Planned Solutions Inc. Sells 546 Shares of Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Jun 30th, 2023

Planned Solutions Inc. cut its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 3.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,672 shares of the iPhone maker’s stock after selling 546 shares during the quarter. Apple accounts for about 1.6% of Planned Solutions Inc.’s investment portfolio, making the stock its 13th largest holding. Planned Solutions Inc.’s holdings in Apple were worth $2,584,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in AAPL. Piershale Financial Group Inc. grew its position in Apple by 66.6% during the first quarter. Piershale Financial Group Inc. now owns 9,096 shares of the iPhone maker’s stock valued at $1,500,000 after buying an additional 3,636 shares during the period. Praetorian Wealth Management Inc. grew its position in Apple by 8.7% during the first quarter. Praetorian Wealth Management Inc. now owns 19,286 shares of the iPhone maker’s stock valued at $3,180,000 after buying an additional 1,548 shares during the period. Collective Family Office LLC grew its position in Apple by 4.3% during the first quarter. Collective Family Office LLC now owns 16,079 shares of the iPhone maker’s stock valued at $2,651,000 after buying an additional 662 shares during the period. CFM Wealth Partners LLC grew its position in Apple by 3,825.2% during the first quarter. CFM Wealth Partners LLC now owns 304,829 shares of the iPhone maker’s stock valued at $50,266,000 after buying an additional 297,063 shares during the period. Finally, Mayflower Financial Advisors LLC grew its position in Apple by 1.8% during the first quarter. Mayflower Financial Advisors LLC now owns 107,068 shares of the iPhone maker’s stock valued at $16,897,000 after buying an additional 1,868 shares during the period. 57.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Canaccord Genuity Group lifted their price target on shares of Apple from $180.00 to $185.00 and gave the company a “buy” rating in a report on Friday, May 5th. UBS Group downgraded shares of Apple from a “buy” rating to a “neutral” rating and lifted their price target for the company from $180.00 to $190.00 in a report on Monday, June 12th. Loop Capital downgraded shares of Apple from a “buy” rating to a “hold” rating and set a $180.00 price target on the stock. in a report on Monday, May 22nd. Barclays lifted their price target on shares of Apple from $145.00 to $149.00 and gave the company an “equal weight” rating in a report on Wednesday, April 26th. Finally, 58.com reaffirmed a “maintains” rating on shares of Apple in a report 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $178.72.

Apple Trading Up 0.2 %

NASDAQ AAPL opened at $189.59 on Friday. The company’s 50-day moving average price is $176.60 and its 200-day moving average price is $157.75. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 1.56. The stock has a market cap of $2.98 trillion, a PE ratio of 32.19, a PEG ratio of 2.47 and a beta of 1.29. Apple Inc. has a 12 month low of $124.17 and a 12 month high of $190.07.

Apple (NASDAQ:AAPL – Free Report) last released its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.08. Apple had a net margin of 24.49% and a return on equity of 165.72%. The company had revenue of $94.84 billion during the quarter, compared to analyst estimates of $92.84 billion. During the same period in the prior year, the firm earned $1.52 earnings per share. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year. Equities research analysts forecast that Apple Inc. will post 5.99 earnings per share for the current year.

Apple Increases Dividend

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

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

Insider Buying and Selling

In related news, COO Jeffrey E. Williams sold 77,817 shares of the company’s stock in a transaction dated Tuesday, April 4th. The shares were sold at an average price of $166.11, for a total value of $12,926,181.87. Following the completion of the sale, the chief operating officer now directly owns 489,816 shares of the company’s stock, valued at $81,363,335.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Apple news, COO Jeffrey E. Williams sold 77,817 shares of the stock in a transaction dated Tuesday, April 4th. The shares were sold at an average price of $166.11, for a total transaction of $12,926,181.87. Following the completion of the sale, the chief operating officer now directly owns 489,816 shares of the company’s stock, valued at $81,363,335.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Deirdre O’brien sold 43,622 shares of the 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 sale, the senior vice president now directly owns 136,444 shares of the company’s stock, valued at $22,569,202.04. The disclosure for this sale can be found here. Insiders sold a total of 251,799 shares of company stock valued at $41,711,912 over the last three months. 0.06% of the stock is owned by company insiders.

About Apple

(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.