Hanson & Doremus Investment Management Grows Stake in Apple Inc. $AAPL

Key Points

• Hanson & Doremus Investment Management increased its Apple stake by 5.5% in the first quarter, buying 2,586 more shares and bringing its total to 49,952 shares worth about $12.7 million.
• Apple’s latest quarterly results beat expectations, with EPS of $2.01 and revenue of $111.18 billion, while revenue rose 16.6% from a year earlier.
• Analyst sentiment remains broadly positive: Apple has a Moderate Buy consensus rating, an average price target of $314.85, and several firms recently reiterated or raised targets.

Hanson & Doremus Investment Management boosted its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 5.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,952 shares of the iPhone maker's stock after acquiring an additional 2,586 shares during the quarter. Apple comprises about 1.5% of Hanson & Doremus Investment Management's investment portfolio, making the stock its 14th biggest position. Hanson & Doremus Investment Management's holdings in Apple were worth $12,677,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Overbrook Management Corp boosted its stake in Apple by 57.4% in the 4th quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker's stock worth $28,449,000 after purchasing an additional 38,174 shares in the last quarter. Torren Management LLC acquired a new stake in shares of Apple in the fourth quarter worth $1,178,000. Adventist Health System Sunbelt Healthcare Corp purchased a new position in shares of Apple during the fourth quarter worth $105,482,000. KBC Group NV lifted its position in Apple by 3.1% during the fourth quarter. KBC Group NV now owns 7,044,697 shares of the iPhone maker's stock valued at $1,915,172,000 after purchasing an additional 214,215 shares during the period. Finally, Professional Advisory Services Inc. lifted its position in Apple by 29.6% during the fourth quarter. Professional Advisory Services Inc. now owns 94,277 shares of the iPhone maker's stock valued at $25,630,000 after purchasing an additional 21,508 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on AAPL shares. Evercore reaffirmed an "outperform" rating on shares of Apple in a research report on Monday, June 8th. DA Davidson restated a "neutral" rating and issued a $270.00 target price on shares of Apple in a research note on Friday, May 1st. TD Cowen raised their target price on Apple from $335.00 to $350.00 and gave the stock a "buy" rating in a report on Tuesday, June 9th. Oppenheimer reiterated a "market perform" rating on shares of Apple in a research report on Tuesday, June 9th. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $310.00 price target (up from $300.00) on shares of Apple in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Apple currently has an average rating of "Moderate Buy" and an average price target of $314.85.

Apple Trading Up 3.3%

Shares of NASDAQ:AAPL opened at $284.29 on Friday. The business's 50 day moving average price is $292.51 and its 200-day moving average price is $273.20. Apple Inc. has a 1 year low of $199.26 and a 1 year high of $317.40. The firm has a market capitalization of $4.18 trillion, a price-to-earnings ratio of 34.38, a price-to-earnings-growth ratio of 2.47 and a beta of 1.09. 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 (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, topping the consensus estimate of $1.95 by $0.06. The company had revenue of $111.18 billion during the quarter, compared to analyst estimates of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The firm's revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.65 EPS. On average, equities research analysts forecast 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 $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, May 11th. This is a positive change from Apple's previous quarterly dividend of $0.26. Apple's payout ratio is presently 13.06%.

Insider Transactions at Apple

In other news, CEO Timothy D. Cook sold 64,949 shares of Apple stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $254.23, for a total value of $16,511,984.27. Following the sale, the chief executive officer directly 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 sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ben Borders sold 116 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total value of $34,236.24. Following the sale, the insider owned 38,713 shares of the company's stock, valued at $11,425,754.82. The trade was a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 97,875 shares of company stock valued at $24,998,541 in the last 90 days. Corporate insiders own 0.06% of the company's stock.

Trending Headlines about Apple

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 Company 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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