Pursuit Wealth Management LLC Buys New Position in Apple Inc. $AAPL

Key Points

• Pursuit Wealth Management opened a new position in Apple during the fourth quarter, buying 10,711 shares worth about $2.9 million. Apple now accounts for roughly 2.5% of the firm’s holdings and is its 8th-largest position.
• Apple reported strong quarterly results, with earnings of $2.01 per share versus $1.95 expected and revenue of $111.18 billion, topping estimates. Revenue rose 16.6% year over year, and analysts expect full-year EPS of 8.74.
• The company also raised its quarterly dividend to $0.27 per share from $0.26, while Wall Street remains broadly bullish. Analysts currently have Apple at a Moderate Buy with a consensus target price of $305.74.

Pursuit Wealth Management LLC bought a new stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,711 shares of the iPhone maker's stock, valued at approximately $2,912,000. Apple makes up approximately 2.5% of Pursuit Wealth Management LLC's holdings, making the stock its 8th largest holding.

Several other hedge funds also recently added to or reduced their stakes in AAPL. First National Bank of Hutchinson increased its position in Apple by 24.6% during the 4th 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 increased its position in Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after buying an additional 272 shares in the last quarter. Brighton Jones LLC lifted its position in Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after acquiring an additional 69,207 shares during the period. Revolve Wealth Partners LLC lifted its position in Apple by 4.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock worth $16,742,000 after acquiring an additional 2,695 shares during the period. Finally, Highview Capital Management LLC DE lifted its position in Apple by 2.4% during the 4th quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock worth $12,587,000 after acquiring an additional 1,155 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Apple

In other Apple news, CEO Timothy D. Cook sold 64,949 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer owned 3,280,418 shares of the company's stock, valued at $833,980,668.14. This represents a 1.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevan Parekh sold 1,534 shares of the stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $421,850.00. Following the transaction, the chief financial officer directly owned 13,366 shares of the company's stock, valued at $3,675,650. The trade was a 10.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 96,485 shares of company stock valued at $24,594,845 over the last quarter. 0.06% of the stock is currently owned by insiders.

Apple Price Performance

Shares of Apple stock opened at $293.25 on Friday. The business has a 50 day simple moving average of $261.85 and a two-hundred day simple moving average of $266.04. Apple Inc. has a 12 month low of $193.46 and a 12 month high of $294.76. The stock has a market capitalization of $4.31 trillion, a P/E ratio of 35.46, a PEG ratio of 2.55 and a beta of 1.06. 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 announced its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating analysts' consensus estimates of $1.95 by $0.06. Apple had a return on equity of 146.69% and a net margin of 27.15%.The business had revenue of $111.18 billion during the quarter, compared to analysts' expectations of $109.46 billion. During the same quarter in the prior year, the firm earned $1.65 earnings per share. The business's revenue was up 16.6% compared to the same quarter last year. As a group, analysts predict that Apple Inc. will post 8.74 EPS for the current fiscal year.

Apple Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a research report on Monday, March 2nd. BNP Paribas Exane raised Apple from a "neutral" rating to an "outperform" rating and set a $300.00 price target for the company in a research report on Friday, April 17th. Needham & Company LLC restated a "hold" rating on shares of Apple in a research note on Friday, May 1st. Citigroup restated a "buy" rating on shares of Apple in a research note on Tuesday, April 21st. Finally, Evercore restated an "outperform" rating on shares of Apple in a research note on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $305.74.

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Wedbush lifted Apple’s price target to $400 and said AI could drive a major growth wave for AAPL. Apple price target boosted by Wedbush on AI monetization expectations
• Positive Sentiment: Reports that Apple reached a preliminary chip-making deal with Intel boosted confidence in Apple’s manufacturing strategy and supply chain flexibility. Apple, Intel Have Reached Preliminary Chip-Making Agreement
• Positive Sentiment: Analysts see WWDC as a potential inflection point, with upcoming AI-related software features seen as a possible catalyst for Apple’s next leg higher. Apple’s biggest bull is now calling for a 37% stock jump
• Neutral Sentiment: Apple remains near its recent highs after strong quarterly results, keeping investor expectations elevated ahead of the next catalyst. Dow Jones Futures: Market At Highs With Iran, Trump-Xi Summit In Focus; Apple, Nvidia, Boeing In Buy Areas
• Negative Sentiment: Apple also faces ongoing legal and regulatory noise, including a Siri settlement and App Store antitrust disputes, which could weigh on sentiment if they escalate. Apple promised a smarter Siri, but a lawsuit says it didn’t deliver—and you can get up to $95 back

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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