Obermeyer Wealth Partners Lowers Stock Holdings in Apple Inc. $AAPL

Key Points

• Obermeyer Wealth Partners trimmed its Apple stake by 3.6% in the fourth quarter, selling 12,206 shares and ending with 327,428 shares valued at about $89.0 million.
• Apple reported strong quarterly results, posting EPS of $2.01 versus the $1.95 estimate and revenue of $111.18 billion, with sales up 16.6% year over year.
• The company also raised its quarterly dividend to $0.27 per share, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target near $308.74.

Obermeyer Wealth Partners reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 327,428 shares of the iPhone maker's stock after selling 12,206 shares during the period. Apple accounts for approximately 4.1% of Obermeyer Wealth Partners' portfolio, making the stock its 5th largest holding. Obermeyer Wealth Partners' holdings in Apple were worth $89,015,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Sellwood Investment Partners LLC grew its holdings in Apple by 110.9% during the 3rd quarter. Sellwood Investment Partners LLC now owns 135 shares of the iPhone maker's stock valued at $34,000 after buying an additional 71 shares in the last quarter. ROSS JOHNSON & Associates LLC grew its holdings in Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after buying an additional 180 shares in the last quarter. LSV Asset Management purchased a new position in Apple during the 4th quarter valued at about $65,000. PayPay Securities Corp grew its holdings in Apple by 52.1% during the 4th quarter. PayPay Securities Corp now owns 365 shares of the iPhone maker's stock valued at $99,000 after buying an additional 125 shares in the last quarter. Finally, eCIO Inc. purchased a new position in Apple during the 4th quarter valued at about $112,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Stock Performance

NASDAQ:AAPL opened at $308.82 on Friday. The business has a 50 day moving average of $269.64 and a 200 day moving average of $268.63. The company has a market capitalization of $4.54 trillion, a price-to-earnings ratio of 37.34, a PEG ratio of 2.69 and a beta of 1.06. Apple Inc. has a 1-year low of $193.46 and a 1-year high of $311.40. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, topping analysts' consensus estimates of $1.95 by $0.06. The company had revenue of $111.18 billion during 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%.Apple's quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.65 EPS. On average, sell-side analysts predict that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Monday, May 11th. This is a positive change from Apple's previous quarterly dividend of $0.26. Apple's dividend payout ratio is presently 13.06%.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O'brien sold 30,002 shares of the business's stock in a transaction that occurred 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 completion of the sale, the senior vice president owned 136,810 shares in the company, valued at approximately $34,934,433.50. The trade was a 17.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy D. Cook sold 64,949 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer owned 3,280,418 shares of the company's stock, valued at $833,980,668.14. The trade was a 1.94% 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 90 days, insiders have sold 97,759 shares of company stock worth $24,964,305. 0.06% of the stock is owned by corporate insiders.

Apple News Roundup

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple continues to be viewed as one of the best long-term large-cap tech names, with reports highlighting strong iPhone demand, its massive installed base, and the potential for Services to drive the next leg of earnings growth. Apple Services story
• Positive Sentiment: Analysts remain constructive: Evercore ISI reiterated an Outperform rating and raised its price target, while other commentary says Apple can keep compounding earnings and free cash flow as it expands AI features and devices. Analyst commentary
• Positive Sentiment: Apple executives saying the company is still in the “early innings” of spatial computing is reinforcing the view that new product categories could support future growth beyond the iPhone. Spatial computing article
• Neutral Sentiment: Apple’s legal fight with Epic Games remains a drag on sentiment, as the company asked the U.S. Supreme Court to review a contempt order tied to App Store fees. Epic lawsuit article
• Negative Sentiment: Some analysts are becoming more cautious on valuation after Apple’s run to new highs, warning the stock may be due for profit-taking. KeyBanc caution article

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Moffett Nathanson lifted 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. Royal Bank Of Canada set a $325.00 price objective on Apple in a report on Monday, February 2nd. TD Cowen reissued a "buy" rating and set a $335.00 price objective (up from $325.00) on shares of Apple in a report on Friday, May 1st. KGI Securities raised Apple to an "outperform" rating and set a $306.00 price objective for the company in a report on Friday, January 30th. Finally, Oppenheimer reissued a "market perform" rating on shares of Apple in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $308.74.

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.

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