Westside Investment Management Inc. Sells 9,290 Shares of Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Oct 3rd, 2023

Westside Investment Management Inc. reduced its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 8.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 96,301 shares of the iPhone maker’s stock after selling 9,290 shares during the quarter. Apple comprises 5.3% of Westside Investment Management Inc.’s portfolio, making the stock its biggest holding. Westside Investment Management Inc.’s holdings in Apple were worth $18,624,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Ilmarinen Mutual Pension Insurance Co lifted its stake in shares of Apple by 8.3% in the first quarter. Ilmarinen Mutual Pension Insurance Co now owns 785,000 shares of the iPhone maker’s stock valued at $129,447,000 after buying an additional 60,000 shares during the period. Arista Wealth Management LLC lifted its stake in shares of Apple by 1.0% in the first quarter. Arista Wealth Management LLC now owns 26,680 shares of the iPhone maker’s stock valued at $4,399,000 after buying an additional 261 shares during the period. Thrivent Financial for Lutherans lifted its stake in shares of Apple by 2.3% in the first quarter. Thrivent Financial for Lutherans now owns 3,919,534 shares of the iPhone maker’s stock valued at $646,332,000 after buying an additional 89,615 shares during the period. My Personal CFO LLC lifted its stake in shares of Apple by 4.1% in the second quarter. My Personal CFO LLC now owns 26,276 shares of the iPhone maker’s stock valued at $5,097,000 after buying an additional 1,047 shares during the period. Finally, New England Research & Management Inc. lifted its stake in shares of Apple by 3.3% in the second quarter. New England Research & Management Inc. now owns 29,606 shares of the iPhone maker’s stock valued at $5,743,000 after buying an additional 949 shares during the period. 58.51% of the stock is owned by institutional investors and hedge funds.

Apple Stock Performance

Shares of Apple stock opened at $173.75 on Tuesday. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.98 and a quick ratio of 0.92. The firm has a market cap of $2.72 trillion, a P/E ratio of 29.20, a P/E/G ratio of 2.50 and a beta of 1.28. The firm has a 50 day simple moving average of $180.84 and a 200 day simple moving average of $177.39. Apple Inc. has a fifty-two week low of $124.17 and a fifty-two week high of $198.23.

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

Apple Dividend Announcement

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

Insiders Place Their Bets

In other Apple news, SVP Deirdre O’brien sold 15,419 shares of Apple stock in a transaction on Monday, August 7th. The shares were sold at an average price of $178.56, for a total transaction 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 approximately $24,363,619.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on AAPL. Rosenblatt Securities reiterated a “neutral” rating and issued a $198.00 target price on shares of Apple in a research note on Tuesday, September 12th. Credit Suisse Group reiterated an “outperform” rating and issued a $220.00 target price on shares of Apple in a research note on Friday, September 15th. The Goldman Sachs Group cut their price target on shares of Apple from $222.00 to $216.00 and set a “buy” rating for the company in a research note on Wednesday, September 13th. Evercore ISI restated an “outperform” rating and set a $210.00 price target on shares of Apple in a research note on Thursday, September 28th. Finally, Oppenheimer raised their price target on shares of Apple from $195.00 to $220.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Nine research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. According to MarketBeat.com, Apple has an average rating of “Moderate Buy” and an average target price of $200.54.

Read Our Latest Research Report on AAPL

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.