Secure Asset Management LLC Grows Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Jul 3rd, 2023

Secure Asset Management LLC increased its holdings in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 1.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 189,128 shares of the iPhone maker’s stock after buying an additional 2,126 shares during the period. Apple comprises approximately 10.4% of Secure Asset Management LLC’s portfolio, making the stock its 2nd largest position. Secure Asset Management LLC’s holdings in Apple were worth $31,187,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. MKT Advisors LLC lifted its position in Apple by 0.5% during the second quarter. MKT Advisors LLC now owns 12,269 shares of the iPhone maker’s stock valued at $1,777,000 after buying an additional 60 shares during the period. Adaptive Financial Consulting LLC lifted its position in Apple by 2.7% during the fourth quarter. Adaptive Financial Consulting LLC now owns 2,606 shares of the iPhone maker’s stock valued at $339,000 after buying an additional 68 shares during the period. Silver Oak Advisory Group Inc. lifted its position in Apple by 1.8% during the second quarter. Silver Oak Advisory Group Inc. now owns 3,925 shares of the iPhone maker’s stock valued at $537,000 after buying an additional 69 shares during the period. 3D L Capital Management LLC lifted its position in Apple by 2.9% during the first quarter. 3D L Capital Management LLC now owns 2,445 shares of the iPhone maker’s stock valued at $427,000 after buying an additional 70 shares during the period. Finally, Weik Capital Management lifted its position in Apple by 0.3% during the first quarter. Weik Capital Management now owns 25,238 shares of the iPhone maker’s stock valued at $4,407,000 after buying an additional 70 shares during the period. 57.89% of the stock is currently owned by institutional investors and hedge funds.

Apple Trading Up 2.3 %

Shares of NASDAQ AAPL opened at $193.97 on Monday. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.88. The stock has a market capitalization of $3.05 trillion, a P/E ratio of 32.93, a price-to-earnings-growth ratio of 2.53 and a beta of 1.29. Apple Inc. has a 1-year low of $124.17 and a 1-year high of $194.48. The business has a fifty day moving average price of $177.18 and a 200 day moving average price of $158.29.

Apple (NASDAQ:AAPL – Free Report) last announced its earnings results on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share (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 company had revenue of $94.84 billion for the quarter, compared to analyst estimates of $92.84 billion. During the same period in the prior year, the company posted $1.52 EPS. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities research analysts expect that Apple Inc. will post 5.99 EPS for the current fiscal year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Investors of record on Monday, May 15th were given a dividend of $0.24 per share. This is a positive change from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend was Friday, May 12th. Apple’s dividend payout ratio is currently 16.30%.

Apple declared that its Board of Directors has authorized a share repurchase plan on Thursday, May 4th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several brokerages have recently weighed in on AAPL. Monness Crespi & Hardt raised their price target on Apple from $174.00 to $188.00 and gave the company a “buy” rating in a report on Friday, May 5th. Canaccord Genuity Group raised their price target on Apple from $180.00 to $185.00 and gave the company a “buy” rating in a report on Friday, May 5th. Wedbush restated an “outperform” rating and set a $205.00 price target on shares of Apple in a report on Monday, April 17th. Rosenblatt Securities raised their price target on Apple from $173.00 to $198.00 and gave the company a “buy” rating in a report on Friday, May 5th. Finally, Wells Fargo & Company raised their price target on Apple from $185.00 to $210.00 in a report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus price target of $180.52.

Insider Activity at Apple

In related news, CFO Luca Maestri sold 200 shares of the company’s stock in a transaction dated Thursday, April 6th. The stock was sold at an average price of $164.92, for a total transaction of $32,984.00. Following the transaction, the chief financial officer now directly owns 177,657 shares of the company’s stock, valued at approximately $29,299,192.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Luca Maestri sold 200 shares of the stock in a transaction dated Thursday, April 6th. The stock was sold at an average price of $164.92, for a total value of $32,984.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $12,926,181.87. Following the completion of the transaction, the chief operating officer now directly owns 489,816 shares in the company, valued at $81,363,335.76. The disclosure for this sale can be found here. Insiders have sold 152,105 shares of company stock valued at $25,234,985 in the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Apple 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.