McElhenny Sheffield Capital Management LLC Trims Holdings in Apple Inc. (NASDAQ:AAPL)

Posted by on Mar 22nd, 2023

McElhenny Sheffield Capital Management LLC trimmed its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,952 shares of the iPhone maker’s stock after selling 283 shares during the quarter. Apple comprises 1.3% of McElhenny Sheffield Capital Management LLC’s holdings, making the stock its 12th largest position. McElhenny Sheffield Capital Management LLC’s holdings in Apple were worth $2,841,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of AAPL. Robinson Value Management Ltd. purchased a new position in Apple during the third quarter valued at approximately $28,000. Hanseatic Management Services Inc. raised its position in Apple by 75.4% during the third quarter. Hanseatic Management Services Inc. now owns 249 shares of the iPhone maker’s stock valued at $34,000 after acquiring an additional 107 shares in the last quarter. Bluestem Financial Advisors LLC raised its position in Apple by 5,935.2% during the second quarter. Bluestem Financial Advisors LLC now owns 233,803 shares of the iPhone maker’s stock valued at $35,000 after acquiring an additional 229,929 shares in the last quarter. HBC Financial Services PLLC raised its position in Apple by 21.7% during the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after acquiring an additional 80 shares in the last quarter. Finally, Ramsey Quantitative Systems purchased a new position in Apple during the second quarter valued at approximately $55,000. 57.60% of the stock is currently owned by hedge funds and other institutional investors.

Apple Stock Performance

Shares of Apple stock opened at $159.28 on Wednesday. Apple Inc. has a one year low of $124.17 and a one year high of $179.61. The company has a market cap of $2.52 trillion, a price-to-earnings ratio of 27.04, a PEG ratio of 2.05 and a beta of 1.30. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.89 and a current ratio of 0.94. The business’s 50 day moving average price is $147.75 and its 200 day moving average price is $145.25.

Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The iPhone maker reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.05). Apple had a return on equity of 163.45% and a net margin of 24.56%. The company had revenue of $117.15 billion for the quarter, compared to analysts’ expectations of $121.67 billion. During the same quarter in the previous year, the business posted $2.10 EPS. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. On average, research analysts predict that Apple Inc. will post 6.04 EPS for the current year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 16th. Shareholders of record on Monday, February 13th were given a $0.23 dividend. The ex-dividend date of this dividend was Friday, February 10th. This represents a $0.92 dividend on an annualized basis and a yield of 0.58%. This is an increase from Apple’s previous quarterly dividend of $0.17. Apple’s payout ratio is currently 15.62%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AAPL. Canaccord Genuity Group reduced their price target on Apple from $200.00 to $170.00 and set a “buy” rating for the company in a research report on Wednesday, January 18th. Cowen dropped their price objective on Apple from $200.00 to $195.00 and set an “outperform” rating on the stock in a report on Friday, February 3rd. Rosenblatt Securities raised their price objective on Apple from $165.00 to $173.00 and gave the company a “buy” rating in a report on Friday, February 3rd. Evercore ISI reissued an “outperform” rating and issued a $190.00 price objective on shares of Apple in a report on Monday, February 6th. Finally, StockNews.com started coverage on Apple in a report on Thursday, March 16th. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $168.24.

Apple Profile

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Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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