Rockwood Wealth Management LLC Makes New Investment in Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Oct 19th, 2023

Rockwood Wealth Management LLC purchased a new position in Apple Inc. (NASDAQ:AAPL – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,414 shares of the iPhone maker’s stock, valued at approximately $1,632,000. Apple makes up approximately 0.3% of Rockwood Wealth Management LLC’s portfolio, making the stock its 23rd biggest holding.

A number of other hedge funds have also modified their holdings of the company. Atlantic Private Wealth LLC acquired a new stake in Apple in the 1st quarter valued at approximately $30,000. Summit Wealth Group LLC increased its position in shares of Apple by 16,252.3% during the 1st quarter. Summit Wealth Group LLC now owns 6,992,420 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 6,949,659 shares during the last quarter. HBC Financial Services PLLC increased its position in shares of Apple by 21.7% during the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after purchasing an additional 80 shares during the last quarter. Clear Perspectives Financial Planning LLC increased its position in shares of Apple by 27.3% during the 1st quarter. Clear Perspectives Financial Planning LLC now owns 983 shares of the iPhone maker’s stock worth $172,000 after purchasing an additional 211 shares during the last quarter. Finally, Magellan Asset Management Ltd increased its position in shares of Apple by 10.6% during the 2nd quarter. Magellan Asset Management Ltd now owns 1,323 shares of the iPhone maker’s stock worth $181,000 after purchasing an additional 127 shares during the last quarter. 58.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Piper Sandler boosted their price target on Apple from $180.00 to $220.00 and gave the stock an “overweight” rating in a research report on Monday, July 31st. Robert W. Baird boosted their price target on Apple from $180.00 to $204.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 1st. Piper Jaffray Companies boosted their price target on Apple from $180.00 to $220.00 and gave the stock an “overweight” rating in a research report on Monday, July 31st. Rosenblatt Securities reaffirmed a “neutral” rating and set a $198.00 price target on shares of Apple in a research report on Tuesday, September 12th. Finally, Barclays reissued an “equal weight” rating and set a $167.00 target price on shares of Apple in a report on Monday, October 9th. Nine research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. According to MarketBeat.com, Apple has an average rating of “Moderate Buy” and a consensus price target of $200.40.

Read Our Latest Stock Report on AAPL

Apple Stock Performance

NASDAQ:AAPL opened at $175.84 on Thursday. The stock has a fifty day moving average price of $177.94 and a 200-day moving average price of $178.77. The company has a market cap of $2.75 trillion, a price-to-earnings ratio of 29.55, a PEG ratio of 2.40 and a beta of 1.28. 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 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 posted its quarterly earnings results 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 company had revenue of $81.80 billion during the quarter, compared to analysts’ expectations of $81.79 billion. During the same quarter in the previous year, the firm earned $1.20 EPS. Apple’s revenue was down 1.4% on a year-over-year basis. As a group, equities analysts anticipate that Apple Inc. will post 6.05 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Monday, August 14th were issued a $0.24 dividend. 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 payout ratio is presently 16.13%.

Insiders Place Their Bets

In other news, SVP Deirdre O’brien sold 65,536 shares of the stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $172.11, for a total value of $11,279,400.96. Following the completion of the sale, the senior vice president now owns 136,445 shares of the company’s stock, valued at $23,483,548.95. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Deirdre O’brien sold 65,536 shares of the stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $172.11, for a total value of $11,279,400.96. Following the completion of the sale, the senior vice president now owns 136,445 shares of the company’s stock, valued at $23,483,548.95. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Luca Maestri sold 31,685 shares of the company’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $178.69, for a total value of $5,661,792.65. Following the sale, the chief financial officer now owns 107,661 shares in the company, valued at approximately $19,237,944.09. The disclosure for this sale can be found here. Insiders sold a total of 455,004 shares of company stock valued at $79,238,767 in the last 90 days. 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.