Sunbeam Capital Management LLC Has $9.71 Million Stake in Apple Inc. $AAPL

Key Points

• Sunbeam Capital Management increased its Apple stake by 5.3% in the first quarter, buying 1,938 more shares and bringing its holding to 38,259 shares worth about $9.71 million.
• Apple reported stronger-than-expected quarterly results, with EPS of $2.01 versus estimates of $1.95 and revenue of $111.18 billion, up 16.6% year over year.
• The stock has recently come under pressure, with shares down 6.1% on the day in the article amid broader tech weakness, while analysts still maintain a Moderate Buy consensus and an average price target of $314.85.

Sunbeam Capital Management LLC raised its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,259 shares of the iPhone maker's stock after buying an additional 1,938 shares during the period. Apple comprises about 5.6% of Sunbeam Capital Management LLC's holdings, making the stock its 4th largest position. Sunbeam Capital Management LLC's holdings in Apple were worth $9,710,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Overbrook Management Corp grew its position in Apple by 57.4% in 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 in the last quarter. Torren Management LLC bought a new position in shares of Apple during the 4th quarter worth approximately $1,178,000. Adventist Health System Sunbelt Healthcare Corp bought a new position in shares of Apple during the 4th quarter worth approximately $105,482,000. KBC Group NV boosted its stake in shares of Apple by 3.1% in the 4th 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 last quarter. Finally, Professional Advisory Services Inc. boosted its stake in shares of Apple by 29.6% in the 4th 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 last quarter. 67.73% of the stock is owned by institutional investors.

Apple Trading Down 6.1%

Shares of Apple stock opened at $275.15 on Friday. Apple Inc. has a 52-week low of $199.26 and a 52-week high of $317.40. The stock's 50-day simple moving average is $292.16 and its 200 day simple moving average is $273.12. The stock has a market capitalization of $4.04 trillion, a P/E ratio of 33.27, a P/E/G ratio of 2.55 and a beta of 1.09. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07.

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

Apple Increases Dividend

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

Wall Street Analyst Weigh In

AAPL has been the subject of a number of research analyst reports. Maxim Group reaffirmed a "buy" rating and set a $350.00 price target (up from $310.00) on shares of Apple in a research report on Tuesday, June 9th. Robert W. Baird set a $310.00 price objective on Apple in a research report on Friday, May 1st. KGI Securities downgraded Apple from an "outperform" rating to a "hold" rating and set a $315.00 price objective for the company. in a research note on Monday. Morgan Stanley set a $325.00 target price on Apple in a research report on Tuesday, June 9th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $310.00 target price (up from $300.00) on shares of Apple in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $314.85.

Insider Buying and Selling at Apple

In other Apple news, CFO Kevan Parekh sold 1,534 shares of the business's stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $421,850.00. Following the sale, the chief financial officer owned 13,366 shares of the company's stock, valued at $3,675,650. The trade was a 10.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ben Borders sold 1,274 shares of the firm'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 completion of the transaction, the insider directly owned 38,713 shares of the company's stock, valued at $11,226,770. The trade was a 3.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 97,875 shares of company stock valued at $24,998,541 in the last quarter. Corporate 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: 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 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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