Ballentine Partners LLC Trims Holdings in Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Nov 3rd, 2023

Ballentine Partners LLC decreased its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 2.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 282,325 shares of the iPhone maker’s stock after selling 6,814 shares during the quarter. Apple comprises 1.3% of Ballentine Partners LLC’s investment portfolio, making the stock its 13th largest holding. Ballentine Partners LLC’s holdings in Apple were worth $54,763,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of AAPL. Atlantic Private Wealth LLC purchased a new position in Apple during the 1st quarter worth $30,000. Summit Wealth Group LLC raised its position in 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 buying an additional 6,949,659 shares during the last quarter. HBC Financial Services PLLC raised its position in 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 buying an additional 80 shares during the last quarter. Clear Perspectives Financial Planning LLC raised its position in 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 buying an additional 211 shares during the last quarter. Finally, Magellan Asset Management Ltd raised its position in 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 buying an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 58.51% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wedbush restated an “outperform” rating and set a $240.00 price objective on shares of Apple in a research report on Wednesday. Needham & Company LLC reiterated a “buy” rating and issued a $195.00 price target on shares of Apple in a report on Tuesday. Robert W. Baird increased their price target on shares of Apple from $180.00 to $204.00 and gave the company an “outperform” rating in a report on Tuesday, August 1st. Rosenblatt Securities reiterated a “neutral” rating and issued a $198.00 price target on shares of Apple in a report on Tuesday, September 12th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $210.00 price target on shares of Apple in a report on Thursday, September 28th. Ten investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $198.08.

View Our Latest Stock Analysis on AAPL

Insider Activity at Apple

In related news, CFO Luca Maestri sold 31,685 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 107,661 shares in the company, valued at $19,237,944.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Deirdre O’brien sold 65,536 shares of Apple stock in a transaction that occurred on Tuesday, October 3rd. The shares were sold at an average price of $172.11, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Luca Maestri sold 31,685 shares of Apple stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $178.69, for a total transaction 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. Over the last quarter, insiders have sold 455,004 shares of company stock worth $79,238,767. Company insiders own 0.06% of the company’s stock.

Apple Price Performance

AAPL opened at $177.57 on Friday. The company’s 50 day simple moving average is $176.82 and its 200 day simple moving average is $179.31. 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 1 year low of $124.17 and a 1 year high of $198.23. The stock has a market capitalization of $2.78 trillion, a PE ratio of 29.84, a P/E/G ratio of 2.37 and a beta of 1.30.

Apple (NASDAQ:AAPL – Get Free Report) last released its earnings results on Thursday, November 2nd. The iPhone maker reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.07. Apple had a net margin of 24.68% and a return on equity of 164.92%. The business had revenue of $89.50 billion for the quarter, compared to analysts’ expectations of $89.34 billion. During the same period last year, the company earned $1.29 earnings per share. The company’s quarterly revenue was down .7% on a year-over-year basis. As a group, sell-side analysts expect that Apple Inc. will post 6.04 EPS for the current year.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 16th. Investors of record on Monday, November 13th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 0.54%. Apple’s payout ratio is 16.13%.

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.