According to a recent disclosure with the Securities and Exchange Commission, Wetzel Investment Advisors Inc. has reduced its holdings in Apple Inc. (NASDAQ:AAPL) by 0.6% during the second quarter of 2023. The firm now holds 14,408 shares of the technology giant, after selling 91 shares in the period. The value of Wetzel’s stake in Apple is approximately $2.96 million, constituting around 1.4% of its overall investment portfolio. This positions Apple as the firm’s 17th largest holding.
In addition to Wetzel, several other institutional investors and hedge funds have been active in the Apple market. For instance, Ryan Investment Management Inc. established a new position in Apple during the second quarter, valued at roughly $31,000. ROSS JOHNSON & Associates LLC significantly increased its holdings by 1,800% in the first quarter, acquiring 190 shares valued at $42,000 after purchasing an additional 180 shares. Other investors, such as Elite Financial Inc. and HFM Investment Advisors LLC, also made new acquisitions, with valuations of $58,000 and $99,000 respectively. Currently, institutional investors collectively own 67.73% of Apple’s stock.
Apple’s Financial Performance and Stock Metrics
On Friday, Apple shares opened at $252.29. The company maintains a debt-to-equity ratio of 1.25, with a current ratio of 0.87 and a quick ratio of 0.83. Over the past year, Apple’s stock has fluctuated between a low of $169.21 and a high of $260.10. The company boasts a market capitalization of approximately $3.74 trillion and has a price-to-earnings (PE) ratio of 38.28.
In its recent earnings report, released on July 31, Apple reported earnings per share (EPS) of $1.57, exceeding analysts’ expectations of $1.43. The company generated revenue of $94.04 billion for the quarter, surpassing estimates of $88.64 billion and marking a 9.6% increase compared to the same quarter last year. Analysts predict that for the current fiscal year, Apple will post an EPS of 7.28.
Dividends and Insider Transactions
In a recent announcement, Apple declared a quarterly dividend of $0.26 per share, which was paid on August 14, 2023. Shareholders on record as of August 11 received this dividend, resulting in an annualized dividend of $1.04 and a yield of 0.4%. The company’s dividend payout ratio currently stands at 15.78%.
In related news, two significant insider transactions have been reported. Chief Financial Officer Kevan Parekh sold 4,199 shares on October 16 at an average price of $247.39, totaling approximately $1.04 million. Following this transaction, Parekh retains 8,765 shares, valued at around $2.17 million. Additionally, Senior Vice President Deirdre O’Brien sold 43,013 shares on October 2, amounting to about $11.07 million. After this sale, O’Brien owns 136,687 shares, valued at approximately $35.18 million.
Over the past ninety days, insiders have sold a total of 259,121 shares, valued at around $65.36 million. Currently, insiders hold 0.06% of the company’s stock.
Analysts have also provided insights on Apple’s stock, with BMO Capital Markets reaffirming a “buy” rating. Notably, Wedbush set a target price of $310.00, while Citigroup reiterated its “buy” rating. The average rating among analysts remains “Moderate Buy,” with a price target of $248.29.
Apple continues to be a pivotal player in the technology sector, manufacturing and marketing a wide array of products, including the iPhone, Mac computers, iPads, and various accessories. As the company navigates its financial landscape, investor interest remains robust amid a dynamic market environment.
