WESPAC Advisors SoCal LLC Sells 3,205 Shares of Apple Inc. $AAPL

Key Points

• WESPAC Advisors SoCal LLC trimmed its Apple stake by 4.5% in the first quarter, selling 3,205 shares and leaving it with 68,690 shares worth about $17.4 million.
• Apple reported strong quarterly results, with EPS of $2.01 and revenue of $111.18 billion, both ahead of analyst expectations. Revenue also rose 16.6% year over year.
• The company raised its quarterly dividend to $0.27 per share from $0.26, while analysts overall still rate the stock a Moderate Buy with an average price target of $314.85.

WESPAC Advisors SoCal LLC reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 4.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 68,690 shares of the iPhone maker's stock after selling 3,205 shares during the quarter. Apple comprises approximately 3.7% of WESPAC Advisors SoCal LLC's portfolio, making the stock its 5th biggest position. WESPAC Advisors SoCal LLC's holdings in Apple were worth $17,433,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. First National Bank of Hutchinson increased its position in Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after acquiring an additional 6,982 shares during the period. Eagle Capital Management LLC grew its stake in shares of Apple by 0.5% in the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after purchasing an additional 272 shares during the last quarter. Brighton Jones LLC increased its holdings in shares of Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after purchasing an additional 69,207 shares during the period. Revolve Wealth Partners LLC raised its stake in shares of Apple by 4.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock worth $16,742,000 after purchasing an additional 2,695 shares during the last quarter. Finally, Highview Capital Management LLC DE lifted its holdings in shares of Apple by 2.4% during the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock worth $12,587,000 after purchasing an additional 1,155 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Apple Trading Down 0.7%

Shares of AAPL opened at $294.98 on Wednesday. Apple Inc. has a twelve month low of $199.26 and a twelve month high of $317.40. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $4.33 trillion, a P/E ratio of 35.67, a PEG ratio of 2.58 and a beta of 1.09. The firm's 50-day moving average is $291.15 and its two-hundred day moving average is $273.06.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $111.18 billion during 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 for the quarter was up 16.6% on a year-over-year basis. During the same period last year, the firm earned $1.65 EPS. On average, research analysts predict that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were issued a dividend of $0.27 per share. This is a boost from Apple's previous quarterly dividend of $0.26. This represents a $1.08 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Monday, May 11th. Apple's payout ratio is presently 13.06%.

Analyst Ratings Changes

Several equities analysts have issued reports on AAPL shares. KGI Securities cut shares of Apple from an "outperform" rating to a "hold" rating and set a $315.00 price objective on the stock. in a research note on Monday. Citigroup reaffirmed a "buy" rating on shares of Apple in a report on Monday, June 1st. UBS Group reissued a "buy" rating on shares of Apple in a report on Tuesday, June 9th. KeyCorp reaffirmed a "sector weight" rating on shares of Apple in a report on Tuesday, June 9th. Finally, Tigress Financial reissued a "strong-buy" rating and set a $375.00 target price (up from $305.00) on shares of Apple in a research note on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $314.85.

Apple News Summary

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Wall Street is becoming more optimistic about Apple’s new Siri and AI strategy after the post-WWDC selloff, suggesting investors may be overreacting to near-term skepticism. After an Initial Panic, Wall Street's Leaning Into Apple's New Siri AI
• Positive Sentiment: Reports that Apple has agreed to partner with Intel to design and manufacture chips in the U.S. are being viewed as a supply-chain diversification win and a long-term catalyst for Apple’s hardware roadmap. Apple’s Intel Deal Arrives at the Right Time for Its Stock
• Positive Sentiment: Tim Cook’s comments about higher memory costs and upcoming price increases are being interpreted by some analysts as supportive of Apple’s earnings power, since price hikes could help offset component inflation. Apple: Empirical Evidence Suggests Upcoming Price Hikes Will Boost Earnings
• Neutral Sentiment: Apple’s TV and streaming strategy is drawing attention, but the discussion appears more explanatory than immediately material to the stock. Apple Explains TV Library Strategy
• Neutral Sentiment: A Zacks comparison of NVIDIA and Apple highlights Apple’s lower valuation and services strength, reinforcing the stock’s defensive appeal without changing the near-term setup. NVIDIA vs. Apple: Which Tech Titan Is the Better Buy Right Now?
• Negative Sentiment: Britain’s competition tribunal approved a £3 billion class action over iCloud fees, adding a meaningful legal overhang and potential financial liability for Apple. UK tribunal gives go ahead for $4 billion lawsuit against Apple over iCloud services
• Negative Sentiment: Apple also faces reputational risk after closing its first unionized U.S. store, with the union accusing the company of retaliation. Apple Just Closed Its First Unionized U.S. Store
• Negative Sentiment: Several reports say Apple is forcing price increases on hardware because memory and chip costs are rising, which could pressure demand if consumers push back. Memory's price surge threatens Apple's 'magic formula' — and the economy

Insider Transactions at Apple

In other news, CFO Kevan Parekh sold 1,534 shares of Apple stock in a transaction on Thursday, April 23rd. The stock was 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 of the company's stock, valued at $3,675,650. The trade was a 10.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Timothy D. Cook sold 64,949 shares of the business's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $254.23, for a total transaction of $16,511,984.27. Following the completion of the sale, 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 97,875 shares of company stock valued at $24,998,541 in the last three months. 0.06% of the stock is owned by company insiders.

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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