% in the first quarter, selling 48,413 shares and leaving it with 38,601 shares valued at about $9.8 million.
• Despite the selloff, Apple still has strong institutional support, with 67.73% of shares held by institutions and hedge funds, while several other investors increased their positions during the quarter.
• Analysts remain constructive on Apple: recent ratings included multiple Buy/Outperform calls, and the consensus view is Moderate Buy with an average price target of $314.85.

CPC Advisors LLC lowered its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 55.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,601 shares of the iPhone maker's stock after selling 48,413 shares during the period. Apple comprises 1.6% of CPC Advisors LLC's portfolio, making the stock its 12th largest holding. CPC Advisors LLC's holdings in Apple were worth $9,796,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently modified their holdings of AAPL. Everstar Asset Management LLC lifted its holdings in Apple by 3.1% in the 1st quarter. Everstar Asset Management LLC now owns 9,203 shares of the iPhone maker's stock valued at $2,336,000 after purchasing an additional 280 shares in the last quarter. OxenFree Capital LLC increased its stake in Apple by 19.8% during the 1st quarter. OxenFree Capital LLC now owns 1,633 shares of the iPhone maker's stock worth $435,000 after buying an additional 270 shares during the period. Lee Johnson Capital Management LLC grew its stake in Apple by 2.3% during the 1st quarter. Lee Johnson Capital Management LLC now owns 7,804 shares of the iPhone maker's stock valued at $1,981,000 after purchasing an additional 175 shares in the last quarter. Capstone Wealth Management Group LLC increased its position in shares of Apple by 2.9% in the 4th quarter. Capstone Wealth Management Group LLC now owns 16,164 shares of the iPhone maker's stock worth $4,394,000 after purchasing an additional 454 shares during the last quarter. Finally, Warren Street Wealth Advisors LLC lifted its stake in Apple by 4.4% during the first quarter. Warren Street Wealth Advisors LLC now owns 18,602 shares of the iPhone maker's stock worth $4,721,000 after purchasing an additional 785 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Morgan Stanley reiterated an "overweight" rating on shares of Apple in a research report on Friday. Maxim Group reaffirmed a "buy" rating and set a $350.00 target price (up from $310.00) on shares of Apple in a research note on Tuesday, June 9th. Evercore reiterated an "outperform" rating on shares of Apple in a research report on Monday, June 8th. Sanford C. Bernstein reissued an "outperform" rating on shares of Apple in a research note on Monday, June 8th. Finally, Monness Crespi & Hardt raised their price target on Apple from $315.00 to $335.00 and gave the company a "buy" rating in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $314.85.

Insider Transactions at Apple

In other Apple news, CFO Kevan Parekh sold 1,534 shares of the company's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total transaction of $421,850.00. Following the completion of the transaction, the chief financial officer owned 13,366 shares of the company's stock, valued at $3,675,650. This represents a 10.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Deirdre O'brien sold 30,002 shares of the company's stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $255.35, for a total value of $7,661,010.70. Following the completion of the sale, the senior vice president owned 136,810 shares in the company, valued at $34,934,433.50. This represents a 17.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 97,875 shares of company stock worth $24,998,541 in the last 90 days. Company insiders own 0.06% of the company's stock.

Apple Trading Up 3.3%

NASDAQ:AAPL opened at $284.29 on Friday. The company's 50 day moving average is $292.51 and its 200-day moving average is $273.20. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70. Apple Inc. has a 12 month low of $199.26 and a 12 month high of $317.40. The firm has a market cap of $4.18 trillion, a price-to-earnings ratio of 34.38, a P/E/G ratio of 2.39 and a beta of 1.09.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, topping 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 business had revenue of $111.18 billion for the quarter, compared to the consensus estimate of $109.46 billion. During the same period last year, the business earned $1.65 earnings per share. The firm's revenue for the quarter was up 16.6% compared to the same quarter last year. Equities analysts anticipate that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were issued a dividend of $0.27 per share. 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 dividend yield of 0.4%. Apple's dividend payout ratio (DPR) is presently 13.06%.

Apple News Summary

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Some analysts and traders see the recent decline as overdone, arguing that Apple’s pullback has created an attractive entry point and that the stock is oversold at support. Stock Of The Day: Is The Apple Sell-Off Over?
• Positive Sentiment: Morgan Stanley reiterated a Buy rating on AAPL, saying Apple’s pricing and margin-defense strategy supports upside and leaving its $360 target unchanged. Apple Buy Rating Reiterated as Margin Defense Strategy Supports Upside; $360 Price Target Unchanged
• Neutral Sentiment: Wall Street remains divided on the broader implications of Apple’s recent price hikes, with some analysts saying the company can pass through costs thanks to its loyal customer base, while others warn the iPhone will be the real test. Apple Can Get Away With Mac Price Hikes, but iPhone Is the Real Test
• Negative Sentiment: Apple raised prices on several Mac and iPad models because surging memory and storage chip costs tied to AI demand are squeezing margins, raising concerns that higher prices could hurt demand and signal more pressure ahead. Apple raises prices of MacBooks, iPads as memory costs skyrocket
• Negative Sentiment: Apple also lost a key Vision Pro hardware executive to OpenAI, adding to investor concern about execution in its spatial-computing and AI efforts. Apple (AAPL) Loses Key Vision Pro Hardware Chief to OpenAI in Major Talent Blow

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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