Procyon Advisors LLC Has $26.80 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Jun 24th, 2023

Procyon Advisors LLC lifted its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 11.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 162,547 shares of the iPhone maker’s stock after acquiring an additional 16,798 shares during the quarter. Apple makes up approximately 4.5% of Procyon Advisors LLC’s holdings, making the stock its 2nd biggest position. Procyon Advisors LLC’s holdings in Apple were worth $26,804,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Moneta Group Investment Advisors LLC lifted its stake in shares of Apple by 116,483.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 569,554,722 shares of the iPhone maker’s stock valued at $74,002,245,000 after buying an additional 569,066,184 shares in the last quarter. Norges Bank bought a new stake in Apple during the 4th quarter valued at approximately $21,746,940,000. Morgan Stanley raised its stake in Apple by 14.2% during the 4th quarter. Morgan Stanley now owns 208,655,323 shares of the iPhone maker’s stock valued at $27,110,586,000 after purchasing an additional 25,926,552 shares during the period. Vanguard Group Inc. raised its stake in Apple by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock valued at $221,753,959,000 after purchasing an additional 8,734,393 shares during the period. Finally, AustralianSuper Pty Ltd bought a new stake in Apple during the 4th quarter valued at approximately $1,075,599,000. 57.89% of the stock is currently owned by institutional investors.

Insider Activity

In related news, SVP Deirdre O’brien sold 43,622 shares of the company’s stock in a transaction on 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 completion of the sale, the senior vice president now directly owns 136,444 shares in the company, valued at approximately $22,569,202.04. The sale was disclosed in a document filed 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 business’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $165.17, for a total transaction of $9,261,412.24. Following the completion of the transaction, the chief executive officer now owns 3,280,052 shares in the company, valued at approximately $541,766,188.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Deirdre O’brien sold 43,622 shares of the business’s stock in a transaction that occurred on 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 transaction, the senior vice president now owns 136,444 shares of the company’s stock, valued at approximately $22,569,202.04. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 251,799 shares of company stock worth $41,711,912. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Performance

Shares of Apple stock opened at $186.68 on Friday. The firm has a market cap of $2.94 trillion, a P/E ratio of 31.69, a P/E/G ratio of 2.47 and a beta of 1.29. 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 Inc. has a 12 month low of $124.17 and a 12 month high of $187.56. The stock’s fifty day moving average price is $174.88 and its 200-day moving average price is $156.47.

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

Apple declared that its Board of Directors has authorized a stock buyback program on Thursday, May 4th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Apple Increases Dividend

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

Wall Street Analyst Weigh In

AAPL has been the subject of several research analyst reports. StockNews.com started coverage on shares of Apple in a research note on Thursday, May 18th. They set a “hold” rating for the company. 51job reissued a “maintains” rating on shares of Apple in a research note on Friday, June 2nd. Needham & Company LLC lifted their price objective on Apple from $170.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, May 5th. Piper Sandler reduced 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. Finally, 58.com reaffirmed a “maintains” rating on shares of Apple in a research note on Monday, June 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.