Keystone Financial Group lowered its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 337,758 shares of the iPhone maker's stock after selling 3,357 shares during the period. Apple makes up 5.8% of Keystone Financial Group's portfolio, making the stock its largest holding. Keystone Financial Group's holdings in Apple were worth $97,734,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of AAPL. Evansbrook LLC grew its holdings in Apple by 0.4% in the 1st quarter. Evansbrook LLC now owns 8,095 shares of the iPhone maker's stock valued at $2,054,000 after buying an additional 34 shares in the last quarter. JMG Financial Group Ltd. increased its position in Apple by 0.7% during the 1st quarter. JMG Financial Group Ltd. now owns 5,102 shares of the iPhone maker's stock worth $1,295,000 after buying an additional 35 shares during the period. Reyes Financial Architecture Inc. lifted its holdings in shares of Apple by 0.4% during the third quarter. Reyes Financial Architecture Inc. now owns 9,898 shares of the iPhone maker's stock worth $2,520,000 after buying an additional 37 shares in the last quarter. Advocate Investing Services LLC boosted its position in shares of Apple by 0.5% in the second quarter. Advocate Investing Services LLC now owns 7,847 shares of the iPhone maker's stock valued at $2,271,000 after acquiring an additional 39 shares during the period. Finally, Interactive Financial Advisors Inc. grew its stake in shares of Apple by 4.0% in the fourth quarter. Interactive Financial Advisors Inc. now owns 1,051 shares of the iPhone maker's stock valued at $286,000 after acquiring an additional 40 shares in the last quarter. 67.73% of the stock is owned by institutional investors.
Apple Stock Down 2.5%
Shares of AAPL opened at $319.97 on Friday. Apple Inc. has a 52 week low of $225.95 and a 52 week high of $344.57. The stock has a fifty day moving average of $315.65 and a 200-day moving average of $290.34. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.93 and a current ratio of 1.00. The stock has a market capitalization of $4.67 trillion, a price-to-earnings ratio of 36.69, a PEG ratio of 2.84 and a beta of 1.08.
Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.13. The firm had revenue of $109.42 billion during the quarter, compared to the consensus estimate of $109.04 billion. Apple had a net margin of 27.62% and a return on equity of 135.46%. The company's revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.57 earnings per share. As a group, sell-side analysts anticipate that Apple Inc. will post 8.74 earnings per share for the current fiscal year.
Apple Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Monday, August 10th were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, August 10th. Apple's dividend payout ratio is currently 12.39%.
Insiders Place Their Bets
In other news, insider Ben Borders sold 116 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total transaction of $34,236.24. Following the completion of the sale, the insider directly owned 38,713 shares in the company, valued at $11,425,754.82. This represents a 0.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jennifer Newstead sold 1,439 shares of Apple stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $317.01, for a total transaction of $456,177.39. Following the transaction, the senior vice president directly owned 35,790 shares of the company's stock, valued at $11,345,787.90. This represents a 3.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 5,872 shares of company stock worth $1,823,201. Insiders own 0.06% of the company's stock.
Key Stories Impacting Apple
Here are the key news stories impacting Apple this week:
- Positive Sentiment: Apple’s Sept. 9 product event is generating significant interest under new CEO John Ternus, with expectations for new iPhones, an Apple Watch update and potentially the company’s first foldable iPhone. Citi estimates the foldable device could sell 7.3 million units despite a possible price above $2,000. Citi foldable iPhone sales forecast
- Positive Sentiment: Apple’s latest quarter showed strong momentum, with revenue rising 16.4% year over year and earnings exceeding analyst expectations. Morgan Stanley has also suggested the foldable iPhone could contribute roughly $14 billion in December-quarter revenue if successfully launched. Morgan Stanley foldable iPhone estimate
- Neutral Sentiment: John Ternus has succeeded Tim Cook as CEO, while Cook remains executive chairman. The transition offers continuity through a longtime Apple executive but raises questions about whether Ternus can accelerate Apple’s artificial-intelligence strategy and sustain Cook-era growth. John Ternus becomes Apple CEO
- Negative Sentiment: Reports indicate initial foldable iPhone production was only a few hundred units per day in late August. Tight quality controls and memory shortages could limit launch supply, delay purchases and prevent Apple from fully capturing expected demand. Foldable iPhone production hurdles
- Negative Sentiment: Memory costs have reportedly surged, potentially forcing Apple to raise iPhone prices, absorb lower margins or risk weaker demand. Jefferies has also downgraded AAPL amid skepticism about the foldable product’s market potential. iPhone memory cost concerns
- Negative Sentiment: Apple faces a $2.7 billion UK lawsuit over alleged unfair app-tracking rules and a separate BASF patent lawsuit involving facial-authentication technology, adding regulatory and litigation risk. Apple UK app-tracking lawsuit
Analysts Set New Price Targets
Several brokerages have weighed in on AAPL. Royal Bank Of Canada set a $365.00 price objective on shares of Apple in a research note on Wednesday, July 15th. Evercore reaffirmed an "outperform" rating on shares of Apple in a report on Tuesday, August 25th. Tigress Financial reiterated a "strong-buy" rating and issued a $375.00 price target (up from $305.00) on shares of Apple in a research report on Thursday, May 14th. Rosenblatt Securities boosted their price target on Apple from $300.00 to $303.00 and gave the company a "neutral" rating in a research note on Tuesday. Finally, Morgan Stanley reissued an "overweight" rating and set a $360.00 price target on shares of Apple in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have given a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $330.61.
Get Our Latest Stock Report on AAPL
Apple Profile
(
Free Report)
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.
See Also
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.
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