Summit Wealth Partners LLC Sells 2,232 Shares of Apple Inc. $AAPL

Key Points

• Summit Wealth Partners LLC cut its Apple stake by 11.7% in the fourth quarter, selling 2,232 shares and ending with 16,801 shares valued at about $4.57 million.
• Apple’s latest quarterly results beat expectations, with EPS of $2.01 and revenue of $111.18 billion, and the company also raised its quarterly dividend to $0.27 from $0.26.
• Analyst sentiment remains constructive: several firms lifted price targets, and MarketBeat data shows a consensus “Moderate Buy” rating with an average price target of $308.74.

Summit Wealth Partners LLC reduced its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 11.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,801 shares of the iPhone maker's stock after selling 2,232 shares during the quarter. Summit Wealth Partners LLC's holdings in Apple were worth $4,567,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in AAPL. Vanguard Group Inc. grew its holdings in Apple by 0.4% in the first quarter. Vanguard Group Inc. now owns 1,400,790,809 shares of the iPhone maker's stock worth $311,157,662,000 after purchasing an additional 5,005,297 shares during the period. State Street Corp grew its holdings in Apple by 0.9% in the second quarter. State Street Corp now owns 601,249,995 shares of the iPhone maker's stock worth $123,358,461,000 after purchasing an additional 5,224,229 shares during the period. Geode Capital Management LLC grew its holdings in Apple by 1.4% in the second quarter. Geode Capital Management LLC now owns 354,749,794 shares of the iPhone maker's stock worth $72,506,336,000 after purchasing an additional 4,942,638 shares during the period. Norges Bank acquired a new stake in Apple in the second quarter worth $38,942,255,000. Finally, Northern Trust Corp grew its holdings in Apple by 13.3% in the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after purchasing an additional 20,079,472 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Apple Stock Down 0.2%

Apple stock opened at $298.21 on Friday. The stock has a market cap of $4.38 trillion, a PE ratio of 36.06, a price-to-earnings-growth ratio of 2.60 and a beta of 1.06. 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 simple moving average is $264.61 and its 200 day simple moving average is $267.25. Apple Inc. has a fifty-two week low of $193.46 and a fifty-two week high of $300.92.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.06. The firm had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.The business's revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 EPS. Research analysts predict that Apple Inc. will post 8.74 EPS for the current fiscal year.

Apple Increases Dividend

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. KeyCorp restated a "sector weight" rating on shares of Apple in a report on Thursday, March 12th. Maxim Group raised Apple from a "hold" rating to a "buy" rating and set a $300.00 price objective for the company in a research note on Friday, January 30th. Rosenblatt Securities raised their price objective on Apple from $268.00 to $276.00 and gave the company a "neutral" rating in a research note on Friday, May 1st. JPMorgan Chase & Co. raised their price objective on Apple from $315.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, January 30th. Finally, Jefferies Financial Group set a $330.00 price objective on Apple in a research note on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $308.74.

Insiders Place Their Bets

In other Apple news, SVP Deirdre O'brien sold 30,002 shares of the company's stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $255.35, for a total value of $7,661,010.70. Following the completion of the transaction, the senior vice president owned 136,810 shares in the company, valued at $34,934,433.50. This represents a 17.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevan Parekh sold 1,534 shares of the business's stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $421,850.00. Following the completion of the transaction, the chief financial officer 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. The SEC filing for this sale provides additional information. Insiders have sold 97,759 shares of company stock worth $24,964,305 over the last 90 days. Company insiders own 0.06% of the company's stock.

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s latest quarter was a clear beat, with revenue of $111.18 billion and EPS of $2.01 topping expectations, while management also approved a fresh $100 billion buyback and raised the dividend.
• Positive Sentiment: Evercore ISI raised its price target on Apple to $365 from $330 and reiterated an Outperform rating, citing strong Services growth and long-term earnings/free-cash-flow compounding.
• Positive Sentiment: Investor enthusiasm remains elevated around Apple’s AI roadmap, with reports pointing to WWDC as a potential catalyst and broader expectations that Apple can monetize AI through devices and Services.
• Positive Sentiment: China-related headlines may also help sentiment, as Xi Jinping told U.S. CEOs including Tim Cook that China will “open wider,” easing some concerns about Apple’s supply chain and market access.
• Neutral Sentiment: Apple is reportedly exploring new AI-agent support in the App Store and additional iOS features, which could support the ecosystem but are still early-stage product rumors.
• Neutral Sentiment: Security reports about vulnerabilities found in macOS/iOS are a reminder of cyber risks, but they do not yet appear to be a material earnings issue.
• Negative Sentiment: OpenAI is reportedly considering legal action against Apple over their ChatGPT partnership, raising the risk of a public dispute around Apple’s AI strategy.
• Negative Sentiment: Recent insider selling and a reported Foxconn ransomware incident may slightly temper sentiment, though neither looks large enough to outweigh the bullish earnings and analyst upgrades.

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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