Harbour Investment Management LLC Has $7.72 Million Stake in Apple Inc. $AAPL

Key Points

• Harbour Investment Management cut its Apple stake by 7% in the first quarter, but still held 30,436 shares worth about $7.72 million. Apple remains its 6th-largest position and makes up roughly 4.2% of the portfolio.
• Apple reported better-than-expected quarterly results, with EPS of $2.01 versus $1.95 estimated and revenue of $111.18 billion versus $109.46 billion expected. Revenue rose 16.6% from a year earlier.
• Analysts remain mostly positive on AAPL, with a consensus rating of “Moderate Buy” and an average target price of $314.85. Apple also raised its quarterly dividend to $0.27 per share, up from $0.26.

Harbour Investment Management LLC decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 7.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,436 shares of the iPhone maker's stock after selling 2,304 shares during the quarter. Apple accounts for approximately 4.2% of Harbour Investment Management LLC's portfolio, making the stock its 6th largest position. Harbour Investment Management LLC's holdings in Apple were worth $7,724,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of AAPL. Lifetime Wealth Management P.C. purchased a new stake in shares of Apple during the 4th quarter valued at $41,000. ROSS JOHNSON & Associates LLC lifted its holdings in shares of Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock worth $42,000 after acquiring an additional 180 shares during the last quarter. LSV Asset Management purchased a new position in Apple in the fourth quarter worth $65,000. Timmons Wealth Management LLC purchased a new position in Apple in the fourth quarter worth $69,000. Finally, Inspire Investing LLC bought a new position in Apple in the fourth quarter valued at $76,000. 67.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on AAPL. KeyCorp restated a "sector weight" rating on shares of Apple in a research report on Tuesday, June 9th. Citigroup reiterated a "buy" rating on shares of Apple in a report on Monday, June 1st. Evercore reiterated an "outperform" rating on shares of Apple in a research report on Wednesday. Oppenheimer reissued a "market perform" rating on shares of Apple in a report on Tuesday, June 9th. Finally, Morgan Stanley restated an "overweight" rating on shares of Apple in a research report on Friday, June 26th. One investment 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 given a Sell rating to the company's stock. According to MarketBeat, Apple presently has a consensus rating of "Moderate Buy" and an average target price of $314.85.

Insider Activity at Apple

In related news, insider Ben Borders sold 1,274 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $290.00, for a total transaction of $369,460.00. Following the transaction, the insider directly owned 38,713 shares in the company, valued at $11,226,770. This trade represents a 3.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevan Parekh sold 1,534 shares of the business's 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 sale, the chief financial officer owned 13,366 shares of the company's stock, valued at $3,675,650. The trade was a 10.30% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 2,924 shares of company stock worth $825,546. 0.06% of the stock is owned by corporate insiders.

Apple Stock Performance

Apple stock opened at $315.32 on Friday. The firm has a fifty day simple moving average of $299.55 and a two-hundred day simple moving average of $275.26. 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 twelve month low of $201.50 and a twelve month high of $317.40. The company has a market capitalization of $4.63 trillion, a PE ratio of 38.13, a P/E/G ratio of 2.75 and a beta of 1.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.06. The firm had revenue of $111.18 billion for the quarter, compared to analysts' expectations of $109.46 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.The company's revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the firm earned $1.65 earnings per share. Research analysts expect that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

The business also recently announced 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. The ex-dividend date was Monday, May 11th. This represents a $1.08 annualized dividend and a yield of 0.3%. This is a boost from Apple's previous quarterly dividend of $0.26. Apple's dividend payout ratio (DPR) is currently 13.06%.

Trending Headlines about Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s new lawsuit against OpenAI could help protect its hardware roadmap and reinforce its control over proprietary technology, which may support its long-term competitive position. Reuters: Apple sues OpenAI, two former employees for trade secrets theft
• Positive Sentiment: Recent headlines around Apple’s expanded multi-year chip deal with Broadcom continue to boost sentiment, since the agreement strengthens Apple’s supply chain, supports U.S. manufacturing, and deepens its custom silicon strategy. Yahoo Finance: Apple Secures Largest Ever US Chip Deal With Broadcom For $30 Billion
• Neutral Sentiment: Apple was also named among approved U.S. companies eligible for license-free exports under eased UAE trade rules, which is supportive for international operations but not clearly a near-term stock catalyst. Quiver Quant: U.S. eases export controls on UAE
• Neutral Sentiment: Short-interest data showed no meaningful change, suggesting today’s move is being driven more by news flow than by a shift in bearish positioning.
• Negative Sentiment: The OpenAI lawsuit also highlights that Apple’s relationship with a major AI player has soured, adding uncertainty around future AI partnerships and potentially distracting management with litigation. Financial Times: Apple sues OpenAI, alleging it stole top-secret information

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.

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.