Summit Wealth Partners LLC Grows Stake in Apple Inc. $AAPL

Key Points

• Summit Wealth Partners more than doubled its Apple stake in Q1, buying 18,188 additional shares and bringing its total to 34,989 shares worth about $8.88 million.
• Apple remains widely held by institutions, with 67.73% of shares owned by hedge funds and other institutional investors, and several other funds also increased positions recently.
• Apple’s latest news flow is mixed: Morgan Stanley reiterated a Buy rating with a $360 target, but the company also raised prices on some Mac and iPad models due to higher chip costs, which could pressure demand.

Summit Wealth Partners LLC lifted its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 108.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,989 shares of the iPhone maker's stock after buying an additional 18,188 shares during the quarter. Apple makes up about 1.4% of Summit Wealth Partners LLC's holdings, making the stock its 21st largest position. Summit Wealth Partners LLC's holdings in Apple were worth $8,880,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes 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 period. Torren Management LLC purchased a new stake in shares of Apple in the fourth quarter valued at $1,178,000. Adventist Health System Sunbelt Healthcare Corp acquired a new position in Apple in the fourth quarter valued at $105,482,000. KBC Group NV lifted its position in Apple by 3.1% during the fourth quarter. KBC Group NV now owns 7,044,697 shares of the iPhone maker's stock worth $1,915,172,000 after buying an additional 214,215 shares during the period. Finally, Professional Advisory Services Inc. lifted its position in Apple by 29.6% during the fourth quarter. Professional Advisory Services Inc. now owns 94,277 shares of the iPhone maker's stock worth $25,630,000 after buying an additional 21,508 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Some analysts and traders see the recent decline as overdone, arguing that Apple’s pullback has created an attractive entry point and that the stock is oversold at support. Stock Of The Day: Is The Apple Sell-Off Over?
• Positive Sentiment: Morgan Stanley reiterated a Buy rating on AAPL, saying Apple’s pricing and margin-defense strategy supports upside and leaving its $360 target unchanged. Apple Buy Rating Reiterated as Margin Defense Strategy Supports Upside; $360 Price Target Unchanged
• Neutral Sentiment: Wall Street remains divided on the broader implications of Apple’s recent price hikes, with some analysts saying the company can pass through costs thanks to its loyal customer base, while others warn the iPhone will be the real test. Apple Can Get Away With Mac Price Hikes, but iPhone Is the Real Test
• Negative Sentiment: Apple raised prices on several Mac and iPad models because surging memory and storage chip costs tied to AI demand are squeezing margins, raising concerns that higher prices could hurt demand and signal more pressure ahead. Apple raises prices of MacBooks, iPads as memory costs skyrocket
• Negative Sentiment: Apple also lost a key Vision Pro hardware executive to OpenAI, adding to investor concern about execution in its spatial-computing and AI efforts. Apple (AAPL) Loses Key Vision Pro Hardware Chief to OpenAI in Major Talent Blow

Apple Trading Up 3.3%

Apple stock opened at $284.29 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07. The firm's 50-day moving average is $292.51 and its 200-day moving average is $273.20. Apple Inc. has a 1 year low of $199.26 and a 1 year high of $317.40. The company has a market cap of $4.18 trillion, a P/E ratio of 34.38, a PEG ratio of 2.47 and a beta of 1.09.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, topping analysts' consensus estimates of $1.95 by $0.06. The business had revenue of $111.18 billion for the quarter, compared to analysts' expectations of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The company's revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.65 EPS. On average, equities analysts expect that Apple Inc. will post 8.74 earnings per share for the current year.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were given a dividend of $0.27 per share. This is a boost from Apple's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, May 11th. Apple's payout ratio is presently 13.06%.

Analysts Set New Price Targets

AAPL has been the subject of several recent analyst reports. Morgan Stanley restated an "overweight" rating on shares of Apple in a report on Friday. Jefferies Financial Group reissued a "hold" rating on shares of Apple in a research report on Tuesday, June 9th. TD Cowen boosted their target price on shares of Apple from $335.00 to $350.00 and gave the company a "buy" rating in a report on Tuesday, June 9th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a research report on Monday, March 2nd. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of Apple in a report on Monday, June 8th. One investment 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 issued a Sell rating to the stock. According to data from MarketBeat, Apple has an average rating of "Moderate Buy" and an average price target of $314.85.

Insiders Place Their Bets

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 value of $369,460.00. Following the completion of the transaction, the insider owned 38,713 shares of the company's stock, valued at approximately $11,226,770. This represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Timothy D. Cook sold 64,949 shares of the firm's stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $254.23, for a total value of $16,511,984.27. Following the transaction, the chief executive officer directly owned 3,280,418 shares in the company, valued at $833,980,668.14. This trade represents a 1.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 97,875 shares of company stock valued at $24,998,541. 0.06% of the stock is owned by corporate insiders.

Apple Company 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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