Salomon & Ludwin LLC Acquires 1,935 Shares of Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Oct 26th, 2023

Salomon & Ludwin LLC raised its position in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 2.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,208 shares of the iPhone maker’s stock after buying an additional 1,935 shares during the period. Apple comprises about 1.9% of Salomon & Ludwin LLC’s investment portfolio, making the stock its 17th biggest holding. Salomon & Ludwin LLC’s holdings in Apple were worth $17,886,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Commonwealth Retirement Investments LLC boosted its position in Apple by 13.9% during the 2nd quarter. Commonwealth Retirement Investments LLC now owns 8,621 shares of the iPhone maker’s stock valued at $1,672,000 after buying an additional 1,055 shares during the period. Guinness Asset Management LTD raised its holdings in Apple by 7.1% in the 2nd quarter. Guinness Asset Management LTD now owns 129,690 shares of the iPhone maker’s stock worth $25,155,000 after purchasing an additional 8,590 shares in the last quarter. Cascade Investment Advisors Inc. raised its holdings in Apple by 0.4% in the 2nd quarter. Cascade Investment Advisors Inc. now owns 27,449 shares of the iPhone maker’s stock worth $5,324,000 after purchasing an additional 105 shares in the last quarter. RMR Wealth Builders raised its holdings in Apple by 4.3% in the 2nd quarter. RMR Wealth Builders now owns 105,395 shares of the iPhone maker’s stock worth $20,444,000 after purchasing an additional 4,316 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. raised its holdings in Apple by 3.0% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 334,961 shares of the iPhone maker’s stock worth $64,972,000 after purchasing an additional 9,868 shares in the last quarter. Hedge funds and other institutional investors own 58.51% of the company’s stock.

Apple Stock Performance

AAPL opened at $171.10 on Thursday. The company has a market cap of $2.68 trillion, a price-to-earnings ratio of 28.76, a PEG ratio of 2.33 and a beta of 1.28. The company has a current ratio of 0.98, a quick ratio of 0.92 and a debt-to-equity ratio of 1.63. Apple Inc. has a 12-month low of $124.17 and a 12-month high of $198.23. The company’s 50 day moving average is $177.47 and its 200 day moving average is $179.06.

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

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend was Friday, August 11th. Apple’s dividend payout ratio is presently 16.13%.

Analyst Upgrades and Downgrades

Several brokerages have commented on AAPL. JPMorgan Chase & Co. restated an “overweight” rating on shares of Apple in a report on Thursday, September 21st. Wells Fargo & Company increased their price target on shares of Apple from $210.00 to $225.00 and gave the stock an “overweight” rating in a research note on Monday, July 24th. StockNews.com assumed coverage on shares of Apple in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Piper Sandler increased their price target on shares of Apple from $180.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, July 31st. Finally, Piper Sandler Companies increased their price target on shares of Apple from $180.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, July 31st. Nine research analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $199.40.

Check Out Our Latest Report on AAPL

Insider Buying and Selling

In related news, SVP Deirdre O’brien sold 65,536 shares of the business’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $172.11, for a total value of $11,279,400.96. Following the sale, the senior vice president now owns 136,445 shares in the company, valued at $23,483,548.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Apple news, CEO Timothy D. Cook sold 240,569 shares of Apple stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $172.50, for a total transaction of $41,498,152.50. Following the completion of the transaction, the chief executive officer now directly owns 3,280,053 shares of the company’s stock, valued at $565,809,142.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Deirdre O’brien sold 65,536 shares of Apple stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $172.11, for a total transaction of $11,279,400.96. Following the transaction, the senior vice president now directly owns 136,445 shares of the company’s stock, valued at $23,483,548.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 455,004 shares of company stock worth $79,238,767. Insiders own 0.06% of the company’s stock.

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.