Summit Global Investments Makes New $23.69 Million Investment in Apple Inc. $AAPL

Summit Global Investments bought a new position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 81,878 shares of the iPhone maker's stock, valued at approximately $23,692,000. Apple accounts for about 1.3% of Summit Global Investments' investment portfolio, making the stock its 5th biggest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Lifetime Wealth Management P.C. acquired a new position in Apple in the 4th quarter valued at $41,000. ROSS JOHNSON & Associates LLC lifted its position in shares of Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after acquiring an additional 180 shares during the period. LSV Asset Management acquired a new stake in shares of Apple during the 4th quarter worth $65,000. Timmons Wealth Management LLC acquired a new stake in shares of Apple during the 4th quarter worth $69,000. Finally, Inspire Investing LLC bought a new position in shares of Apple in the fourth quarter worth $76,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: iPhone Duo creates a potential new growth cycle. Apple’s $1,999 foldable iPhone, scheduled to arrive October 23, could drive upgrades, deepen ecosystem engagement and add a high-margin premium product category. Some analysts believe foldables could eventually account for 10% to 20% of iPhone revenue. How Wall Street viewed Apple's foldable iPhone
• Positive Sentiment: Analysts see renewed hardware momentum. Alongside the Duo, Apple unveiled the iPhone 18 Pro lineup, new Apple Watch models, AirPods 5 and expanded Siri AI features. TD Cowen maintained a Buy rating with a $400 target, supporting the bullish reaction. TD Cowen reiterates Buy rating
• Positive Sentiment: Carrier promotions could reduce sticker-price resistance. T-Mobile, AT&T and Verizon are offering installment and trade-in incentives for the expensive Duo, potentially broadening access without an immediate industrywide price war. Wireless carrier promotions
• Neutral Sentiment: Wall Street remains divided. Bank of America retained a Buy rating but lowered its price target to $370, while Rosenblatt kept a Neutral rating and $303 target. The debate centers on Duo demand, supply constraints, valuation and the durability of the upgrade cycle.
• Negative Sentiment: Margin pressure remains the main risk. Apple raised iPhone Pro prices by $100, but memory and other component costs are rising rapidly. Management has already guided to lower gross margins, raising concerns that pricing may not fully offset higher costs. Apple margin pressure from memory costs
• Negative Sentiment: Premium valuation and competition limit upside. Apple trades near the upper end of its historical earnings multiple, while Huawei, Xiaomi and Samsung remain strong competitors in China and the foldable market.
• Negative Sentiment: Insider selling is a modest cautionary signal. SVP Jennifer Newstead sold approximately $456,000 of stock, reducing her direct holdings by about 4%, although she retains a substantial position.

Insider Buying and Selling at Apple

In related news, SVP Jennifer Newstead sold 1,439 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $317.01, for a total transaction of $456,177.39. Following the sale, the senior vice president owned 35,790 shares in the company, valued at $11,345,787.90. The trade was a 3.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ben Borders sold 116 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total value of $34,236.24. Following the completion of the transaction, the insider directly owned 38,713 shares of the company's stock, valued at approximately $11,425,754.82. The trade was a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 7,310 shares of company stock valued at $2,279,378 over the last quarter. Company insiders own 0.06% of the company's stock.

Apple Stock Up 1.7%

Shares of NASDAQ AAPL opened at $332.27 on Friday. The company has a market cap of $4.85 trillion, a price-to-earnings ratio of 38.10, a PEG ratio of 2.88 and a beta of 1.08. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66. Apple Inc. has a 12 month low of $229.02 and a 12 month high of $344.57. The stock has a 50-day moving average price of $318.20 and a two-hundred day moving average price of $292.45.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.13. The company had revenue of $109.42 billion for the quarter, compared to analyst estimates of $109.04 billion. Apple had a net margin of 27.62% and a return on equity of 135.46%. The firm's revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.57 EPS. As a group, analysts forecast that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Monday, August 10th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, August 10th. Apple's payout ratio is presently 12.39%.

Wall Street Analyst Weigh In

AAPL has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft downgraded Apple from a "buy" rating to a "hold" rating in a research note on Monday, August 17th. UBS Group reiterated a "neutral" rating on shares of Apple in a research note on Thursday. Royal Bank Of Canada set a $365.00 target price on shares of Apple in a report on Wednesday, July 15th. Robert W. Baird boosted their target price on shares of Apple from $310.00 to $330.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Finally, Moffett Nathanson restated a "neutral" rating and issued a $304.00 target price on shares of Apple in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $334.91.

Apple Profile

Apple Inc is a technology company that designs, develops and markets consumer electronics, software and digital services. Its principal products include the iPhone, Mac computers, iPad tablets, Apple Watch, AirPods and other accessories. The company also develops operating systems and applications that support its hardware products.

Apple's services business includes the App Store, Apple Music, Apple TV, Apple Arcade, Apple Fitness+, Apple News+, Apple Pay and iCloud. These services provide digital content, payments, cloud storage and subscription offerings across the company's ecosystem of devices.

Founded in 1976, Apple is headquartered in Cupertino, California, and serves consumers, businesses, educational institutions and government customers worldwide.

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