West Branch Capital LLC Sells 2,957 Shares of Apple Inc. $AAPL

West Branch Capital LLC lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 148,498 shares of the iPhone maker’s stock after selling 2,957 shares during the quarter. Apple comprises approximately 10.0% of West Branch Capital LLC’s investment portfolio, making the stock its biggest position. West Branch Capital LLC’s holdings in Apple were worth $42,969,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Rainier Family Wealth Inc. raised its position in Apple by 14.1% during the 1st quarter. Rainier Family Wealth Inc. now owns 24,386 shares of the iPhone maker’s stock worth $6,189,000 after purchasing an additional 3,014 shares during the last quarter. Eaton Cambridge Inc. raised its position in Apple by 21.3% during the 1st quarter. Eaton Cambridge Inc. now owns 13,968 shares of the iPhone maker’s stock worth $3,545,000 after purchasing an additional 2,450 shares during the last quarter. Torren Management LLC bought a new position in Apple during the 4th quarter worth $1,178,000. Summit Wealth Partners LLC raised its position in Apple by 108.3% during the 1st quarter. Summit Wealth Partners LLC now owns 34,989 shares of the iPhone maker’s stock worth $8,880,000 after purchasing an additional 18,188 shares during the last quarter. Finally, Adventist Health System Sunbelt Healthcare Corp bought a new position in Apple during the 4th quarter worth $105,482,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Orderly CEO succession: Tim Cook is leaving the CEO role after 15 years but will remain Apple’s executive chairman. Cook strongly endorsed successor John Ternus, a longtime hardware leader, potentially reducing fears of an abrupt management break. Tim Cook’s parting message: Apple is in the hands of a product builder
• Positive Sentiment: Product catalysts ahead: Apple’s first major product event under Ternus is expected September 9, with reports pointing to new iPhones and a possible foldable model. Strong iPhone demand, potential iOS market-share gains and rising interest in Mac hardware for AI workloads could support future revenue. Apple Valuation Nears $5T as John Ternus Steps Up as New CEO
• Neutral Sentiment: Strong track record and support: Cook’s tenure produced substantial shareholder gains, while Apple’s latest quarter delivered revenue growth and an earnings beat. Analysts’ median price target remains above the current quotation, although the stock’s elevated valuation leaves less room for disappointment.
• Negative Sentiment: AI strategy concerns: Ternus inherits an artificial-intelligence strategy that relies heavily on outside partners, leaving Apple behind leading rivals in some areas. Investors will look for evidence that the new CEO can accelerate AI-powered Siri and on-device capabilities. Apple’s New CEO Inherits an AI Strategy Built on Outsiders
• Negative Sentiment: Execution and valuation risks: Commentators warn that App Store pressure, supply-chain challenges, potential memory-cost inflation and a trailing P/E near 37 make Apple vulnerable if the September launch disappoints. Apple TV+’s latest price increase could also slow subscriber growth. Apple Is Facing One of Its Most Challenging Times in a Decade

Analysts Set New Price Targets

Several analysts have recently commented on the company. Needham & Company LLC restated a “hold” rating on shares of Apple in a research note on Friday, July 31st. Wells Fargo & Company reiterated an “overweight” rating and set a $350.00 price target (up from $310.00) on shares of Apple in a research note on Friday, July 31st. DA Davidson reiterated a “neutral” rating and set a $270.00 price target on shares of Apple in a research note on Friday, July 31st. Bank of America reissued a “buy” rating and set a $380.00 target price on shares of Apple in a research report on Thursday, June 18th. Finally, China Renaissance cut shares of Apple from a “buy” rating to a “hold” rating and set a $280.00 target price on the stock. in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $330.53.

Insider Activity at Apple

In related news, SVP Jennifer Newstead sold 1,439 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $310.95, for a total value of $447,457.05. Following the sale, the senior vice president owned 37,229 shares in the company, valued at approximately $11,576,357.55. This trade represents a 3.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ben Borders sold 116 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $11,425,754.82. This 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. Insiders sold 4,433 shares of company stock worth $1,367,024 in the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Apple Trading Down 1.9%

AAPL stock traded down $6.07 during trading on Monday, reaching $313.63. The company had a trading volume of 15,356,139 shares, compared to its average volume of 49,963,801. Apple Inc. has a 52 week low of $225.95 and a 52 week high of $344.57. The business has a 50 day moving average of $312.24 and a 200 day moving average of $288.52. The company has a market cap of $4.58 trillion, a P/E ratio of 35.97, a PEG ratio of 2.74 and a beta of 1.09. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.00 and a quick ratio of 0.93.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. Apple had a net margin of 27.62% and a return on equity of 135.46%. The business had revenue of $109.42 billion during the quarter, compared to the consensus estimate of $109.04 billion. During the same quarter last year, the firm earned $1.57 earnings per share. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. As a group, sell-side analysts forecast that Apple Inc. will post 8.76 earnings per share for the current fiscal year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Monday, August 10th were issued a dividend of $0.27 per share. The ex-dividend date was Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. Apple’s dividend payout ratio is presently 12.39%.

Apple 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.