Legacy Wealth Advisors LLC Boosts Stake in Apple Inc. $AAPL

Key Points

• Legacy Wealth Advisors increased its Apple stake by 24.6% in the first quarter, adding 4,445 shares to own 22,483 shares valued at approximately $5.7 million. Apple now represents 2.9% of the firm's portfolio.
• Apple reported quarterly EPS of $2.02, exceeding the $1.89 consensus estimate, while revenue rose 16.4% year over year to $109.42 billion. The company also declared a $0.27 quarterly dividend, equal to a 0.4% yield.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $331.60 target price, although Barclays cut its target to $245 and retained an underweight rating. Apple is also benefiting from potential Indian tax incentives supporting expanded iPhone manufacturing in the country.

Legacy Wealth Advisors LLC increased its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 24.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,483 shares of the iPhone maker's stock after purchasing an additional 4,445 shares during the period. Apple makes up 2.9% of Legacy Wealth Advisors LLC's portfolio, making the stock its 7th biggest position. Legacy Wealth Advisors LLC's holdings in Apple were worth $5,706,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Apple in the 4th quarter valued at $52,266,468,000. Nuveen LLC bought a new stake in Apple in the first quarter valued at $17,472,482,000. Cardano Risk Management B.V. raised its stake in Apple by 890.7% during the fourth quarter. Cardano Risk Management B.V. now owns 41,984,810 shares of the iPhone maker's stock worth $11,413,990,000 after acquiring an additional 37,746,784 shares in the last quarter. Laurel Wealth Advisors LLC lifted its holdings in shares of Apple by 20,464.8% during the second quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker's stock valued at $5,553,753,000 after acquiring an additional 26,937,401 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Apple by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker's stock valued at $387,749,545,000 after acquiring an additional 26,856,752 shares during the period. Institutional investors own 67.73% of the company's stock.

Apple Price Performance

Shares of AAPL stock opened at $303.42 on Tuesday. Apple Inc. has a 52 week low of $201.68 and a 52 week high of $344.57. The stock has a market capitalization of $4.46 trillion, a PE ratio of 34.80, a PEG ratio of 2.65 and a beta of 1.09. 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's fifty day moving average is $309.40 and its 200-day moving average is $281.90.

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 analysts' consensus estimates of $1.89 by $0.13. The business had revenue of $109.42 billion during the quarter, compared to analysts' expectations of $109.04 billion. Apple had a return on equity of 135.46% and a net margin of 27.62%.The firm's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.57 earnings per share. Equities research analysts expect that Apple Inc. will post 8.8 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, August 10th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, August 10th. Apple's dividend payout ratio (DPR) is presently 12.39%.

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: India proposed extending tax exemptions through 2041 for foreign companies supplying equipment to contract manufacturers. The policy could lower Apple’s manufacturing costs and support its strategy of shifting more iPhone production to India. India proposes extending tax breaks for contract manufacturing in a boost for Apple
• Positive Sentiment: Apple continues to generate substantial free cash flow, with analysts expecting strong cash generation to continue alongside higher revenue forecasts. This supports shareholder returns and provides financial flexibility, although the stock’s valuation limits the upside case. Apple Delivers Strong Free Cash Flow, But What is the Best AAPL Play?
• Positive Sentiment: A reported deal with PlasmaSolve could help Apple develop thinner, stronger device finishes by using software simulations before factory testing, potentially improving manufacturing yields and reducing testing costs. Apple Stock Drops as PlasmaSolve Deal Targets Thinner and Stronger Devices

Insider Buying and Selling at Apple

In other Apple news, insider Ben Borders sold 1,274 shares of the business's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $290.00, for a total value of $369,460.00. Following the completion of the transaction, the insider directly owned 38,713 shares of the company's stock, valued at approximately $11,226,770. The trade was a 3.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.06% of the company's stock.

Analyst Ratings Changes

AAPL has been the topic of several analyst reports. Barclays reaffirmed an "underweight" rating and issued a $245.00 target price (down from $253.00) on shares of Apple in a report on Friday. Raymond James Financial reissued a "market perform" rating on shares of Apple in a report on Friday. Sanford C. Bernstein restated an "outperform" rating on shares of Apple in a research report on Monday, June 8th. UBS Group reaffirmed a "neutral" rating on shares of Apple in a research note on Friday. Finally, Bank of America reaffirmed a "buy" rating and set a $380.00 price objective on shares of Apple in a report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $331.60.

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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