MGO Private Wealth LLC Sells 10,224 Shares of Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Jul 7th, 2023

MGO Private Wealth LLC lowered its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 26.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 28,028 shares of the iPhone maker’s stock after selling 10,224 shares during the quarter. Apple accounts for about 3.6% of MGO Private Wealth LLC’s portfolio, making the stock its 7th biggest holding. MGO Private Wealth LLC’s holdings in Apple were worth $4,622,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cassia Capital Partners LLC lifted its holdings in Apple by 24.3% in the 4th quarter. Cassia Capital Partners LLC now owns 5,009 shares of the iPhone maker’s stock valued at $651,000 after purchasing an additional 979 shares in the last quarter. Starfox Financial Services LLC raised its holdings in shares of Apple by 21.5% during the 4th quarter. Starfox Financial Services LLC now owns 1,900 shares of the iPhone maker’s stock worth $247,000 after acquiring an additional 336 shares during the period. Hoxton Planning & Management LLC purchased a new position in shares of Apple during the 4th quarter worth $3,148,000. Factory Mutual Insurance Co. raised its holdings in shares of Apple by 5.2% during the 4th quarter. Factory Mutual Insurance Co. now owns 2,340,129 shares of the iPhone maker’s stock worth $304,053,000 after acquiring an additional 115,929 shares during the period. Finally, Blueshift Asset Management LLC purchased a new position in shares of Apple during the 3rd quarter worth $563,000. Hedge funds and other institutional investors own 57.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AAPL. Credit Suisse Group lifted their price target on Apple from $188.00 to $200.00 in a report on Tuesday, June 6th. KeyCorp raised their price objective on Apple from $177.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, May 5th. Deutsche Bank Aktiengesellschaft raised their price objective on Apple from $170.00 to $180.00 and gave the stock a “buy” rating in a research report on Friday, May 5th. Wells Fargo & Company raised their price objective on Apple from $185.00 to $210.00 in a research report on Tuesday, June 6th. Finally, Robert W. Baird raised their price objective on Apple from $170.00 to $180.00 in a research report on Tuesday, May 2nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average price target of $180.52.

Insider Buying and Selling at Apple

In other Apple news, CFO Luca Maestri sold 69,996 shares of the stock in a transaction that occurred on 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 directly owns 107,661 shares in the company, valued at $17,790,980.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Chris Kondo sold 4,092 shares of the stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $173.26, for a total value of $708,979.92. Following the completion of the sale, the insider now directly owns 33,946 shares of the company’s stock, valued at $5,881,483.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Luca Maestri sold 69,996 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now directly owns 107,661 shares of the company’s stock, valued at $17,790,980.25. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Apple Stock Performance

Shares of Apple stock opened at $191.81 on Friday. The firm has a market capitalization of $3.02 trillion, a P/E ratio of 32.57, a P/E/G ratio of 2.57 and a beta of 1.28. Apple Inc. has a 52 week low of $124.17 and a 52 week high of $194.48. 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 firm’s 50 day moving average is $179.31 and its two-hundred day moving average is $159.54.

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

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 $0.24 dividend. 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 0.50%. The ex-dividend date was Friday, May 12th. Apple’s dividend payout ratio is currently 16.30%.

Apple announced that its board has authorized a stock buyback plan on Thursday, May 4th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.