Wedge Capital Management L L P NC Has $6.62 Million Stake in Apple Inc. $AAPL

Wedge Capital Management L L P NC reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 10.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 22,866 shares of the iPhone maker's stock after selling 2,600 shares during the period. Wedge Capital Management L L P NC's holdings in Apple were worth $6,617,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Norges Bank acquired a new position in Apple during the fourth quarter worth approximately $52,266,468,000. Nuveen LLC acquired a new position in shares of Apple in the first quarter valued at approximately $17,472,482,000. Cardano Risk Management B.V. grew its position in shares of Apple by 890.7% in 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 last quarter. Laurel Wealth Advisors LLC lifted its stake 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 worth $5,553,753,000 after purchasing an additional 26,937,401 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Apple by 1.9% in the 4th 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. 67.73% of the stock is owned by institutional investors and hedge funds.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Orderly CEO succession: Tim Cook is leaving the CEO role after 15 years but will remain Apple’s executive chairman. Cook strongly endorsed successor John Ternus, a longtime hardware leader, potentially reducing fears of an abrupt management break. Tim Cook's parting message: Apple is in the hands of a product builder
• Positive Sentiment: Product catalysts ahead: Apple’s first major product event under Ternus is expected September 9, with reports pointing to new iPhones and a possible foldable model. Strong iPhone demand, potential iOS market-share gains and rising interest in Mac hardware for AI workloads could support future revenue. Apple Valuation Nears $5T as John Ternus Steps Up as New CEO
• Neutral Sentiment: Strong track record and support: Cook’s tenure produced substantial shareholder gains, while Apple’s latest quarter delivered revenue growth and an earnings beat. Analysts’ median price target remains above the current quotation, although the stock’s elevated valuation leaves less room for disappointment.
• Negative Sentiment: AI strategy concerns: Ternus inherits an artificial-intelligence strategy that relies heavily on outside partners, leaving Apple behind leading rivals in some areas. Investors will look for evidence that the new CEO can accelerate AI-powered Siri and on-device capabilities. Apple’s New CEO Inherits an AI Strategy Built on Outsiders
• Negative Sentiment: Execution and valuation risks: Commentators warn that App Store pressure, supply-chain challenges, potential memory-cost inflation and a trailing P/E near 37 make Apple vulnerable if the September launch disappoints. Apple TV+’s latest price increase could also slow subscriber growth. Apple Is Facing One of Its Most Challenging Times in a Decade

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wedbush reiterated an "outperform" rating and issued a $400.00 price target on shares of Apple in a research note on Friday, June 5th. JPMorgan Chase & Co. dropped their price target on Apple from $345.00 to $340.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Morgan Stanley lowered their target price on Apple from $364.00 to $360.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. KGI Securities downgraded Apple from an "outperform" rating to a "hold" rating and set a $315.00 target price for the company. in a research note on Monday, June 22nd. Finally, UBS Group reiterated a "neutral" rating on shares of Apple in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $330.53.

Insider Activity at Apple

In related news, insider Ben Borders sold 116 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total value of $34,236.24. Following the sale, the insider owned 38,713 shares in the company, valued at approximately $11,425,754.82. This trade represents a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jennifer Newstead sold 1,439 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $310.95, for a total transaction of $447,457.05. Following the completion of the sale, the senior vice president owned 37,229 shares in the company, valued at $11,576,357.55. This represents a 3.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 4,433 shares of company stock worth $1,367,024 in the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Apple Trading Down 1.9%

AAPL stock traded down $6.07 during trading on Monday, reaching $313.63. The company had a trading volume of 15,356,139 shares, compared to its average volume of 49,963,801. Apple Inc. has a 52 week low of $225.95 and a 52 week high of $344.57. The business has a 50 day moving average of $312.24 and a 200 day moving average of $288.52. The company has a market cap of $4.58 trillion, a P/E ratio of 35.97, a PEG ratio of 2.74 and a beta of 1.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.00 and a quick ratio of 0.93.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating analysts' consensus estimates of $1.89 by $0.13. Apple had a net margin of 27.62% and a return on equity of 135.46%. The business had revenue of $109.42 billion during the quarter, compared to the consensus estimate of $109.04 billion. During the same quarter last year, the firm earned $1.57 earnings per share. The business's revenue for the quarter was up 16.4% on a year-over-year basis. As a group, sell-side analysts forecast that Apple Inc. will post 8.76 earnings per share for the current fiscal year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Monday, August 10th were issued a dividend of $0.27 per share. The ex-dividend date was Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. Apple's dividend payout ratio is presently 12.39%.

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.