Monarch Capital Management Inc. Sells 2,953 Shares of Apple Inc. $AAPL

Key Points

• Monarch Capital Management reduced its Apple stake by 4.7% in the first quarter, selling 2,953 shares and leaving it with 59,810 shares valued at about $15.18 million. Apple remains the firm's second-largest holding, representing roughly 3.7% of its portfolio.
• Apple shares were reported down 0.4% in Thursday trading, while the stock remains near key technical levels with a 50-day moving average of $291.83 and a 52-week high of $317.40. The company’s market cap is about $4.30 trillion.
• Recent headlines around Apple are mostly constructive, including analyst optimism over its new Siri/AI strategy and a strategic Intel chip partnership. However, investors are still watching headwinds such as possible iPhone price increases and a UK class-action lawsuit over iCloud.

Monarch Capital Management Inc. lowered its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 4.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 59,810 shares of the iPhone maker's stock after selling 2,953 shares during the quarter. Apple accounts for about 3.7% of Monarch Capital Management Inc.'s holdings, making the stock its 2nd biggest position. Monarch Capital Management Inc.'s holdings in Apple were worth $15,179,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. First National Bank of Hutchinson increased its holdings 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 buying an additional 6,982 shares in the last quarter. Eagle Capital Management LLC grew its holdings in shares of Apple by 0.5% in the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after acquiring an additional 272 shares during the period. Brighton Jones LLC increased its stake in Apple by 14.8% in the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after purchasing an additional 69,207 shares in the last quarter. Revolve Wealth Partners LLC increased its stake in Apple by 4.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock valued at $16,742,000 after purchasing an additional 2,695 shares in the last quarter. Finally, Highview Capital Management LLC DE raised its holdings in Apple by 2.4% during the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock worth $12,587,000 after purchasing an additional 1,155 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s new Siri and broader AI reset is being viewed positively by analysts, with BofA reiterating a Buy rating and saying the WWDC update could strengthen Apple’s AI position and support the stock. BofA Says Apple’s (AAPL) New Siri Strategy Could Strengthen its AI Position
• Positive Sentiment: Apple’s reported chip partnership with Intel is being framed as strategically important, with investors focused on supply-chain diversification and a longer-term domestic chip roadmap that could benefit future product cycles. Apple-Intel chip deal makes strategic sense but production is years away
• Positive Sentiment: Several market commentaries say Apple shares are building toward a possible breakout, with the stock staying close to its all-time high and forming a fresh buy zone as momentum improves. Apple Stock Polishing New Buy Zone With All-Time High In Sight
• Neutral Sentiment: Apple is also drawing attention for comments from Eddy Cue about expanding entertainment offerings on Apple TV and in theaters, which supports the long-term services story but is not an immediate earnings catalyst. Apple aims for better and more entertainment offerings, executive Cue says
• Negative Sentiment: Investors are still weighing headwinds from rising memory costs and the possibility of iPhone price increases, which could pressure demand if Apple passes through higher component prices. Apple Price Hike Fears May Be Overblown, Says J.P. Morgan
• Negative Sentiment: Apple also faces legal overhang after a UK tribunal allowed a $4 billion iCloud class-action lawsuit to proceed, adding another potential regulatory and financial risk. Apple supplier Lingyi iTech prices $1.06 billion Hong Kong IPO to tap AI demand

Apple Trading Down 0.4%

Apple stock opened at $293.05 on Thursday. The stock has a 50-day moving average price of $291.83 and a 200 day moving average price of $273.15. Apple Inc. has a 52 week low of $199.26 and a 52 week high of $317.40. The stock has a market cap of $4.30 trillion, a PE ratio of 35.44, a P/E/G ratio of 2.56 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results 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. Apple had a net margin of 27.15% and a return on equity of 146.69%. The company had revenue of $111.18 billion for the quarter, compared to analyst estimates of $109.46 billion. During the same period in the prior year, the firm earned $1.65 EPS. The firm's quarterly revenue was up 16.6% on a year-over-year basis. Equities research analysts predict 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 paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, May 11th. This is a positive change from Apple's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 0.4%. Apple's payout ratio is currently 13.06%.

Insider Activity

In other Apple news, insider Ben Borders sold 1,274 shares of the business's stock in a transaction on Friday, May 8th. The stock was 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 in the company, valued at approximately $11,226,770. The trade was a 3.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Deirdre O'brien sold 30,002 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $255.35, for a total value of $7,661,010.70. Following the transaction, the senior vice president directly owned 136,810 shares in the company, valued at approximately $34,934,433.50. This represents a 17.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 97,875 shares of company stock worth $24,998,541. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Moffett Nathanson upped their target price on Apple from $241.00 to $270.00 and gave the company a "neutral" rating in a report on Wednesday, February 25th. Monness Crespi & Hardt boosted their price objective on shares of Apple from $315.00 to $335.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. BNP Paribas Exane raised shares of Apple from a "neutral" rating to an "outperform" rating and set a $300.00 price objective on the stock in a research note on Friday, April 17th. Needham & Company LLC restated a "hold" rating on shares of Apple in a report on Tuesday, June 9th. Finally, Oppenheimer reaffirmed a "market perform" rating on shares of Apple in a report on Tuesday, June 9th. 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 given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $314.85.

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.

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