SilverOak Wealth Management LLC Trims Stake in Apple Inc. $AAPL

SilverOak Wealth Management LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 8.6% during the first quarter, Holdings Channel.com reports. The firm owned 19,928 shares of the iPhone maker’s stock after selling 1,869 shares during the quarter. Apple accounts for approximately 0.8% of SilverOak Wealth Management LLC’s holdings, making the stock its 18th largest position. SilverOak Wealth Management LLC’s holdings in Apple were worth $5,058,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Norges Bank purchased a new position in shares of Apple during the 4th quarter valued at about $52,266,468,000. Nuveen LLC purchased a new stake in Apple in the 1st quarter worth approximately $17,472,482,000. Cardano Risk Management B.V. increased its holdings in Apple by 890.7% in the 4th quarter. Cardano Risk Management B.V. now owns 41,984,810 shares of the iPhone maker’s stock worth $11,413,990,000 after acquiring an additional 37,746,784 shares in the last quarter. Laurel Wealth Advisors LLC raised its stake in Apple by 20,464.8% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker’s stock worth $5,553,753,000 after acquiring an additional 26,937,401 shares during the period. Finally, Vanguard Group Inc. raised its stake in Apple by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker’s stock worth $387,749,545,000 after acquiring an additional 26,856,752 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Trading Up 0.4%

Apple stock opened at $327.74 on Wednesday. Apple Inc. has a 1 year low of $201.50 and a 1 year high of $334.99. The firm’s 50 day moving average price is $304.95 and its 200-day moving average price is $277.89. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02. The stock has a market cap of $4.81 trillion, a P/E ratio of 39.63, a PEG ratio of 2.84 and a beta of 1.10.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.06. The firm had revenue of $111.18 billion during the quarter, compared to analyst estimates of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. Apple’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.65 earnings per share. On average, equities analysts predict that Apple Inc. will post 8.76 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 11th were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, May 11th. This is an increase from Apple’s previous quarterly dividend of $0.26. Apple’s dividend payout ratio is presently 13.06%.

Insider Buying and Selling at Apple

In other Apple news, insider Ben Borders sold 116 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total transaction of $34,236.24. Following the completion of the transaction, the insider owned 38,713 shares of the company’s stock, valued at $11,425,754.82. This represents a 0.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevan Parekh sold 1,534 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $421,850.00. Following the transaction, the chief financial officer owned 13,366 shares of the company’s stock, valued at approximately $3,675,650. The trade was a 10.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 2,924 shares of company stock worth $825,546. Corporate insiders own 0.06% of the company’s stock.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple is reportedly launching a new device leasing program with Klarna, a major change to how it sells hardware that could support upgrade demand and recurring device sales. Reuters: Apple to launch ‘Upgrade’ device leasing program to spur sales, Bloomberg News reports
• Positive Sentiment: HSBC upgraded Apple, saying it is entering a powerful new upgrade cycle supported by AI and a strong hardware roadmap. Barchart: HSBC Says Apple Is Entering a Powerful New Upgrade Cycle
• Positive Sentiment: Several commentators highlighted Apple’s pricing power, strong installed base, and relative insulation from the AI capex arms race as reasons investors are favoring AAPL over some other mega-cap tech names. MarketBeat: Apple Stock Sends Major Warning Signal as Momentum Hits Peak

Analyst Ratings Changes

Several equities analysts have weighed in on AAPL shares. Jefferies Financial Group reaffirmed a “hold” rating on shares of Apple in a report on Tuesday, June 9th. Barclays restated an “underweight” rating on shares of Apple in a research report on Tuesday, June 9th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Apple in a report on Monday, June 8th. TD Cowen increased their price target on Apple from $335.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. Finally, KGI Securities lowered Apple from an “outperform” rating to a “hold” rating and set a $315.00 price target for the company. in a research note on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and an average target price of $325.71.

Apple Company Profile

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.