Apple Inc. (NASDAQ:AAPL) Stake Lessened by Ritholtz Wealth Management

Posted by Defense World Staff on Oct 6th, 2023

Ritholtz Wealth Management reduced its position in Apple Inc. (NASDAQ:AAPL – Free Report) by 7.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 374,232 shares of the iPhone maker’s stock after selling 28,062 shares during the period. Apple makes up about 3.3% of Ritholtz Wealth Management’s investment portfolio, making the stock its 7th biggest position. Ritholtz Wealth Management’s holdings in Apple were worth $72,590,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings 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 valued at $456,728,000 after acquiring an additional 435,891 shares during the period. Ironwood Wealth Management LLC. raised its holdings in Apple by 0.4% during the first quarter. Ironwood Wealth Management LLC. now owns 240,628 shares of the iPhone maker’s stock valued at $42,016,000 after acquiring an additional 1,040 shares during the period. Markel Corp raised its holdings in Apple by 0.7% during the first quarter. Markel Corp now owns 1,206,990 shares of the iPhone maker’s stock valued at $210,752,000 after acquiring an additional 8,450 shares during the period. Camden Capital LLC raised its holdings in Apple by 9.2% during 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 period. Finally, Harbor Island Capital LLC raised its holdings in Apple by 0.3% during the first quarter. Harbor Island Capital LLC now owns 135,325 shares of the iPhone maker’s stock valued at $23,629,000 after acquiring an additional 400 shares during the period. 58.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Credit Suisse Group reissued an “outperform” rating and set a $220.00 price target on shares of Apple in a report on Friday, September 15th. Canaccord Genuity Group raised their price objective on Apple from $185.00 to $205.00 and gave the company a “buy” rating in a research report on Friday, August 4th. Citigroup restated a “buy” rating and set a $240.00 price objective on shares of Apple in a research report on Friday, August 4th. TD Cowen raised their price objective on Apple from $195.00 to $220.00 and gave the company an “outperform” rating in a research report on Tuesday, August 1st. Finally, Piper Sandler raised their price objective on Apple from $180.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, July 31st. Nine analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $200.54.

Check Out Our Latest Analysis on Apple

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $174.91 on Friday. The company has a market capitalization of $2.73 trillion, a price-to-earnings ratio of 29.40, a price-to-earnings-growth ratio of 2.31 and a beta of 1.28. Apple Inc. has a 52 week low of $124.17 and a 52 week high of $198.23. The company has a quick ratio of 0.92, a current ratio of 0.98 and a debt-to-equity ratio of 1.63. The firm has a 50 day moving average of $179.63 and a 200 day moving average of $177.47.

Apple (NASDAQ:AAPL – Get Free Report) last issued 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. The company had revenue of $81.80 billion during the quarter, compared to the consensus estimate of $81.79 billion. Apple had a net margin of 24.68% and a return on equity of 164.92%. Apple’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.20 earnings per share. On average, 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 declared a quarterly dividend, which was paid on Thursday, August 17th. Stockholders of record on Monday, August 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date was Friday, August 11th. Apple’s payout ratio is presently 16.13%.

Insider Transactions at Apple

In other news, SVP Deirdre O’brien sold 15,419 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $178.56, for a total transaction of $2,753,216.64. Following the transaction, the senior vice president now directly owns 136,445 shares of the company’s stock, valued at $24,363,619.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, SVP Deirdre O’brien sold 15,419 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $178.56, for a total transaction of $2,753,216.64. Following the transaction, the senior vice president now directly owns 136,445 shares of the company’s stock, valued at $24,363,619.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 240,569 shares of the company’s stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $172.50, for a total value of $41,498,152.50. Following the transaction, the chief executive officer now directly owns 3,280,053 shares in the company, valued at $565,809,142.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 321,524 shares of company stock valued at $55,530,770. Corporate insiders own 0.06% of the company’s stock.

About Apple

(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.