Waypoint Capital Advisors LLC Cuts Holdings in Apple Inc. (NASDAQ:AAPL)

Posted by on Jul 3rd, 2023

Waypoint Capital Advisors LLC trimmed its position in Apple Inc. (NASDAQ:AAPL – Free Report) by 2.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,483 shares of the iPhone maker’s stock after selling 1,397 shares during the period. Apple makes up approximately 2.7% of Waypoint Capital Advisors LLC’s investment portfolio, making the stock its 7th largest holding. Waypoint Capital Advisors LLC’s holdings in Apple were worth $8,160,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Robinson Value Management Ltd. acquired a new stake in shares of Apple in the third quarter valued at about $28,000. St. James Investment Advisors LLC increased its position 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 valued at $31,000 after acquiring an additional 117 shares during the last quarter. Hanseatic Management Services Inc. increased 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 acquiring an additional 107 shares during the last quarter. HBC Financial Services PLLC increased its position in shares of Apple by 21.7% in the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after acquiring an additional 80 shares during the last quarter. Finally, Align Wealth Management LLC acquired a new position in Apple during the fourth quarter worth approximately $55,000. 57.89% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $173.26, for a total transaction of $708,979.92. Following the completion of the transaction, the insider now owns 33,946 shares in the company, valued at approximately $5,881,483.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Apple news, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $173.26, for a total transaction of $708,979.92. Following the completion of the transaction, the insider now owns 33,946 shares in the company, valued at approximately $5,881,483.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Luca Maestri sold 69,996 shares of Apple stock in a transaction dated Thursday, April 13th. The shares were sold at an average price of $165.25, for a total value of $11,566,839.00. Following the transaction, the chief financial officer now owns 107,661 shares of the company’s stock, valued at approximately $17,790,980.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 152,105 shares of company stock worth $25,234,985. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Fundamental Research set a $183.86 price objective on Apple and gave the company a “buy” rating in a research note on Wednesday, May 17th. 58.com restated a “maintains” rating on shares of Apple in a research note on Monday, June 5th. Wedbush restated an “outperform” rating and issued a $205.00 price objective on shares of Apple in a research note on Monday, April 17th. Canaccord Genuity Group upped their price objective on Apple from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Friday, May 5th. Finally, DA Davidson lowered Apple from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $193.00 to $185.00 in a research note on Monday, June 5th. Two 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. According to MarketBeat, Apple has a consensus rating of “Moderate Buy” and an average price target of $180.52.

Apple Stock Performance

Shares of Apple stock opened at $193.97 on Monday. Apple Inc. has a one year low of $124.17 and a one year high of $194.48. The firm has a market capitalization of $3.05 trillion, a price-to-earnings ratio of 32.93, a PEG ratio of 2.53 and a beta of 1.29. The business has a 50-day simple moving average of $177.18 and a 200 day simple moving average of $158.29. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.88.

Apple (NASDAQ:AAPL – Free Report) last issued its earnings results on Thursday, May 4th. The iPhone maker reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. Apple had a return on equity of 165.72% and a net margin of 24.49%. The business had revenue of $94.84 billion during the quarter, compared to analyst estimates of $92.84 billion. During the same period in the previous year, the company posted $1.52 EPS. The firm’s revenue was down 2.5% compared to the same quarter last year. On average, research analysts anticipate 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 share repurchase program on Thursday, May 4th that allows the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Monday, May 15th were paid a dividend of $0.24 per share. The ex-dividend date was Friday, May 12th. This represents a $0.96 dividend on an annualized basis and a yield of 0.49%. This is an increase from Apple’s previous quarterly dividend of $0.23. Apple’s payout ratio is 16.30%.

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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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