SilverOak Wealth Management LLC Sells 1,869 Shares of Apple Inc. $AAPL

Key Points

• SilverOak Wealth Management reduced its Apple stake by 8.6% in the first quarter, selling 1,869 shares and leaving it with 19,928 shares valued at about $5.06 million.
• Apple’s recent results were strong, with quarterly EPS of $2.01 and revenue of $111.18 billion, both above estimates and up 16.6% year over year.
• Analysts remain broadly positive on AAPL, with a consensus Moderate Buy rating and an average price target of $325.71, while recent commentary points to a potential upgrade cycle and stronger hardware demand.

SilverOak Wealth Management LLC trimmed its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,928 shares of the iPhone maker's stock after selling 1,869 shares during the quarter. Apple accounts for approximately 0.8% of SilverOak Wealth Management LLC's holdings, making the stock its 18th biggest holding. SilverOak Wealth Management LLC's holdings in Apple were worth $5,058,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Overbrook Management Corp lifted its position in Apple by 57.4% during the 4th quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker's stock valued at $28,449,000 after acquiring an additional 38,174 shares during the period. Rainier Family Wealth Inc. lifted its holdings in shares of Apple by 14.1% during the first quarter. Rainier Family Wealth Inc. now owns 24,386 shares of the iPhone maker's stock valued at $6,189,000 after purchasing an additional 3,014 shares during the last quarter. Torren Management LLC purchased a new position in shares of Apple during the fourth quarter valued at approximately $1,178,000. Summit Wealth Partners LLC boosted its position in shares of Apple by 108.3% in the 1st quarter. Summit Wealth Partners LLC now owns 34,989 shares of the iPhone maker's stock worth $8,880,000 after purchasing an additional 18,188 shares in the last quarter. Finally, Adventist Health System Sunbelt Healthcare Corp bought a new stake in shares of Apple in the 4th quarter worth approximately $105,482,000. 67.73% of the stock is currently owned by institutional investors.

Apple News Roundup

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple is reportedly launching a new device leasing program with Klarna, a major change to how it sells hardware that could support upgrade demand and recurring device sales. Reuters: Apple to launch 'Upgrade' device leasing program to spur sales, Bloomberg News reports
• Positive Sentiment: HSBC upgraded Apple, saying it is entering a powerful new upgrade cycle supported by AI and a strong hardware roadmap. Barchart: HSBC Says Apple Is Entering a Powerful New Upgrade Cycle
• Positive Sentiment: Several commentators highlighted Apple’s pricing power, strong installed base, and relative insulation from the AI capex arms race as reasons investors are favoring AAPL over some other mega-cap tech names. MarketBeat: Apple Stock Sends Major Warning Signal as Momentum Hits Peak

Apple Stock Up 0.4%

Apple stock opened at $327.74 on Wednesday. The firm has a market cap of $4.81 trillion, a price-to-earnings ratio of 39.63, a PEG ratio of 2.84 and a beta of 1.10. The stock has a fifty day simple moving average of $304.95 and a two-hundred day simple moving average of $277.89. Apple Inc. has a 12 month low of $201.50 and a 12 month high of $334.99. 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 (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, topping the consensus estimate 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 revenue for the quarter was up 16.6% on a year-over-year basis. During the same period last year, the company earned $1.65 EPS. Equities analysts predict that Apple Inc. will post 8.76 EPS for the current fiscal year.

Apple Increases Dividend

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. UBS Group set a $365.00 price target on Apple in a research note on Tuesday. Tigress Financial reiterated a "strong-buy" rating and set a $375.00 price objective (up from $305.00) on shares of Apple in a research note on Thursday, May 14th. Morgan Stanley reissued an "overweight" rating on shares of Apple in a report on Monday. Bank of America reissued a "buy" rating and issued a $380.00 target price on shares of Apple in a research note on Thursday, June 18th. Finally, Barclays reaffirmed an "underweight" rating on shares of Apple in a research report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Apple currently has a consensus rating of "Moderate Buy" and an average price target of $325.71.

Insider Buying and Selling at Apple

In other news, insider Ben Borders sold 1,274 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $290.00, for a total transaction of $369,460.00. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevan Parekh sold 1,534 shares of the stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $421,850.00. Following the completion of the transaction, the chief financial officer directly owned 13,366 shares in the company, valued at approximately $3,675,650. This represents a 10.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,924 shares of company stock worth $825,546 over the last three months. Insiders own 0.06% of the company's stock.

Apple 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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