Carmel Capital Management L.L.C. Cuts Stake in Apple Inc. (NASDAQ:AAPL)

Posted by on Mar 24th, 2023

Carmel Capital Management L.L.C. lessened its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 15.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 69,369 shares of the iPhone maker’s stock after selling 12,760 shares during the period. Apple accounts for 5.6% of Carmel Capital Management L.L.C.’s investment portfolio, making the stock its 3rd biggest position. Carmel Capital Management L.L.C.’s holdings in Apple were worth $9,013,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in AAPL. Robinson Value Management Ltd. purchased a new position in Apple during the 3rd quarter valued at about $28,000. Hanseatic Management Services Inc. lifted its position in Apple by 75.4% during the 3rd 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 during the period. Bluestem Financial Advisors LLC lifted its position in Apple by 5,935.2% during the 2nd 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 during the period. HBC Financial Services PLLC lifted its position in Apple by 21.7% during the 1st 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 during the period. Finally, Ramsey Quantitative Systems purchased a new position in Apple during the 2nd quarter valued at about $55,000. Institutional investors own 57.60% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on AAPL shares. Canaccord Genuity Group decreased their target price on shares of Apple from $200.00 to $170.00 and set a “buy” rating for the company in a report on Wednesday, January 18th. Fundamental Research reaffirmed a “buy” rating and issued a $168.00 target price on shares of Apple in a report on Tuesday, February 14th. Morgan Stanley lifted their target price on shares of Apple from $175.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, March 3rd. Sanford C. Bernstein set a $125.00 target price on shares of Apple in a report on Tuesday, January 24th. Finally, UBS Group set a $180.00 target price on shares of Apple in a report on Tuesday, March 7th. Two investment 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $168.24.

Apple Trading Up 0.7 %

NASDAQ AAPL opened at $158.93 on Friday. The company’s 50-day moving average price is $148.75 and its 200-day moving average price is $145.43. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 1.76. The stock has a market cap of $2.51 trillion, a PE ratio of 26.98, a PEG ratio of 2.08 and a beta of 1.30. Apple Inc. has a 12 month low of $124.17 and a 12 month high of $179.61.

Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The iPhone maker reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.05). The company had revenue of $117.15 billion during the quarter, compared to the consensus estimate of $121.67 billion. Apple had a return on equity of 163.45% and a net margin of 24.56%. The company’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.10 earnings per share. Equities research analysts forecast that Apple Inc. will post 6.04 earnings per share 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 issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 0.58%. This is a boost from Apple’s previous quarterly dividend of $0.17. The ex-dividend date was Friday, February 10th. Apple’s dividend payout ratio is presently 15.62%.

About Apple

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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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