Thryve Wealth Management LLC Purchases New Position in Apple Inc. $AAPL

Key Points

• Thryve Wealth Management LLC opened a new position in Apple during the fourth quarter, buying 20,139 shares worth about $5.48 million. Apple now makes up about 2.7% of the firm’s portfolio.
• Apple’s latest quarterly results were solid, with EPS of $2.01 and revenue of $111.18 billion, both topping analyst estimates. Revenue rose 16.6% year over year.
• The company recently raised its quarterly dividend to $0.27 per share from $0.26, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $314.59.

Thryve Wealth Management LLC purchased a new stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 20,139 shares of the iPhone maker's stock, valued at approximately $5,475,000. Apple comprises approximately 2.7% of Thryve Wealth Management LLC's investment portfolio, making the stock its 10th largest holding.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised 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 worth $387,749,545,000 after buying an additional 26,856,752 shares in the last quarter. State Street Corp lifted its position in Apple by 1.1% during the fourth quarter. State Street Corp now owns 604,056,505 shares of the iPhone maker's stock valued at $164,218,801,000 after buying an additional 6,555,392 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Apple by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 358,032,517 shares of the iPhone maker's stock valued at $97,031,587,000 after buying an additional 1,866,103 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Apple by 0.6% during the 4th quarter. Morgan Stanley now owns 230,483,035 shares of the iPhone maker's stock valued at $62,659,118,000 after buying an additional 1,379,651 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Apple in the 4th quarter worth about $52,266,468,000. 67.73% of the stock is currently owned by institutional investors.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $298.01 on Friday. The company has a market cap of $4.38 trillion, a P/E ratio of 36.04, a PEG ratio of 2.59 and a beta of 1.09. 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 Inc. has a 1 year low of $196.85 and a 1 year high of $317.40. The stock's fifty day moving average price is $289.73 and its 200-day moving average price is $272.98.

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, topping the consensus estimate of $1.95 by $0.06. Apple had a return on equity of 146.69% and a net margin of 27.15%.The company had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. During the same period last year, the company earned $1.65 EPS. Apple's revenue for the quarter was up 16.6% on a year-over-year basis. Sell-side analysts expect that Apple Inc. will post 8.75 earnings per share for the current year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were issued 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 of this dividend was Monday, May 11th. This is a boost from Apple's previous quarterly dividend of $0.26. Apple's payout ratio is 13.06%.

Insider Activity at Apple

In related news, CEO Timothy D. Cook sold 64,949 shares of the 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 transaction, the chief executive officer owned 3,280,418 shares in the company, valued at $833,980,668.14. This represents a 1.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 completion of the sale, 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 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. 0.06% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on AAPL shares. Oppenheimer reiterated a "market perform" rating on shares of Apple in a research note on Tuesday, June 9th. Citigroup reissued a "buy" rating on shares of Apple in a research note on Monday, June 1st. DA Davidson restated a "neutral" rating and issued a $270.00 price objective on shares of Apple in a report on Friday, May 1st. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Apple in a research note on Monday, March 2nd. Finally, TD Cowen lifted 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. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $314.59.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s planned price increases could protect margins as memory and storage costs rise, and Bank of America reiterated a Buy rating with a $380 target, citing Apple’s pricing power and supply-chain strength. Article Title
• Positive Sentiment: Reports of upcoming AI-focused devices and a second-generation iPhone Air support confidence in Apple’s product pipeline and longer-term growth story. Article Title
• Neutral Sentiment: Apple’s planned price hikes may help earnings, but they could also pressure demand if consumers balk at higher handset prices. Article Title
• Neutral Sentiment: Apple opening Brazil’s App Store to alternative marketplaces reduces regulatory friction there, but it also underscores ongoing global platform scrutiny. Article Title

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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