Apple Inc. (NASDAQ:AAPL) Shares Sold by Kaydan Wealth Management Inc.

Posted by Defense World Staff on Jun 24th, 2023

Kaydan Wealth Management Inc. trimmed its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,445 shares of the iPhone maker’s stock after selling 314 shares during the period. Apple makes up about 0.9% of Kaydan Wealth Management Inc.’s portfolio, making the stock its 12th largest holding. Kaydan Wealth Management Inc.’s holdings in Apple were worth $2,217,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Apple by 0.7% in the first quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock worth $221,753,959,000 after acquiring an additional 8,734,393 shares in the last quarter. Moneta Group Investment Advisors LLC grew its position in Apple by 116,483.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 569,554,722 shares of the iPhone maker’s stock worth $74,002,245,000 after buying an additional 569,066,184 shares during the last quarter. Geode Capital Management LLC grew its position in Apple by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 282,749,817 shares of the iPhone maker’s stock worth $36,671,884,000 after buying an additional 2,991,299 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Apple by 0.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 226,281,368 shares of the iPhone maker’s stock worth $29,400,739,000 after buying an additional 1,417,827 shares during the last quarter. Finally, Morgan Stanley grew its position in Apple by 14.2% in the fourth quarter. Morgan Stanley now owns 208,655,323 shares of the iPhone maker’s stock worth $27,110,586,000 after buying an additional 25,926,552 shares during the last quarter. 57.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Apple

In related news, SVP Deirdre O’brien sold 43,622 shares of Apple stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $165.41, for a total transaction of $7,215,515.02. Following the completion of the transaction, the senior vice president now directly owns 136,444 shares of the company’s stock, valued at approximately $22,569,202.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Timothy D. Cook sold 56,072 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 3,280,052 shares of the company’s stock, valued at approximately $541,766,188.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Deirdre O’brien sold 43,622 shares of the stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $165.41, for a total transaction of $7,215,515.02. Following the sale, the senior vice president now directly owns 136,444 shares in the company, valued at approximately $22,569,202.04. 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 ninety days. Insiders own 0.06% of the company’s stock.

Apple Stock Performance

Shares of NASDAQ AAPL opened at $186.68 on Friday. The firm has a market capitalization of $2.94 trillion, a price-to-earnings ratio of 31.69, a PEG ratio of 2.47 and a beta of 1.29. The business has a fifty day simple moving average of $174.88 and a 200 day simple moving average of $156.47. Apple Inc. has a one year low of $124.17 and a one year high of $187.56. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 1.56.

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 analysts’ consensus estimates of $1.44 by $0.08. The business had revenue of $94.84 billion for the quarter, compared to analysts’ expectations of $92.84 billion. Apple had a net margin of 24.49% and a return on equity of 165.72%. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.52 earnings per share. Sell-side analysts expect that Apple Inc. will post 5.99 EPS for the current year.

Apple declared that its board has initiated a stock repurchase program on Thursday, May 4th that permits the company to buyback $90.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to buy up to 3.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 15th were issued a dividend of $0.24 per share. This is an increase from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 0.51%. The ex-dividend date was Friday, May 12th. Apple’s dividend payout ratio (DPR) is currently 16.30%.

Analyst Ratings Changes

AAPL has been the topic of several recent research reports. Barclays increased their price target on Apple from $145.00 to $149.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 26th. Bank of America increased their price target on Apple from $176.00 to $190.00 in a research report on Monday, June 5th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Apple from $170.00 to $180.00 and gave the company a “buy” rating in a research report on Friday, May 5th. Tigress Financial upped their price target on shares of Apple from $210.00 to $225.00 in a research report on Friday. Finally, Wedbush restated an “outperform” rating and issued a $205.00 price target on shares of Apple in a research report on Monday, April 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $178.72.

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.