Apple Inc. (NASDAQ:AAPL) Shares Sold by Hubbell Strickland Wealth Management LLC

Posted by Defense World Staff on Jul 3rd, 2023

Hubbell Strickland Wealth Management LLC decreased its position in Apple Inc. (NASDAQ:AAPL – Free Report) by 7.5% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,179 shares of the iPhone maker’s stock after selling 826 shares during the period. Apple comprises 1.0% of Hubbell Strickland Wealth Management LLC’s investment portfolio, making the stock its 19th biggest position. Hubbell Strickland Wealth Management LLC’s holdings in Apple were worth $1,679,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AAPL. Robinson Value Management Ltd. acquired a new position in shares of Apple during the 3rd quarter worth about $28,000. St. James Investment Advisors LLC raised its position in shares of Apple by 98.3% during the 4th 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 during the last quarter. Hanseatic Management Services Inc. raised its position in shares of Apple by 75.4% during the 3rd quarter. Hanseatic Management Services Inc. now owns 249 shares of the iPhone maker’s stock worth $34,000 after purchasing an additional 107 shares during the last quarter. HBC Financial Services PLLC raised its position 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 worth $49,000 after purchasing an additional 80 shares during the last quarter. Finally, Align Wealth Management LLC acquired a new position in shares of Apple during the 4th quarter worth about $55,000. Hedge funds and other institutional investors own 57.89% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. DA Davidson downgraded shares of Apple from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $193.00 to $185.00 in a research report on Monday, June 5th. Citigroup assumed coverage on shares of Apple in a report on Thursday. They issued a “buy” rating and a $240.00 price objective for the company. UBS Group downgraded shares of Apple from a “buy” rating to a “neutral” rating and increased their price objective for the company from $180.00 to $190.00 in a report on Monday, June 12th. Rosenblatt Securities increased their price objective on shares of Apple from $173.00 to $198.00 and gave the company a “buy” rating in a report on Friday, May 5th. Finally, Morgan Stanley increased their price objective on shares of Apple from $185.00 to $190.00 in a report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $180.52.

Insider Activity

In other news, COO Jeffrey E. Williams sold 77,817 shares of Apple 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 sale, the chief operating officer now owns 489,816 shares of the company’s stock, valued at $81,363,335.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, COO Jeffrey E. Williams sold 77,817 shares of Apple 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 sale, the chief operating officer now owns 489,816 shares of the company’s stock, valued at $81,363,335.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Luca Maestri sold 200 shares of Apple stock in a transaction dated Thursday, April 6th. The shares were sold at an average price of $164.92, for a total transaction of $32,984.00. Following the completion of the sale, the chief financial officer now directly owns 177,657 shares in the company, valued at approximately $29,299,192.44. The disclosure for this sale can be found here. Insiders have sold a total of 152,105 shares of company stock valued at $25,234,985 over the last quarter. Corporate insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $193.97 on Monday. Apple Inc. has a 12 month low of $124.17 and a 12 month high of $194.48. 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 firm has a market capitalization of $3.05 trillion, a P/E ratio of 32.93, a P/E/G ratio of 2.53 and a beta of 1.29. The company’s fifty day moving average price is $177.18 and its 200 day moving average price is $158.29.

Apple (NASDAQ:AAPL – Free Report) last issued its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $92.84 billion. During the same period last year, the firm posted $1.52 EPS. Apple’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, sell-side analysts predict that Apple Inc. will post 5.99 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Monday, May 15th were issued a $0.24 dividend. This is an increase 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 annualized dividend and a dividend yield of 0.49%. Apple’s payout ratio is presently 16.30%.

Apple announced that its board has approved a share repurchase program on Thursday, May 4th that authorizes the company to buyback $90.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are 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.