PNC Financial Services Group Inc. Trims Stock Position in Apple Inc. $AAPL

Key Points

• PNC Financial Services trimmed its Apple stake by 0.6% in the first quarter, selling 119,220 shares and retaining 18.97 million shares valued at approximately $4.81 billion. Apple remains PNC’s third-largest holding and represents about 2.8% of its portfolio.
• Analysts remain broadly positive, with Apple carrying a “Moderate Buy” consensus rating and an average price target of $330.44. Recent targets range from $300 to $400, although some firms cited valuation, slowing Services growth and rising costs as concerns.
• Apple reported strong quarterly results, including $109.42 billion in revenue—up 16.4% year over year—and earnings of $2.02 per share, ahead of estimates. The company also declared a quarterly dividend of $0.27 per share, equivalent to a 0.3% annual yield.

PNC Financial Services Group Inc. trimmed its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 0.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,967,095 shares of the iPhone maker's stock after selling 119,220 shares during the period. Apple comprises about 2.8% of PNC Financial Services Group Inc.'s investment portfolio, making the stock its 3rd largest holding. PNC Financial Services Group Inc. owned about 0.13% of Apple worth $4,813,659,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Lifetime Wealth Management P.C. bought a new stake in Apple in the 4th quarter valued at $41,000. ROSS JOHNSON & Associates LLC raised its stake in shares of Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after purchasing an additional 180 shares during the period. Timmons Wealth Management LLC acquired a new stake in shares of Apple in the 4th quarter valued at about $69,000. LSV Asset Management bought a new stake in shares of Apple in the fourth quarter valued at about $65,000. Finally, Inspire Investing LLC acquired a new position in shares of Apple during the fourth quarter worth about $76,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on AAPL shares. Sanford C. Bernstein reissued an "outperform" rating on shares of Apple in a research report on Monday, June 8th. BNP Paribas Exane raised shares of Apple from a "neutral" rating to an "outperform" rating and set a $300.00 price target for the company in a research note on Friday, April 17th. Wedbush reiterated an "outperform" rating and issued a $400.00 price objective on shares of Apple in a report on Friday, June 5th. Rosenblatt Securities increased their target price on shares of Apple from $276.00 to $300.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $360.00 target price (down from $370.00) on shares of Apple in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $330.44.

Insider Transactions at Apple

In other Apple news, insider Ben Borders sold 116 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total value of $34,236.24. Following the transaction, the insider directly owned 38,713 shares of the company's stock, valued at approximately $11,425,754.82. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 0.06% of the company's stock.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: App Store revenue rose 0.6% year over year to $3.4 billion during the first 35 days of Apple’s fiscal fourth quarter, despite a 4% decline in iPhone and iPad downloads. Revenue per download increased 4.7% to $1.02, suggesting stronger monetization and supporting the Services business. Apple App Store revenue ticks up despite falling downloads
• Positive Sentiment: Apple’s fiscal third-quarter revenue reached a June-quarter record of $109.4 billion, up 16% year over year, while earnings exceeded estimates. Reports also point to broad iPhone, Mac and Services demand, resilient iPhone sales and continued growth in India, providing a fundamental counterweight to recent market concerns. Apple’s Quarterly iPhone Sales Were Even Better Than They Seem
• Positive Sentiment: Some analysts and market commentators continue to recommend buying the pullback, arguing that Apple’s ecosystem, product pipeline and long-term earnings potential remain attractive despite near-term volatility. 3 Reasons to Buy Apple Stock on the Dip
• Neutral Sentiment: OpenAI asked a federal judge to dismiss Apple’s trade-secrets lawsuit, denying that it misappropriated confidential information through former Apple employees. The filing creates legal and reputational uncertainty, although the financial impact is not yet clear. OpenAI asks US judge to dismiss Apple’s trade secrets case
• Negative Sentiment: Analysts at Phillip Securities, DZ Bank and China Renaissance lowered their views on Apple to Moderate Sell or Hold. Concerns include slowing Services growth, elevated memory costs, supply constraints, policy risks and Apple’s premium valuation.
• Negative Sentiment: Services revenue grew about 12% to $30.7 billion, making it the slowest-growing of Apple’s three largest businesses. Tim Cook also warned that rising memory prices could pressure margins, while the CEO transition adds uncertainty after a record quarter. Tim Cook’s Last Quarter as CEO

Apple Stock Performance

NASDAQ AAPL opened at $312.41 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $4.56 trillion, a P/E ratio of 35.83, a P/E/G ratio of 2.67 and a beta of 1.09. Apple Inc. has a 12-month low of $216.58 and a 12-month high of $344.57. The firm has a 50-day moving average price of $309.43 and a two-hundred day moving average price of $283.02.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.13. The firm had revenue of $109.42 billion during the quarter, compared to analyst estimates of $109.04 billion. Apple had a return on equity of 135.46% and a net margin of 27.62%.The business's quarterly revenue was up 16.4% on a year-over-year basis. During the same period last year, the company posted $1.57 EPS. Analysts anticipate that Apple Inc. will post 8.74 earnings per share for the current year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, August 10th will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, August 10th. Apple's payout ratio is presently 12.39%.

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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