SevenBridge Financial Group LLC Sells 4,473 Shares of Apple Inc. $AAPL

Key Points

• SevenBridge Financial Group reduced its Apple stake by 4.0% in the first quarter, selling 4,473 shares and leaving it with 108,746 shares valued at about $29.7 million.
• Apple reported better-than-expected quarterly results, with EPS of $2.01 versus $1.95 expected and revenue of $111.18 billion, up 16.6% year over year.
• The company also raised its quarterly dividend to $0.27 per share, while analysts currently rate Apple a Moderate Buy with a consensus price target of $314.85.

SevenBridge Financial Group LLC cut its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 108,746 shares of the iPhone maker's stock after selling 4,473 shares during the quarter. Apple accounts for about 4.9% of SevenBridge Financial Group LLC's investment portfolio, making the stock its 2nd largest holding. SevenBridge Financial Group LLC's holdings in Apple were worth $29,706,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Apple by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker's stock valued at $387,749,545,000 after buying an additional 26,856,752 shares during the last quarter. State Street Corp increased its position in Apple by 1.1% in the 4th quarter. State Street Corp now owns 604,056,505 shares of the iPhone maker's stock valued at $164,218,801,000 after acquiring an additional 6,555,392 shares during the period. Geode Capital Management LLC raised its stake in Apple by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 358,032,517 shares of the iPhone maker's stock valued at $97,031,587,000 after acquiring an additional 1,866,103 shares in the last quarter. Morgan Stanley boosted its position in Apple by 0.6% during the 4th quarter. Morgan Stanley now owns 230,483,035 shares of the iPhone maker's stock worth $62,659,118,000 after acquiring an additional 1,379,651 shares during the period. Finally, Norges Bank bought a new position in shares of Apple in the fourth quarter worth $52,266,468,000. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Stock Down 6.1%

NASDAQ AAPL opened at $275.15 on Friday. Apple Inc. has a 12 month low of $199.26 and a 12 month high of $317.40. The company has a market capitalization of $4.04 trillion, a P/E ratio of 33.27, a PEG ratio of 2.55 and a beta of 1.09. The company's 50 day simple moving average is $292.16 and its 200 day simple moving average is $273.12. 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 posted its quarterly earnings results 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. Apple had a net margin of 27.15% and a return on equity of 146.69%. The firm had revenue of $111.18 billion for the quarter, compared to analyst estimates of $109.46 billion. During the same quarter in the previous year, the business posted $1.65 earnings per share. The firm's quarterly revenue was up 16.6% compared to the same quarter last year. Equities research analysts expect that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AAPL. DA Davidson restated a "neutral" rating and set a $270.00 price objective on shares of Apple in a research note on Friday, May 1st. Wells Fargo & Company reissued an "overweight" rating and set a $310.00 target price (up from $300.00) on shares of Apple in a research note on Friday, May 1st. Oppenheimer restated a "market perform" rating on shares of Apple in a research report on Tuesday, June 9th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a research note on Monday, March 2nd. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $314.85.

Insider Buying and Selling

In other Apple news, SVP Deirdre O'brien sold 30,002 shares of the company's stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $255.35, for a total transaction of $7,661,010.70. Following the completion of the sale, the senior vice president directly owned 136,810 shares of the company's stock, valued at approximately $34,934,433.50. This represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a 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, insider Ben Borders sold 1,274 shares of the company's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $290.00, for a total transaction of $369,460.00. Following the sale, the insider directly owned 38,713 shares of the company's stock, valued at $11,226,770. This represents a 3.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 97,875 shares of company stock worth $24,998,541. Company insiders own 0.06% of the company's stock.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Some analysts say the price hikes could help Apple protect margins by passing through rising component costs, and long-term bulls still view the company as financially strong. Article Title
• Neutral Sentiment: Apple’s AI strategy remains a work in progress, with some coverage saying the company’s AI upgrade likely will not be a major near-term catalyst for the stock. Article Title
• Negative Sentiment: Apple’s decision to raise Mac and iPad prices has sparked concern about weaker demand and “demand friction,” especially if consumers push back on higher-priced devices. Article Title
• Negative Sentiment: Broader market weakness and a tech selloff added pressure, with Apple leading the downside among major technology names. Article Title

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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