Apple Inc. (NASDAQ:AAPL) is Whitener Capital Management Inc.’s Largest Position

Posted by Defense World Staff on Jun 30th, 2023

Whitener Capital Management Inc. reduced its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 3.8% during the first quarter, according to its most recent filing with the SEC. The fund owned 116,229 shares of the iPhone maker’s stock after selling 4,533 shares during the quarter. Apple accounts for approximately 8.0% of Whitener Capital Management Inc.’s portfolio, making the stock its largest holding. Whitener Capital Management Inc.’s holdings in Apple were worth $19,166,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Robinson Value Management Ltd. bought a new stake in Apple in the 3rd quarter valued at about $28,000. St. James Investment Advisors LLC increased its stake in shares of Apple by 98.3% in the fourth quarter. St. James Investment Advisors LLC now owns 236 shares of the iPhone maker’s stock worth $31,000 after purchasing an additional 117 shares in the last quarter. Hanseatic Management Services Inc. raised its position in shares of Apple by 75.4% in the third 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 lifted 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 buying an additional 80 shares in the last quarter. Finally, Align Wealth Management LLC bought a new position in Apple in the 4th quarter worth approximately $55,000. Institutional investors own 57.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AAPL shares. The Goldman Sachs Group started coverage on shares of Apple in a report on Sunday, March 5th. They set a “buy” rating and a $199.00 target price on the stock. JPMorgan Chase & Co. increased their price objective on Apple from $175.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, April 19th. Credit Suisse Group lifted their target price on Apple from $188.00 to $200.00 in a report on Tuesday, June 6th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Apple from $170.00 to $180.00 and gave the stock a “buy” rating in a report on Friday, May 5th. Finally, Atlantic Securities boosted their price objective on shares of Apple from $180.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday, May 5th. Two research 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.com, Apple presently has an average rating of “Moderate Buy” and a consensus target price of $178.72.

Insider Buying and Selling

In other news, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $173.26, for a total transaction of $708,979.92. Following the sale, the insider now owns 33,946 shares in the company, valued at $5,881,483.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider Chris Kondo sold 4,092 shares of the business’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $173.26, for a total value of $708,979.92. Following the sale, the insider now directly owns 33,946 shares in the company, valued at $5,881,483.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Deirdre O’brien sold 43,622 shares of the stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $165.41, for a total value of $7,215,515.02. Following the transaction, the senior vice president now owns 136,444 shares of the company’s stock, valued at $22,569,202.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 251,799 shares of company stock worth $41,711,912. 0.06% of the stock is owned by corporate insiders.

Apple Stock Up 0.2 %

Apple stock opened at $189.59 on Friday. The firm has a market cap of $2.98 trillion, a price-to-earnings ratio of 32.19, a PEG 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 $190.07. The stock has a fifty day simple moving average of $176.60 and a two-hundred day simple moving average of $157.75.

Apple (NASDAQ:AAPL – Free Report) last posted its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 EPS for the quarter, topping the consensus estimate 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 return on equity of 165.72% and a net margin of 24.49%. Apple’s revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.52 EPS. Equities analysts predict that Apple Inc. will post 5.99 EPS for the current fiscal year.

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 $0.24 dividend. 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 dividend yield of 0.51%. Apple’s dividend payout ratio is 16.30%.

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

Apple Company Profile

(Free Report)

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.