Formidable Asset Management LLC Trims Position in Apple Inc. $AAPL

Formidable Asset Management LLC lowered its stake in Apple Inc. (NASDAQ:AAPL) by 7.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 180,502 shares of the iPhone maker’s stock after selling 15,589 shares during the quarter. Apple comprises approximately 7.7% of Formidable Asset Management LLC’s holdings, making the stock its largest holding. Formidable Asset Management LLC’s holdings in Apple were worth $49,071,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in AAPL. Overbrook Management Corp increased its holdings in shares of Apple by 57.4% in the 4th quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker’s stock valued at $28,449,000 after acquiring an additional 38,174 shares during the last quarter. Rainier Family Wealth Inc. lifted its stake in Apple by 14.1% during the first 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. Torren Management LLC acquired a new position in Apple in the fourth quarter worth $1,178,000. Summit Wealth Partners LLC increased its stake in Apple by 108.3% during the first quarter. Summit Wealth Partners LLC now owns 34,989 shares of the iPhone maker’s stock valued at $8,880,000 after purchasing an additional 18,188 shares during the last quarter. Finally, Adventist Health System Sunbelt Healthcare Corp bought a new stake in Apple during the fourth quarter valued at $105,482,000. Institutional investors own 67.73% of the company’s stock.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: J.P. Morgan reportedly raised its price target on Apple, reinforcing bullish expectations heading into fiscal Q3 earnings and signaling confidence in Apple’s growth and margins. J.P. Morgan Lifts Apple Stock (AAPL) Price Target Ahead of Q3 Earnings
• Positive Sentiment: Apple’s extended chip partnership with Broadcom through 2031 strengthens its AI and connectivity supply chain, improving visibility for future products and supporting sentiment around Apple’s long-term execution. Broadcom, Apple extend chip partnership through 2031
• Positive Sentiment: Several reports say investors are warming to Apple’s “cheap AI” strategy, with attention shifting to Macs, Siri, and other ecosystem features rather than just the iPhone, which could create new upside drivers. Why Investors Fell Back In Love With Apple’s Cheap AI Strategy
• Positive Sentiment: Analysts said Apple should be able to weather hardware price increases because demand remains resilient, suggesting consumers may be less price-sensitive than feared. Apple Sales Seen Weathering Hardware Price Increases

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Evercore restated an “outperform” rating on shares of Apple in a research report on Monday, June 8th. Citigroup reaffirmed a “buy” rating on shares of Apple in a research report on Monday, June 1st. Barclays reiterated an “underweight” rating on shares of Apple in a research note on Tuesday, June 9th. Maxim Group restated a “buy” rating and issued a $350.00 target price (up from $310.00) on shares of Apple 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 target price for the company. in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $314.85.

Insider Buying and Selling at Apple

In other news, CFO Kevan Parekh sold 1,534 shares of the stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total value of $421,850.00. Following the completion of the transaction, the chief financial officer owned 13,366 shares of the company’s stock, valued at approximately $3,675,650. This represents a 10.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Ben Borders sold 1,274 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $290.00, for a total value of $369,460.00. Following the transaction, the insider directly owned 38,713 shares in the company, valued at $11,226,770. This trade represents a 3.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 2,924 shares of company stock valued at $825,546. Company insiders own 0.06% of the company’s stock.

Apple Price Performance

NASDAQ AAPL opened at $310.66 on Wednesday. The company has a 50-day moving average price of $296.83 and a two-hundred day moving average price of $274.38. Apple Inc. has a 52 week low of $201.50 and a 52 week high of $317.40. The stock has a market cap of $4.56 trillion, a price-to-earnings ratio of 37.56, a price-to-earnings-growth ratio of 2.72 and a beta of 1.10. 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 (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.06. Apple had a return on equity of 146.69% and a net margin of 27.15%.The company had revenue of $111.18 billion for the quarter, compared to analysts’ expectations of $109.46 billion. During the same quarter in the previous year, the company posted $1.65 earnings per share. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. Analysts forecast that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

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