Nolet Wealth Management LLC Purchases New Position in Apple Inc. $AAPL

Key Points

• Nolet Wealth Management opened a new position in Apple during the fourth quarter, buying 9,390 shares worth about $2.55 million. Apple now makes up 1.4% of the firm’s portfolio and is its 13th-largest holding.
• Insider selling continued, with CEO Tim Cook and CFO Kevan Parekh both selling shares in recent transactions. Over the last three months, Apple insiders have sold 97,875 shares valued at nearly $25.0 million.
• Apple remains broadly favored by analysts, with an average rating of “Moderate Buy” and an average price target of $314.59. The company also beat quarterly earnings and revenue expectations and recently raised its quarterly dividend to $0.27 per share.

Nolet Wealth Management LLC purchased a new stake in Apple Inc. (NASDAQ:AAPL - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 9,390 shares of the iPhone maker's stock, valued at approximately $2,553,000. Apple accounts for 1.4% of Nolet Wealth Management LLC's portfolio, making the stock its 13th largest holding.

Several other hedge funds have also recently bought and sold shares of the stock. Investment Insight Wealth Management LLC acquired a new stake in shares of Apple during the 4th quarter worth about $4,052,000. Stone Wealth Partners acquired a new position in Apple in the fourth quarter valued at about $2,367,000. Lynch Investment Planning LLC bought a new stake in Apple during the fourth quarter worth about $2,176,000. Floyd Financial Group LLC grew its stake in Apple by 643.3% during the fourth quarter. Floyd Financial Group LLC now owns 8,548 shares of the iPhone maker's stock worth $2,262,000 after buying an additional 7,398 shares during the last quarter. Finally, Clear Retirement Advice LLC acquired a new stake in shares of Apple during the fourth quarter worth approximately $870,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Apple

In other Apple news, CEO Timothy D. Cook sold 64,949 shares of the business's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $254.23, for a total transaction of $16,511,984.27. Following the completion of the sale, the chief executive officer directly owned 3,280,418 shares of the company's stock, valued at approximately $833,980,668.14. The trade was a 1.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevan Parekh sold 1,534 shares of the business's stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total value of $421,850.00. Following the sale, the chief financial officer directly owned 13,366 shares of the company's stock, valued at $3,675,650. This represents a 10.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 97,875 shares of company stock valued at $24,998,541 in the last three months. Company insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on AAPL. Maxim Group reiterated a "buy" rating and issued a $350.00 target price (up from $310.00) on shares of Apple in a research note on Tuesday, June 9th. KeyCorp restated a "sector weight" rating on shares of Apple in a research report on Tuesday, June 9th. Oppenheimer reaffirmed a "market perform" rating on shares of Apple in a report on Tuesday, June 9th. Robert W. Baird set a $310.00 price objective on Apple in a research report on Friday, May 1st. Finally, Evercore reissued an "outperform" rating on shares of Apple in a research note on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $314.59.

Apple Stock Performance

AAPL stock opened at $298.01 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02. The company has a 50 day moving average price of $289.73 and a 200 day moving average price of $272.91. Apple Inc. has a fifty-two week low of $196.85 and a fifty-two week high of $317.40. The stock has a market capitalization of $4.38 trillion, a PE ratio of 36.04, a price-to-earnings-growth ratio of 2.59 and a beta of 1.09.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.06. The firm had revenue of $111.18 billion for the quarter, compared to the consensus estimate of $109.46 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.The business's revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.65 EPS. Analysts forecast that Apple Inc. will post 8.75 EPS for the current year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were issued a $0.27 dividend. This is a positive change from Apple's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, May 11th. Apple's dividend payout ratio (DPR) is 13.06%.

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s planned price increases could protect margins as memory and storage costs rise, and Bank of America reiterated a Buy rating with a $380 target, citing Apple’s pricing power and supply-chain strength. Article Title
• Positive Sentiment: Reports of upcoming AI-focused devices and a second-generation iPhone Air support confidence in Apple’s product pipeline and longer-term growth story. Article Title
• Neutral Sentiment: Apple’s planned price hikes may help earnings, but they could also pressure demand if consumers balk at higher handset prices. Article Title
• Neutral Sentiment: Apple opening Brazil’s App Store to alternative marketplaces reduces regulatory friction there, but it also underscores ongoing global platform scrutiny. Article Title

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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