Centurion Wealth Management LLC Makes New $10.53 Million Investment in Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Jun 17th, 2023

Centurion Wealth Management LLC acquired a new position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 81,060 shares of the iPhone maker’s stock, valued at approximately $10,532,000. Apple comprises about 5.9% of Centurion Wealth Management LLC’s investment portfolio, making the stock its 2nd largest position.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. MKT Advisors LLC boosted its stake in shares of Apple by 0.5% in the second quarter. MKT Advisors LLC now owns 12,269 shares of the iPhone maker’s stock valued at $1,777,000 after purchasing an additional 60 shares during the period. Adaptive Financial Consulting LLC boosted its stake in shares of Apple by 2.7% in the fourth quarter. Adaptive Financial Consulting LLC now owns 2,606 shares of the iPhone maker’s stock valued at $339,000 after purchasing an additional 68 shares during the period. Silver Oak Advisory Group Inc. boosted its stake in shares of Apple by 1.8% in the second quarter. Silver Oak Advisory Group Inc. now owns 3,925 shares of the iPhone maker’s stock valued at $537,000 after purchasing an additional 69 shares during the period. 3D L Capital Management LLC boosted its stake in shares of Apple by 2.9% in the first quarter. 3D L Capital Management LLC now owns 2,445 shares of the iPhone maker’s stock valued at $427,000 after purchasing an additional 70 shares during the period. Finally, Weik Capital Management boosted its stake in shares of Apple by 0.3% in the first quarter. Weik Capital Management now owns 25,238 shares of the iPhone maker’s stock valued at $4,407,000 after purchasing an additional 70 shares during the period. 57.60% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Apple

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

Apple Stock Performance

Shares of AAPL opened at $184.92 on Friday. The firm has a 50-day moving average price of $172.60 and a 200 day moving average price of $155.12. The firm has a market capitalization of $2.91 trillion, a PE ratio of 31.40, a P/E/G ratio of 2.46 and a beta of 1.29. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. Apple Inc. has a 52-week low of $124.17 and a 52-week high of $186.99.

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

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

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 15th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Friday, May 12th. This is a positive change from Apple’s previous quarterly dividend of $0.23. Apple’s dividend payout ratio is currently 16.30%.

Analyst Ratings Changes

AAPL has been the subject of several analyst reports. UBS Group downgraded shares of Apple from a “buy” rating to a “neutral” rating and upped their target price for the company from $180.00 to $190.00 in a research note on Monday, June 12th. Jefferies Financial Group upped their price target on shares of Apple from $195.00 to $210.00 in a report on Friday, June 2nd. Loop Capital cut shares of Apple from a “buy” rating to a “hold” rating and set a $180.00 price target on the stock. in a report on Monday, May 22nd. JPMorgan Chase & Co. upped their price target on shares of Apple from $175.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, April 19th. Finally, 51job reaffirmed a “maintains” rating on shares of Apple in a report on Friday, June 2nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $177.40.

Apple Profile

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Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.