Hendershot Investments Inc. Lowers Position in Apple Inc. $AAPL

Key Points

• Hendershot Investments Inc. trimmed its Apple stake by 2.2% in the fourth quarter, selling 4,033 shares and ending with 177,985 shares valued at about $48.4 million. Apple remains its third-largest holding and makes up 6.2% of its portfolio.
• Apple’s latest quarter was strong, with EPS of $2.01 beating estimates and revenue of $111.18 billion topping forecasts, while sales rose 16.6% year over year. The company also raised its quarterly dividend to $0.27 per share.
• Wall Street remains broadly positive on Apple, with an average “Moderate Buy” rating and a consensus price target of $305.74. Analysts also highlighted potential upside from AI-related growth, new chip-making arrangements, and upcoming WWDC catalysts.

Hendershot Investments Inc. cut its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 177,985 shares of the iPhone maker's stock after selling 4,033 shares during the period. Apple comprises about 6.2% of Hendershot Investments Inc.'s investment portfolio, making the stock its 3rd largest position. Hendershot Investments Inc.'s holdings in Apple were worth $48,387,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of AAPL. First National Bank of Hutchinson grew its position 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 valued at $8,845,000 after acquiring an additional 6,982 shares during the period. Eagle Capital Management LLC grew its position in Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after acquiring an additional 272 shares during the period. Brighton Jones LLC grew its position in Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after acquiring an additional 69,207 shares during the period. Revolve Wealth Partners LLC grew its position in Apple by 4.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock valued at $16,742,000 after acquiring an additional 2,695 shares during the period. Finally, Highview Capital Management LLC DE grew its position in Apple by 2.4% in the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock valued at $12,587,000 after acquiring an additional 1,155 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Apple Price Performance

Shares of AAPL stock opened at $293.25 on Monday. The stock's fifty day moving average is $261.85 and its 200-day moving average is $266.04. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07. The stock has a market capitalization of $4.31 trillion, a PE ratio of 35.46, a PEG ratio of 2.55 and a beta of 1.06. Apple Inc. has a 52 week low of $193.46 and a 52 week high of $294.76.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly 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. 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 analyst estimates of $109.46 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The firm's revenue for the quarter was up 16.6% compared to the same quarter last year. Equities research analysts expect that Apple Inc. will post 8.74 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 14th. Stockholders of record on Monday, May 11th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 0.4%. This is a boost from Apple's previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Monday, May 11th. Apple's payout ratio is currently 12.58%.

Insider Activity

In other news, SVP Deirdre O'brien sold 30,002 shares of the company's stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $255.35, for a total transaction of $7,661,010.70. Following the transaction, the senior vice president owned 136,810 shares of the company's stock, valued at $34,934,433.50. This represents a 17.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy D. Cook sold 64,949 shares of the company's stock in a transaction 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 transaction, the chief executive officer directly owned 3,280,418 shares in the company, valued at $833,980,668.14. This trade represents a 1.94% 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 96,485 shares of company stock valued at $24,594,845 over the last 90 days. 0.06% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on AAPL. DA Davidson reiterated a "neutral" rating and issued a $270.00 price target on shares of Apple in a research report on Friday, May 1st. Robert W. Baird set a $310.00 price target on Apple in a research report on Friday, May 1st. Morgan Stanley reiterated an "overweight" rating and issued a $330.00 price target (up from $315.00) on shares of Apple in a research report on Friday, May 1st. Rosenblatt Securities increased their target price on Apple from $268.00 to $276.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. Finally, Sanford C. Bernstein restated an "outperform" rating on shares of Apple in a report on Wednesday, March 4th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $305.74.

Trending Headlines about Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Wedbush lifted Apple’s price target to $400 and said AI could drive a major growth wave for AAPL. Apple price target boosted by Wedbush on AI monetization expectations
• Positive Sentiment: Reports that Apple reached a preliminary chip-making deal with Intel boosted confidence in Apple’s manufacturing strategy and supply chain flexibility. Apple, Intel Have Reached Preliminary Chip-Making Agreement
• Positive Sentiment: Analysts see WWDC as a potential inflection point, with upcoming AI-related software features seen as a possible catalyst for Apple’s next leg higher. Apple’s biggest bull is now calling for a 37% stock jump
• Neutral Sentiment: Apple remains near its recent highs after strong quarterly results, keeping investor expectations elevated ahead of the next catalyst. Dow Jones Futures: Market At Highs With Iran, Trump-Xi Summit In Focus; Apple, Nvidia, Boeing In Buy Areas
• Negative Sentiment: Apple also faces ongoing legal and regulatory noise, including a Siri settlement and App Store antitrust disputes, which could weigh on sentiment if they escalate. Apple promised a smarter Siri, but a lawsuit says it didn’t deliver—and you can get up to $95 back

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.

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.