Physicians Financial Services Inc. Lowers Holdings in Apple Inc. $AAPL

Key Points

• Physicians Financial Services Inc. trimmed its Apple stake by 2.2% in the first quarter, selling 4,677 shares and leaving it with 206,162 shares worth about $52.3 million. Apple remains its largest holding at 14.3% of the portfolio.
• Apple reported strong quarterly results, with EPS of $2.01 versus the $1.95 consensus and revenue of $111.18 billion, topping estimates. Revenue rose 16.6% year over year, and analysts now expect full-year EPS of 8.74.
• Despite some mixed analyst views, Wall Street’s overall take remains Moderate Buy with an average price target of $314.85. The stock was trading around $294.98, while Apple also raised its quarterly dividend to $0.27 per share.

Physicians Financial Services Inc. reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 206,162 shares of the iPhone maker's stock after selling 4,677 shares during the quarter. Apple comprises 14.3% of Physicians Financial Services Inc.'s investment portfolio, making the stock its biggest position. Physicians Financial Services Inc.'s holdings in Apple were worth $52,322,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AAPL. Isthmus Partners LLC boosted its stake in Apple by 6.4% in the 3rd quarter. Isthmus Partners LLC now owns 97,177 shares of the iPhone maker's stock worth $25,000 after purchasing an additional 5,808 shares during the period. Lifetime Wealth Management P.C. bought a new stake in shares of Apple during the fourth quarter valued at about $41,000. ROSS JOHNSON & Associates LLC increased its position in shares of Apple by 1,800.0% during the first 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 during the period. LSV Asset Management purchased a new stake in shares of Apple in the fourth quarter worth about $65,000. Finally, Timmons Wealth Management LLC purchased a new stake in shares of Apple in the fourth quarter worth about $69,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Barclays reaffirmed an "underweight" rating on shares of Apple in a research note on Tuesday, June 9th. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research note on Tuesday, June 9th. Moffett Nathanson raised their price target on shares of Apple from $241.00 to $270.00 and gave the company a "neutral" rating in a report on Wednesday, February 25th. Stifel Nicolaus set a $330.00 price target on shares of Apple in a research report on Monday, March 2nd. Finally, The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $314.85.

Apple Stock Down 0.7%

AAPL stock opened at $294.98 on Wednesday. The company's 50 day moving average is $291.15 and its 200 day moving average is $273.06. The stock has a market cap of $4.33 trillion, a price-to-earnings ratio of 35.67, a price-to-earnings-growth ratio of 2.58 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 Inc. has a 1-year low of $199.26 and a 1-year high of $317.40.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.06. Apple had a net margin of 27.15% and a return on equity of 146.69%. The business had revenue of $111.18 billion during the quarter, compared to analyst estimates of $109.46 billion. During the same period in the previous year, the business posted $1.65 earnings per share. Apple's revenue for the quarter was up 16.6% on a year-over-year basis. Sell-side analysts predict that Apple Inc. will post 8.74 EPS for the current fiscal year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.4%. This is an increase from Apple's previous quarterly dividend of $0.26. Apple's payout ratio is presently 13.06%.

Insider Activity at Apple

In related news, insider Ben Borders sold 1,274 shares of the company's stock in a transaction on 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 in the company, 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 64,949 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 3,280,418 shares in the company, valued at approximately $833,980,668.14. This represents 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. Insiders have sold a total of 97,875 shares of company stock valued at $24,998,541 over the last ninety days. 0.06% of the stock is currently owned by insiders.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Wall Street is becoming more optimistic about Apple’s new Siri and AI strategy after the post-WWDC selloff, suggesting investors may be overreacting to near-term skepticism. After an Initial Panic, Wall Street's Leaning Into Apple's New Siri AI
• Positive Sentiment: Reports that Apple has agreed to partner with Intel to design and manufacture chips in the U.S. are being viewed as a supply-chain diversification win and a long-term catalyst for Apple’s hardware roadmap. Apple’s Intel Deal Arrives at the Right Time for Its Stock
• Positive Sentiment: Tim Cook’s comments about higher memory costs and upcoming price increases are being interpreted by some analysts as supportive of Apple’s earnings power, since price hikes could help offset component inflation. Apple: Empirical Evidence Suggests Upcoming Price Hikes Will Boost Earnings
• Neutral Sentiment: Apple’s TV and streaming strategy is drawing attention, but the discussion appears more explanatory than immediately material to the stock. Apple Explains TV Library Strategy
• Neutral Sentiment: A Zacks comparison of NVIDIA and Apple highlights Apple’s lower valuation and services strength, reinforcing the stock’s defensive appeal without changing the near-term setup. NVIDIA vs. Apple: Which Tech Titan Is the Better Buy Right Now?
• Negative Sentiment: Britain’s competition tribunal approved a £3 billion class action over iCloud fees, adding a meaningful legal overhang and potential financial liability for Apple. UK tribunal gives go ahead for $4 billion lawsuit against Apple over iCloud services
• Negative Sentiment: Apple also faces reputational risk after closing its first unionized U.S. store, with the union accusing the company of retaliation. Apple Just Closed Its First Unionized U.S. Store
• Negative Sentiment: Several reports say Apple is forcing price increases on hardware because memory and chip costs are rising, which could pressure demand if consumers push back. Memory's price surge threatens Apple's 'magic formula' — and the economy

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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