Apple Inc. (NASDAQ:AAPL) Shares Sold by Covenant Asset Management LLC

Posted by Defense World Staff on Sep 26th, 2023

Covenant Asset Management LLC cut its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 0.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,889 shares of the iPhone maker’s stock after selling 62 shares during the period. Apple comprises about 5.1% of Covenant Asset Management LLC’s holdings, making the stock its 2nd largest position. Covenant Asset Management LLC’s holdings in Apple were worth $19,957,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. IFM Investors Pty Ltd raised its holdings in Apple by 20.0% during the first quarter. IFM Investors Pty Ltd now owns 2,615,701 shares of the iPhone maker’s stock worth $456,728,000 after purchasing an additional 435,891 shares in the last quarter. Ironwood Wealth Management LLC. grew its position in shares of Apple by 0.4% in the 1st quarter. Ironwood Wealth Management LLC. now owns 240,628 shares of the iPhone maker’s stock valued at $42,016,000 after buying an additional 1,040 shares during the last quarter. Markel Corp raised its stake in Apple by 0.7% during the 1st quarter. Markel Corp now owns 1,206,990 shares of the iPhone maker’s stock worth $210,752,000 after acquiring an additional 8,450 shares in the last quarter. Camden Capital LLC lifted its position in Apple by 9.2% in the first quarter. Camden Capital LLC now owns 156,364 shares of the iPhone maker’s stock valued at $27,305,000 after acquiring an additional 13,200 shares during the last quarter. Finally, Harbor Island Capital LLC grew its holdings in shares of Apple by 0.3% during the first quarter. Harbor Island Capital LLC now owns 135,325 shares of the iPhone maker’s stock worth $23,629,000 after purchasing an additional 400 shares during the last quarter. 58.51% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Performance

Apple stock opened at $176.08 on Tuesday. Apple Inc. has a fifty-two week low of $124.17 and a fifty-two week high of $198.23. The company has a market capitalization of $2.75 trillion, a price-to-earnings ratio of 29.59, a PEG ratio of 2.55 and a beta of 1.27. The stock has a fifty day moving average of $183.01 and a two-hundred day moving average of $176.71. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.92 and a current ratio of 0.98.

Apple (NASDAQ:AAPL – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The iPhone maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.19 by $0.07. Apple had a return on equity of 164.92% and a net margin of 24.68%. The firm had revenue of $81.80 billion during the quarter, compared to analysts’ expectations of $81.79 billion. During the same quarter last year, the business posted $1.20 EPS. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. On average, analysts anticipate that Apple Inc. will post 6.05 EPS for the current fiscal year.

Apple Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were given a dividend of $0.24 per share. The ex-dividend date was Friday, August 11th. This represents a $0.96 dividend on an annualized basis and a yield of 0.55%. Apple’s dividend payout ratio (DPR) is currently 16.13%.

Insiders Place Their Bets

In other news, SVP Deirdre O’brien sold 15,419 shares of Apple stock in a transaction on Monday, August 7th. The stock was sold at an average price of $178.56, for a total value of $2,753,216.64. Following the completion of the sale, the senior vice president now owns 136,445 shares of the company’s stock, valued at $24,363,619.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.06% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Jefferies Financial Group reduced their target price on Apple from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, August 4th. Tigress Financial increased their price objective on Apple from $210.00 to $225.00 in a report on Friday, June 23rd. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $198.00 target price on shares of Apple in a report on Tuesday, September 12th. Sanford C. Bernstein increased their price target on shares of Apple from $175.00 to $195.00 and gave the stock a “market perform” rating in a research note on Thursday, July 27th. Finally, Raymond James raised their price objective on shares of Apple from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Friday, August 4th. Ten equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company. Based on data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and an average price target of $199.41.

Check Out Our Latest Stock Analysis on Apple

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.