Apple Inc. (NASDAQ:AAPL) Stock Position Trimmed by B. Riley Wealth Advisors Inc.

Posted by Defense World Staff on Jun 21st, 2023

B. Riley Wealth Advisors Inc. cut its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 6.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 952,044 shares of the iPhone maker’s stock after selling 65,026 shares during the quarter. Apple comprises about 3.2% of B. Riley Wealth Advisors Inc.’s holdings, making the stock its 2nd largest position. B. Riley Wealth Advisors Inc.’s holdings in Apple were worth $123,698,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in AAPL. Robinson Value Management Ltd. bought a new stake in shares of Apple in the third quarter valued at $28,000. St. James Investment Advisors LLC raised its stake in shares of Apple by 98.3% during the 4th quarter. St. James Investment Advisors LLC now owns 236 shares of the iPhone maker’s stock valued at $31,000 after purchasing an additional 117 shares during the period. Hanseatic Management Services Inc. raised its stake in shares of 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 purchasing an additional 107 shares during the period. HBC Financial Services PLLC raised its stake in shares of 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 purchasing an additional 80 shares during the period. Finally, Align Wealth Management LLC bought a new stake in shares of Apple during the 4th quarter valued at $55,000. 57.89% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Apple

In other news, insider Chris Kondo sold 4,092 shares of the stock in a transaction that occurred on 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 owns 33,946 shares of the company’s stock, valued at approximately $5,881,483.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Chris Kondo sold 4,092 shares of the stock in a transaction that occurred on 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 owns 33,946 shares of the company’s stock, valued at approximately $5,881,483.96. 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 77,817 shares of the stock in a transaction that occurred on Tuesday, April 4th. The stock was sold at an average price of $166.11, for a total value of $12,926,181.87. Following the completion of the transaction, the chief operating officer now directly owns 489,816 shares of the company’s stock, valued at approximately $81,363,335.76. The disclosure for this sale can be found here. Insiders sold 251,799 shares of company stock valued at $41,711,912 in the last 90 days. Insiders own 0.06% of the company’s stock.

Apple Trading Up 0.0 %

AAPL opened at $185.01 on Wednesday. The business has a 50 day simple moving average of $173.54 and a two-hundred day simple moving average of $155.78. The firm has a market capitalization of $2.91 trillion, a price-to-earnings ratio of 31.41, a PEG ratio of 2.47 and a beta of 1.29. 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 Inc. has a one year low of $124.17 and a one year high of $186.99.

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

Apple declared that its board has authorized a share buyback plan on Thursday, May 4th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AAPL. Barclays boosted their price objective on Apple from $145.00 to $149.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 26th. Piper Sandler decreased their price objective on Apple from $195.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, May 5th. JPMorgan Chase & Co. boosted their price objective on Apple from $175.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, April 19th. The Goldman Sachs Group began coverage on Apple in a research report on Sunday, March 5th. They set a “buy” rating and a $199.00 target price for the company. Finally, Bank of America boosted their target price on Apple from $176.00 to $190.00 in a research report on Monday, June 5th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price 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.