Avondale Wealth Management Has $2.08 Million Position in Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Jun 21st, 2023

Avondale Wealth Management reduced its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 6.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,626 shares of the iPhone maker’s stock after selling 825 shares during the quarter. Apple accounts for 1.8% of Avondale Wealth Management’s investment portfolio, making the stock its 13th biggest holding. Avondale Wealth Management’s holdings in Apple were worth $2,082,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Robinson Value Management Ltd. acquired a new stake in Apple during the 3rd quarter valued at $28,000. St. James Investment Advisors LLC grew its holdings 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 acquiring an additional 117 shares in the last quarter. Hanseatic Management Services Inc. grew its holdings 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 acquiring an additional 107 shares in the last quarter. Cheyne Capital Management UK LLP grew its holdings in shares of Apple by 200.0% during the 3rd quarter. Cheyne Capital Management UK LLP now owns 275 shares of the iPhone maker’s stock valued at $212,000 after acquiring an additional 550 shares in the last quarter. Finally, Align Wealth Management LLC purchased a new position in shares of Apple during the 4th quarter valued at $55,000. 57.89% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Apple news, CFO Luca Maestri sold 200 shares of the company’s stock in a transaction dated Thursday, April 6th. The shares were sold at an average price of $164.92, for a total transaction of $32,984.00. Following the sale, the chief financial officer now directly owns 177,657 shares of the company’s stock, valued at $29,299,192.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Apple news, CFO Luca Maestri sold 200 shares of the company’s stock in a transaction dated Thursday, April 6th. The shares were sold at an average price of $164.92, for a total transaction of $32,984.00. Following the sale, the chief financial officer now directly owns 177,657 shares of the company’s stock, valued at $29,299,192.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy D. Cook sold 56,072 shares of the company’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $165.17, for a total transaction of $9,261,412.24. Following the sale, the chief executive officer now directly owns 3,280,052 shares in the company, valued at $541,766,188.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 251,799 shares of company stock valued at $41,711,912. 0.06% of the stock is currently owned by insiders.

Apple Stock Performance

NASDAQ:AAPL opened at $185.01 on Wednesday. Apple Inc. has a 12-month low of $124.17 and a 12-month high of $186.99. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $2.91 trillion, a PE ratio of 31.41, a price-to-earnings-growth ratio of 2.47 and a beta of 1.29. The firm has a 50-day moving average price of $173.54 and a 200 day moving average price of $155.78.

Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings results on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $92.84 billion. During the same quarter in the prior year, the business posted $1.52 earnings per share. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. Research analysts anticipate that Apple Inc. will post 5.99 earnings per share for the current fiscal year.

Apple announced that its board has approved a stock buyback plan on Thursday, May 4th that authorizes the company to buyback $90.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Monday, May 15th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 0.52%. This is a boost from Apple’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, May 12th. Apple’s dividend payout ratio is currently 16.30%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AAPL shares. Wells Fargo & Company boosted their price target on shares of Apple from $185.00 to $210.00 in a report on Tuesday, June 6th. StockNews.com started coverage on shares of Apple in a report on Thursday, May 18th. They set a “hold” rating on the stock. UBS Group cut shares of Apple from a “buy” rating to a “neutral” rating and boosted their price target for the company from $180.00 to $190.00 in a report on Monday, June 12th. Rosenblatt Securities upped their price objective on shares of Apple from $173.00 to $198.00 and gave the stock a “buy” rating in a report on Friday, May 5th. Finally, Needham & Company LLC upped their price objective on shares of Apple from $170.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, May 5th. Two 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 data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $177.40.

About Apple

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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.