Arden Trust Co Has $9.07 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Jul 7th, 2023

Arden Trust Co lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 14.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 54,971 shares of the iPhone maker’s stock after selling 9,002 shares during the period. Apple accounts for 1.6% of Arden Trust Co’s holdings, making the stock its 16th biggest holding. Arden Trust Co’s holdings in Apple were worth $9,065,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Moneta Group Investment Advisors LLC lifted its holdings in Apple by 116,483.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 569,554,722 shares of the iPhone maker’s stock valued at $74,002,245,000 after buying an additional 569,066,184 shares during the period. Norges Bank acquired a new position in Apple in the fourth quarter valued at $21,746,940,000. Morgan Stanley lifted its holdings in Apple by 14.2% in the fourth quarter. Morgan Stanley now owns 208,655,323 shares of the iPhone maker’s stock valued at $27,110,586,000 after buying an additional 25,926,552 shares during the period. Vanguard Group Inc. lifted its holdings in Apple by 0.7% in the first quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock valued at $221,753,959,000 after buying an additional 8,734,393 shares during the period. Finally, AustralianSuper Pty Ltd acquired a new position in Apple in the fourth quarter valued at $1,075,599,000. Institutional investors and hedge funds own 57.89% of the company’s stock.

Insider Buying and Selling at Apple

In related news, insider Chris Kondo sold 4,092 shares of the company’s 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 directly owns 33,946 shares in the company, valued at approximately $5,881,483.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Chris Kondo sold 4,092 shares of the company’s 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 directly owns 33,946 shares in the company, valued at approximately $5,881,483.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Luca Maestri sold 69,996 shares of the company’s stock in a transaction that occurred on Thursday, April 13th. The shares were sold at an average price of $165.25, for a total transaction of $11,566,839.00. Following the sale, the chief financial officer now owns 107,661 shares in the company, valued at $17,790,980.25. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Up 0.3 %

AAPL opened at $191.81 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.94 and a debt-to-equity ratio of 1.56. The stock has a market cap of $3.02 trillion, a price-to-earnings ratio of 32.57, a PEG ratio of 2.57 and a beta of 1.28. Apple Inc. has a twelve month low of $124.17 and a twelve month high of $194.48. The company’s 50-day moving average price is $179.31 and its two-hundred day moving average price is $159.54.

Apple (NASDAQ:AAPL – Free Report) last released its earnings results on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. The firm had revenue of $94.84 billion for the quarter, compared to analysts’ expectations of $92.84 billion. Apple had a net margin of 24.49% and a return on equity of 165.72%. The company’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.52 earnings per share. As a group, equities analysts expect that Apple Inc. will post 6 earnings per share for the current year.

Apple announced that its board has initiated a stock buyback program 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Monday, May 15th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 0.50%. This is a boost from Apple’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, May 12th. Apple’s payout ratio is presently 16.30%.

Analyst Ratings Changes

Several equities analysts recently issued reports on AAPL shares. Piper Sandler dropped their target price on shares of Apple from $195.00 to $180.00 and set an “overweight” rating on the stock in a report on Friday, May 5th. Loop Capital lowered shares of Apple from a “buy” rating to a “hold” rating and set a $180.00 target price on the stock. in a report on Monday, May 22nd. UBS Group lowered shares of Apple from a “buy” rating to a “neutral” rating and upped their price objective for the company from $180.00 to $190.00 in a report on Monday, June 12th. Tigress Financial upped their price objective on shares of Apple from $210.00 to $225.00 in a report on Friday, June 23rd. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Apple from $170.00 to $180.00 and gave the company a “buy” rating in a report on Friday, May 5th. Two 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, Apple presently has an average rating of “Moderate Buy” and an average price target of $180.52.

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.