First Financial Group Corp Trims Position in Apple Inc. $AAPL

Key Points

• First Financial Group Corp cut its Apple stake by 8.1% in the fourth quarter, selling 1,747 shares and leaving it with 19,945 shares valued at about $5.42 million.
• Apple posted a strong latest quarter, beating estimates with EPS of $2.01 on revenue of $111.18 billion, while revenue rose 16.6% year over year.
• Analysts remain broadly positive on Apple, with an average “Moderate Buy” rating and an average price target of $308.74, though some reports have grown more cautious on valuation after the stock’s recent rally.

First Financial Group Corp lessened its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 8.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 19,945 shares of the iPhone maker's stock after selling 1,747 shares during the period. Apple makes up about 4.6% of First Financial Group Corp's investment portfolio, making the stock its 6th largest position. First Financial Group Corp's holdings in Apple were worth $5,422,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of AAPL. N.E.W. Advisory Services LLC increased its stake in Apple by 29.1% during the fourth quarter. N.E.W. Advisory Services LLC now owns 69,291 shares of the iPhone maker's stock worth $18,837,000 after acquiring an additional 15,620 shares during the last quarter. Fischer Investment Strategies LLC grew its stake in shares of Apple by 16.6% during the fourth quarter. Fischer Investment Strategies LLC now owns 3,992 shares of the iPhone maker's stock valued at $1,085,000 after buying an additional 567 shares during the last quarter. Diversified Enterprises LLC grew its holdings in shares of Apple by 22.2% in the fourth quarter. Diversified Enterprises LLC now owns 102,542 shares of the iPhone maker's stock worth $27,877,000 after purchasing an additional 18,618 shares during the last quarter. Kerusso Capital Management LLC grew its holdings in shares of Apple by 31.8% in the fourth quarter. Kerusso Capital Management LLC now owns 25,364 shares of the iPhone maker's stock worth $6,895,000 after purchasing an additional 6,119 shares during the last quarter. Finally, REDW Wealth LLC grew its stake in Apple by 1.5% in the fourth quarter. REDW Wealth LLC now owns 13,504 shares of the iPhone maker's stock worth $3,671,000 after purchasing an additional 200 shares in the last quarter. Institutional investors own 67.73% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AAPL shares. Jefferies Financial Group set a $330.00 target price on Apple in a research report on Wednesday, March 4th. Stephens set a $315.00 target price on shares of Apple in a research note on Monday, January 26th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a research report on Monday, March 2nd. Phillip Securities raised Apple from a "moderate sell" rating to a "hold" rating in a report on Sunday, February 1st. Finally, Royal Bank Of Canada set a $325.00 price target on Apple in a report on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $308.74.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple continues to be viewed as one of the best long-term large-cap tech names, with reports highlighting strong iPhone demand, its massive installed base, and the potential for Services to drive the next leg of earnings growth. Apple Services story
• Positive Sentiment: Analysts remain constructive: Evercore ISI reiterated an Outperform rating and raised its price target, while other commentary says Apple can keep compounding earnings and free cash flow as it expands AI features and devices. Analyst commentary
• Positive Sentiment: Apple executives saying the company is still in the “early innings” of spatial computing is reinforcing the view that new product categories could support future growth beyond the iPhone. Spatial computing article
• Neutral Sentiment: Apple’s legal fight with Epic Games remains a drag on sentiment, as the company asked the U.S. Supreme Court to review a contempt order tied to App Store fees. Epic lawsuit article
• Negative Sentiment: Some analysts are becoming more cautious on valuation after Apple’s run to new highs, warning the stock may be due for profit-taking. KeyBanc caution article

Apple Trading Up 1.3%

AAPL opened at $308.82 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02. Apple Inc. has a 12 month low of $193.46 and a 12 month high of $311.40. The stock has a market capitalization of $4.54 trillion, a price-to-earnings ratio of 37.34, a PEG ratio of 2.66 and a beta of 1.06. The business has a fifty day moving average price of $269.64 and a 200 day moving average price of $268.63.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.06. The business had revenue of $111.18 billion during the quarter, compared to analysts' expectations of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The company's revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.65 EPS. Sell-side analysts expect that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors 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. 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 payout ratio is presently 13.06%.

Insider Transactions at Apple

In other news, CEO Timothy D. Cook sold 64,949 shares of the business's stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $254.23, for a total value of $16,511,984.27. Following the completion of the transaction, the chief executive officer owned 3,280,418 shares of the company's stock, valued at $833,980,668.14. The trade was a 1.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 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 disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 97,759 shares of company stock valued at $24,964,305. Company insiders own 0.06% of the company's stock.

About Apple

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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