Smith Salley Wealth Management Buys 2,469 Shares of Apple Inc. $AAPL

Key Points

• Smith Salley Wealth Management increased its Apple stake by 0.6% in the first quarter, adding 2,469 shares to reach 416,451 shares. Apple is now the firm’s second-largest position, worth about $105.7 million.
• Apple’s stock was down 6.1% in the session cited, opening at $275.15. The company still has a market cap of about $4.04 trillion and trades near its recent moving averages.
• Apple reported stronger-than-expected quarterly results, with $2.01 EPS and $111.18 billion in revenue, while also raising its dividend to $0.27 per share quarterly. Analyst sentiment remains mostly positive, with a consensus rating of Moderate Buy and a target price of $314.85.

Smith Salley Wealth Management raised its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 416,451 shares of the iPhone maker's stock after acquiring an additional 2,469 shares during the quarter. Apple comprises 5.3% of Smith Salley Wealth Management's holdings, making the stock its 2nd largest position. Smith Salley Wealth Management's holdings in Apple were worth $105,691,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Isthmus Partners LLC boosted its stake in Apple by 6.4% in the 3rd quarter. Isthmus Partners LLC now owns 97,177 shares of the iPhone maker's stock valued at $25,000 after purchasing an additional 5,808 shares during the period. Lifetime Wealth Management P.C. acquired a new position in Apple in the 4th quarter valued at $41,000. ROSS JOHNSON & Associates LLC increased its position in Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock worth $42,000 after buying an additional 180 shares during the period. LSV Asset Management bought a new position in Apple during the 4th quarter worth $65,000. Finally, Timmons Wealth Management LLC acquired a new stake in shares of Apple during the fourth quarter worth $69,000. Institutional investors own 67.73% of the company's stock.

Apple Trading Down 6.1%

Shares of Apple stock opened at $275.15 on Friday. The company has a market capitalization of $4.04 trillion, a price-to-earnings ratio of 33.27, a PEG ratio of 2.55 and a beta of 1.09. 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 12-month low of $199.26 and a 12-month high of $317.40. The firm's 50-day moving average price is $292.16 and its two-hundred day moving average price is $273.12.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating 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 during the quarter, compared to analysts' expectations of $109.46 billion. During the same period in the previous year, the company earned $1.65 EPS. The business's revenue for the quarter was up 16.6% compared to the same quarter last year. On average, analysts forecast that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

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

Wall Street Analyst Weigh In

AAPL has been the subject of a number of recent research reports. Needham & Company LLC reissued a "hold" rating on shares of Apple in a research report on Tuesday, June 9th. Evercore reaffirmed an "outperform" rating on shares of Apple in a research report on Monday, June 8th. Sanford C. Bernstein reiterated an "outperform" rating on shares of Apple in a research note on Monday, June 8th. Stifel Nicolaus set a $330.00 price objective on shares of Apple in a report on Monday, March 2nd. Finally, Oppenheimer reaffirmed a "market perform" rating on shares of Apple in a report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $314.85.

Insider Activity

In other Apple news, CEO Timothy D. Cook sold 64,949 shares of the firm's stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $254.23, for a total value of $16,511,984.27. Following the sale, the chief executive officer owned 3,280,418 shares of the company's stock, valued at approximately $833,980,668.14. This trade represents a 1.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ben Borders sold 1,274 shares of the business's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $290.00, for a total value 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 trade represents a 3.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 97,875 shares of company stock valued at $24,998,541 in the last three months. Company insiders own 0.06% of the company's stock.

Apple News Summary

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 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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