SVB Wealth LLC Trims Stake in Apple Inc. $AAPL

Key Points

• SVB Wealth LLC trimmed its Apple stake by 8.5% in the first quarter, selling 32,063 shares and ending with 346,827 shares worth about $88.0 million. Apple remains its largest holding, making up 5.8% of the portfolio.
• Apple reported stronger-than-expected quarterly results, with EPS of $2.01 and revenue of $111.18 billion, both topping analyst estimates. Revenue was up 16.6% from a year earlier, and analysts expect full-year EPS of 8.74.
• Recent headlines are mixed for Apple: Morgan Stanley reaffirmed a Buy rating with a $360 target, but Apple also raised Mac and iPad prices due to rising chip costs, which could pressure demand and margins.

SVB Wealth LLC lessened its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 8.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 346,827 shares of the iPhone maker's stock after selling 32,063 shares during the quarter. Apple comprises about 5.8% of SVB Wealth LLC's investment portfolio, making the stock its largest holding. SVB Wealth LLC's holdings in Apple were worth $88,021,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Apple in the 4th quarter valued at approximately $52,266,468,000. Nuveen LLC bought a new position in Apple during the 1st quarter worth approximately $17,472,482,000. Cardano Risk Management B.V. grew its holdings in Apple by 890.7% during the fourth quarter. Cardano Risk Management B.V. now owns 41,984,810 shares of the iPhone maker's stock valued at $11,413,990,000 after purchasing an additional 37,746,784 shares during the period. Laurel Wealth Advisors LLC grew its holdings in Apple by 20,464.8% during the second quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker's stock valued at $5,553,753,000 after purchasing an additional 26,937,401 shares during the period. Finally, Vanguard Group Inc. increased its stake in Apple by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker's stock valued at $387,749,545,000 after purchasing an additional 26,856,752 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple News Roundup

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 Stock Performance

AAPL opened at $284.29 on Friday. The company has a market capitalization of $4.18 trillion, a price-to-earnings ratio of 34.38, a P/E/G ratio of 2.47 and a beta of 1.09. The business's 50-day moving average price is $292.51 and its two-hundred day moving average price 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 debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.06. The company had revenue of $111.18 billion during the quarter, compared to analysts' expectations of $109.46 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.Apple's revenue for the quarter 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. Equities analysts expect that Apple Inc. will post 8.74 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 11th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, May 11th. This is a positive change from Apple's previous quarterly dividend of $0.26. Apple's dividend payout ratio (DPR) is presently 13.06%.

Insider Transactions at Apple

In other news, CEO Timothy D. Cook sold 64,949 shares of the firm's stock in a transaction that occurred on Thursday, April 2nd. The shares were sold at an average price of $254.23, for a total transaction of $16,511,984.27. Following the completion of the transaction, the chief executive officer directly owned 3,280,418 shares of the company's stock, valued at $833,980,668.14. This trade represents a 1.94% decrease in their position. The sale was disclosed in a legal filing 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, SVP Deirdre O'brien sold 30,002 shares of the firm's stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $255.35, for a total transaction of $7,661,010.70. Following the transaction, the senior vice president directly owned 136,810 shares of the company's stock, valued at $34,934,433.50. This represents a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 97,875 shares of company stock worth $24,998,541. Insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

AAPL has been the topic of several analyst reports. BNP Paribas Exane upgraded shares of Apple from a "neutral" rating to an "outperform" rating and set a $300.00 target price on the stock in a report on Friday, April 17th. Evercore reissued an "outperform" rating on shares of Apple in a report on Monday, June 8th. Jefferies Financial Group restated a "hold" rating on shares of Apple in a research report on Tuesday, June 9th. Rosenblatt Securities reaffirmed a "neutral" rating and set a $276.00 price objective on shares of Apple in a research note on Tuesday, June 9th. Finally, Maxim Group reiterated a "buy" rating and set a $350.00 target price (up from $310.00) on shares of Apple in a report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $314.85.

About Apple

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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