StrongBox Wealth LLC Has $5.81 Million Stake in Apple Inc. $AAPL

Key Points

• StrongBox Wealth LLC has reduced its investment in Apple by 4.8%, now owning 28,338 shares worth approximately $5.81 million, making it the firm's 16th largest holding.
• Apple announced quarterly earnings of $1.57 per share, exceeding estimates, with total revenue of $94.04 billion for the quarter, a 9.6% increase year-over-year.
• Institutional investors own about 67.73% of Apple shares as various hedge funds have recently adjusted their positions, indicating strong interest from the investment community.

StrongBox Wealth LLC reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,338 shares of the iPhone maker's stock after selling 1,415 shares during the period. Apple accounts for approximately 2.2% of StrongBox Wealth LLC's investment portfolio, making the stock its 16th biggest holding. StrongBox Wealth LLC's holdings in Apple were worth $5,814,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. ROSS JOHNSON & Associates LLC increased its position in Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after buying an additional 180 shares in the last quarter. Conquis Financial LLC purchased a new position in Apple during the fourth quarter worth about $63,000. LSV Asset Management bought a new stake in Apple during the fourth quarter worth $65,000. Elite Financial Inc. bought a new position in Apple during the first quarter valued at about $58,000. Finally, HFM Investment Advisors LLC bought a new stake in shares of Apple in the 1st quarter worth approximately $99,000. 67.73% of the stock is owned by institutional investors.

Apple Trading Down 0.6%

NASDAQ:AAPL opened at $254.43 on Wednesday. The company has a 50-day moving average price of $226.20 and a 200-day moving average price of $212.51. The stock has a market cap of $3.78 trillion, a price-to-earnings ratio of 38.61, a P/E/G ratio of 2.66 and a beta of 1.11. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company had revenue of $94.04 billion for the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter in the previous year, the company earned $1.40 earnings per share. Apple's quarterly revenue was up 9.6% on a year-over-year basis. Equities analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio (DPR) is presently 15.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AAPL shares. Rosenblatt Securities lifted their target price on shares of Apple from $223.00 to $241.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 10th. DA Davidson reaffirmed a "neutral" rating and issued a $250.00 price target on shares of Apple in a report on Thursday, September 11th. Citigroup reissued a "buy" rating on shares of Apple in a report on Wednesday, September 10th. The Goldman Sachs Group restated a "buy" rating and issued a $266.00 price objective on shares of Apple in a research report on Tuesday, August 26th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research report on Friday, July 25th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Apple has a consensus rating of "Moderate Buy" and a consensus target price of $244.03.

Insider Activity at Apple

In related news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares in the company, valued at $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.06% of the stock is currently owned by insiders.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

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