Sims Investment Management LLC Trims Stake in Apple Inc. $AAPL

Key Points

• Sims Investment Management LLC cut its Apple stake by 56.2% in the first quarter, leaving it with 1,288 shares worth about $332,000.
• Apple reported better-than-expected fiscal Q2 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 remain broadly positive with a consensus rating of Moderate Buy and an average price target of $314.85.

Sims Investment Management LLC cut its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 56.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,288 shares of the iPhone maker's stock after selling 1,655 shares during the period. Sims Investment Management LLC's holdings in Apple were worth $332,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Overbrook Management Corp lifted its stake in shares of Apple by 57.4% during the 4th quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker's stock worth $28,449,000 after purchasing an additional 38,174 shares during the last quarter. Rainier Family Wealth Inc. grew its stake in Apple by 14.1% in 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 bought a new position in Apple in the fourth quarter worth about $1,178,000. Summit Wealth Partners LLC lifted its position in shares of Apple by 108.3% during the first quarter. Summit Wealth Partners LLC now owns 34,989 shares of the iPhone maker's stock valued at $8,880,000 after buying an additional 18,188 shares during the last quarter. Finally, Adventist Health System Sunbelt Healthcare Corp purchased a new stake in shares of Apple during the fourth quarter valued at about $105,482,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Stock Performance

Shares of Apple stock opened at $308.63 on Friday. The company has a 50 day moving average price of $295.25 and a 200 day moving average price of $273.85. The firm has a market capitalization of $4.53 trillion, a P/E ratio of 37.32, a PEG ratio of 2.68 and a beta of 1.10. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70. Apple Inc. has a 52 week low of $201.50 and a 52 week high of $317.40.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share 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 company had revenue of $111.18 billion for the quarter, compared to the consensus estimate of $109.46 billion. During the same quarter in the previous year, the firm earned $1.65 EPS. Apple's revenue was up 16.6% compared to the same quarter last year. Sell-side analysts expect that Apple Inc. will post 8.74 EPS for the current 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 paid a dividend of $0.27 per share. The ex-dividend date was Monday, May 11th. This is an increase from Apple's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. Apple's payout ratio is presently 13.06%.

Insider Buying and Selling at Apple

In other news, insider Ben Borders sold 116 shares of the business's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total transaction of $34,236.24. Following the sale, the insider directly owned 38,713 shares of the company's stock, valued at $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 is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevan Parekh sold 1,534 shares of the company's stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 13,366 shares in the company, valued at approximately $3,675,650. The trade was a 10.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,924 shares of company stock valued at $825,546 over the last quarter. Insiders own 0.06% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Morgan Stanley reaffirmed an "overweight" rating on shares of Apple in a research report on Friday, June 26th. Oppenheimer restated a "market perform" rating on shares of Apple in a research note on Tuesday, June 9th. Citigroup reaffirmed a "buy" rating on shares of Apple in a report on Monday, June 1st. Monness Crespi & Hardt upped their price target on Apple from $315.00 to $335.00 and gave the stock a "buy" rating in a research report on Friday, May 1st. Finally, Tigress Financial reiterated a "strong-buy" rating and set a $375.00 price objective (up from $305.00) on shares of Apple in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $314.85.

Apple News Summary

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Reports that Apple plans at least five new iPhone models through early 2027, including a stronger foldable iPhone push, have reinforced expectations for a fresh product cycle and a longer growth runway. Apple plans five new iPhones through 2027, eyes Chinese-made chips amid foldable push, reports say
• Positive Sentiment: Apple also appears to be benefiting from investor optimism that it can navigate the memory-chip shortage and secure supply, including possible deals with lower-cost Chinese chipmakers, which could help protect future production. Apple negotiates with blacklisted Chinese chipmakers amid AI-driven memory crunch
• Positive Sentiment: Several market commentary pieces said Apple is holding up better than the broader tech sector, with traders viewing recent weakness as a buying opportunity and analysts still pointing to solid upside potential. Apple’s Aggressive Price Hikes Raise Eyebrows As Wall Street Links AI Chip Shortages To Inflation Pressure
• Neutral Sentiment: Apple’s recent price hikes on Macs and iPads are being interpreted two ways: as a sign of inflationary component costs, but also as a margin-protection move that may not hurt demand as much as feared. Jim Cramer’s Latest Thought on Apple Inc. (AAPL)
• Neutral Sentiment: Apple’s insider-selling activity and mixed institutional positioning are adding caution, but they are not the main driver of the stock today. Apple Stock (AAPL) Opinions on Recent Price Hikes and Analyst Views
• Negative Sentiment: Some coverage continues to flag pressure on Apple’s margins and demand if higher component costs force more price increases, which could weigh on sentiment over time. Is Apple stock in trouble? Rising costs threaten margins, demand

About Apple

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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