Apple Inc. (NASDAQ:AAPL) Position Cut by Asset Management Corp IL ADV

Posted by Defense World Staff on Apr 18th, 2023

Asset Management Corp IL ADV lessened its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 6.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 139,769 shares of the iPhone maker’s stock after selling 10,124 shares during the quarter. Apple comprises 9.8% of Asset Management Corp IL ADV’s investment portfolio, making the stock its biggest holding. Asset Management Corp IL ADV’s holdings in Apple were worth $11,702,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in AAPL. Fusion Family Wealth LLC boosted its stake in Apple by 3.9% during the 4th quarter. Fusion Family Wealth LLC now owns 3,974 shares of the iPhone maker’s stock worth $516,000 after purchasing an additional 148 shares during the period. LCM Capital Management Inc raised its stake in Apple by 0.6% during the 4th quarter. LCM Capital Management Inc now owns 44,073 shares of the iPhone maker’s stock valued at $5,726,000 after acquiring an additional 243 shares during the last quarter. Horst & Graben Wealth Management LLC raised its stake in Apple by 2.6% during the 4th quarter. Horst & Graben Wealth Management LLC now owns 37,628 shares of the iPhone maker’s stock valued at $4,889,000 after acquiring an additional 953 shares during the last quarter. Verde Capital Management purchased a new stake in Apple during the 4th quarter valued at approximately $525,000. Finally, Schear Investment Advisers LLC purchased a new stake in Apple during the 4th quarter valued at approximately $3,903,000. Hedge funds and other institutional investors own 57.60% of the company’s stock.

Apple Price Performance

AAPL stock opened at $165.23 on Tuesday. The stock has a 50-day moving average price of $155.46 and a two-hundred day moving average price of $146.27. Apple Inc. has a 12-month low of $124.17 and a 12-month high of $176.15. 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 company has a market cap of $2.61 trillion, a PE ratio of 28.05, a price-to-earnings-growth ratio of 2.19 and a beta of 1.30.

Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The iPhone maker reported $1.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.05). The firm had revenue of $117.15 billion for the quarter, compared to analysts’ expectations of $121.67 billion. Apple had a net margin of 24.56% and a return on equity of 163.45%. Apple’s revenue was down 5.5% on a year-over-year basis. During the same period last year, the firm posted $2.10 EPS. As a group, research analysts predict that Apple Inc. will post 6.03 EPS for the current year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 16th. Shareholders of record on Monday, February 13th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 0.56%. This is a boost from Apple’s previous quarterly dividend of $0.17. The ex-dividend date was Friday, February 10th. Apple’s payout ratio is 15.62%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. StockNews.com assumed coverage on shares of Apple in a research note on Thursday, March 16th. They issued a “hold” rating on the stock. BNP Paribas lowered Apple from an “outperform” rating to a “neutral” rating and set a $140.00 price objective on the stock. in a report on Tuesday, January 3rd. JPMorgan Chase & Co. set a $175.00 price objective on Apple in a report on Wednesday, March 1st. Rosenblatt Securities lifted 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. Finally, DA Davidson raised their target price on Apple from $167.00 to $173.00 and gave the company a “buy” rating in a report on Friday, February 3rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $169.38.

Insider Buying and Selling at Apple

In other Apple news, COO Jeffrey E. Williams sold 187,730 shares of the firm’s stock in a transaction dated Wednesday, March 22nd. The stock was sold at an average price of $159.76, for a total value of $29,991,744.80. Following the transaction, the chief operating officer now directly owns 489,816 shares of the company’s stock, valued at $78,253,004.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Apple news, SVP Deirdre O’brien sold 43,622 shares of the stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $165.41, for a total value of $7,215,515.02. Following the completion of the sale, the senior vice president now owns 136,444 shares of the company’s stock, valued at $22,569,202.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeffrey E. Williams sold 187,730 shares of the stock in a transaction that occurred on Wednesday, March 22nd. The shares were sold at an average price of $159.76, for a total transaction of $29,991,744.80. Following the completion of the sale, the chief operating officer now directly owns 489,816 shares of the company’s stock, valued at approximately $78,253,004.16. The disclosure for this sale can be found here. Insiders have sold a total of 435,437 shares of company stock valued at $70,994,677 over the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Apple Company 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.