EFG Asset Management North America Corp. Sells 1,010 Shares of Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on May 18th, 2023

EFG Asset Management North America Corp. lowered its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,898 shares of the iPhone maker’s stock after selling 1,010 shares during the period. Apple accounts for 1.5% of EFG Asset Management North America Corp.’s holdings, making the stock its 9th biggest position. EFG Asset Management North America Corp.’s holdings in Apple were worth $6,726,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Robinson Value Management Ltd. purchased a new stake in shares of Apple in the 3rd quarter valued at $28,000. Hanseatic Management Services Inc. lifted 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 purchasing an additional 107 shares during the period. HBC Financial Services PLLC boosted its holdings in Apple by 21.7% in the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after purchasing an additional 80 shares during the last quarter. Align Wealth Management LLC acquired a new stake in Apple during the 4th quarter worth about $55,000. Finally, PayPay Securities Corp purchased a new position in shares of Apple during the 4th quarter valued at about $60,000. 57.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $173.26, for a total value of $708,979.92. Following the completion of the transaction, the insider now directly owns 33,946 shares of the company’s stock, valued at approximately $5,881,483.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider Chris Kondo sold 4,092 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $173.26, for a total value of $708,979.92. Following the completion of the transaction, the insider now owns 33,946 shares of the company’s stock, valued at $5,881,483.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Jeffrey E. Williams sold 187,730 shares of the company’s stock in a transaction that occurred on Wednesday, March 22nd. The stock was sold at an average price of $159.76, for a total transaction of $29,991,744.80. Following the sale, the chief operating officer now directly owns 489,816 shares in the company, valued at $78,253,004.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 439,529 shares of company stock valued at $71,703,657. Corporate insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on AAPL. DA Davidson raised their target price on Apple from $173.00 to $193.00 and gave the stock a “buy” rating in a report on Friday, May 5th. The Goldman Sachs Group assumed coverage on shares of Apple in a research note on Sunday, March 5th. They set a “buy” rating and a $199.00 price objective on the stock. Evercore ISI reiterated an “outperform” rating and issued a $190.00 target price on shares of Apple in a research note on Monday, February 6th. National Bank Financial dropped their price target on shares of Apple to $54.00 and set an “outperform” rating on the stock in a research report on Friday, January 20th. Finally, Sanford C. Bernstein set a $125.00 price target on Apple in a report on Tuesday, January 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $174.74.

Apple Price Performance

Shares of AAPL opened at $172.69 on Thursday. The firm has a 50-day simple moving average of $163.82 and a two-hundred day simple moving average of $150.26. The stock has a market cap of $2.72 trillion, a PE ratio of 29.32, a P/E/G ratio of 2.30 and a beta of 1.29. Apple Inc. has a 1-year low of $124.17 and a 1-year high of $176.15. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.88.

Apple (NASDAQ:AAPL – Get Rating) last posted its earnings results on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.08. Apple had a net margin of 24.49% and a return on equity of 165.72%. The firm had revenue of $94.84 billion during the quarter, compared to the consensus estimate of $92.84 billion. During the same quarter last year, the firm earned $1.52 EPS. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, analysts forecast that Apple Inc. will post 5.99 EPS for the current year.

Apple declared that its board has initiated a share buyback plan on Thursday, May 4th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 18th. Investors of record on Monday, May 15th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.56%. The ex-dividend date is Friday, May 12th. This is an increase from Apple’s previous quarterly dividend of $0.23. Apple’s payout ratio is currently 16.30%.

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.