Whittier Trust Co. Has $444.78 Million Stake in Apple Inc. $AAPL

Whittier Trust Co. cut its position in Apple Inc. (NASDAQ:AAPL) by 6.3% during the 1st quarter, HoldingsChannel reports. The firm owned 1,718,238 shares of the iPhone maker’s stock after selling 114,856 shares during the quarter. Apple comprises about 5.0% of Whittier Trust Co.’s portfolio, making the stock its 2nd largest holding. Whittier Trust Co.’s holdings in Apple were worth $444,783,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Overbrook Management Corp grew its holdings in Apple by 57.4% during the fourth quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker’s stock worth $28,449,000 after purchasing an additional 38,174 shares during the period. Rainier Family Wealth Inc. raised its stake in Apple by 14.1% in the first quarter. Rainier Family Wealth Inc. now owns 24,386 shares of the iPhone maker’s stock valued at $6,189,000 after buying an additional 3,014 shares during the period. Torren Management LLC bought a new stake in Apple in the fourth quarter valued at approximately $1,178,000. Summit Wealth Partners LLC lifted its position in shares of Apple by 108.3% in the first quarter. Summit Wealth Partners LLC now owns 34,989 shares of the iPhone maker’s stock valued at $8,880,000 after buying an additional 18,188 shares during the last quarter. Finally, Adventist Health System Sunbelt Healthcare Corp bought a new position in shares of Apple during the 4th quarter worth approximately $105,482,000. 67.73% of the stock is owned by institutional investors.

Insider Transactions at Apple

In related news, 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 transaction of $421,850.00. Following the transaction, the chief financial officer directly owned 13,366 shares of the company’s stock, valued at approximately $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ben Borders sold 116 shares of Apple stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the completion of the sale, the insider owned 38,713 shares of the company’s stock, valued at $11,425,754.82. This trade represents a 0.30% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 2,924 shares of company stock valued at $825,546. 0.06% of the stock is currently owned by company insiders.

Apple News Summary

Here are the key news stories impacting Apple this week:

• Positive Sentiment: HSBC upgraded Apple Inc. (NASDAQ: AAPL) to Buy and raised its price target to $366 from $260, saying the company is at an operational turning point with AI features and hardware momentum supporting growth. HSBC upgrades Apple to Buy, sees “strong cycle ahead”
• Positive Sentiment: China approved Apple Intelligence for iPhones, and Apple will integrate Alibaba’s Qwen AI model in its China rollout, a key step that could expand Apple’s AI adoption in one of its most important markets. Alibaba and Baidu shares jump in Hong Kong on Apple AI partnership
• Positive Sentiment: Multiple reports say Apple briefly overtook Nvidia in market value, reinforcing the view that investors are rotating toward Apple’s consumer execution and away from some AI-heavy names. Apple closes in on Nvidia in race for world’s most valuable company
• Positive Sentiment: Several commentaries highlighted Apple’s cash generation, shareholder returns, and robotics/innovation efforts, supporting the bullish “cash flow machine” and diversification narrative. Apple’s Core Business Cash Flow Machine Will Support Innovation and Diversification

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Apple in a report on Wednesday. Bank of America reaffirmed a “buy” rating and set a $380.00 price target on shares of Apple in a report on Thursday, June 18th. Citigroup reaffirmed a “buy” rating and set a $365.00 price objective (up from $315.00) on shares of Apple in a research report on Monday. KeyCorp lowered shares of Apple from a “sector weight” rating to an “underweight” rating and set a $250.00 price objective on the stock. in a research report on Tuesday. Finally, Oppenheimer reissued a “market perform” rating on shares of Apple in a research report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average price target of $318.43.

Apple Price Performance

Shares of NASDAQ AAPL opened at $333.74 on Friday. The firm has a market cap of $4.90 trillion, a P/E ratio of 40.36, a price-to-earnings-growth ratio of 2.89 and a beta of 1.10. The business’s 50 day moving average is $303.61 and its 200-day moving average is $277.09. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. Apple Inc. has a 1-year low of $201.50 and a 1-year high of $334.99.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.06. Apple had a return on equity of 146.69% and a net margin of 27.15%.The business had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. During the same period in the previous year, the company posted $1.65 EPS. The firm’s quarterly revenue was up 16.6% on a year-over-year basis. Equities research analysts predict that Apple Inc. will post 8.76 earnings per share for the current year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were issued a dividend of $0.27 per share. This is an increase from Apple’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Monday, May 11th. Apple’s payout ratio is 13.06%.

About Apple

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.