SFG Wealth Management LLC has decreased its stake in Apple Inc. (NASDAQ:AAPL) by 2.2%, now holding a position valued at approximately $2.55 million. According to Holdings Channel, the firm owned 12,411 shares of Apple after selling 284 shares during the second quarter of 2023. This reduction makes Apple the 12th biggest holding in SFG’s portfolio, accounting for about 1.5% of their total investments.
Other institutional investors have also adjusted their positions in Apple. For instance, Ryan Investment Management Inc. entered a new position in the second quarter valued at around $31,000. ROSS JOHNSON & Associates LLC significantly increased its holdings by 1,800% in the first quarter, now owning 190 shares worth $42,000. Additionally, Elite Financial Inc. and LSV Asset Management both acquired new shares in the first and fourth quarters respectively, with their respective investments valued at $58,000 and $65,000. Notably, institutional investors now control 67.73% of Apple’s stock.
Insider Trading Activity
Recent insider trading at Apple has revealed notable sales. Senior Vice President Katherine L. Adams sold 47,125 shares on October 2, 2023, at an average price of $256.79, totaling approximately $12.1 million. Following this transaction, Adams held 179,158 shares, valued at around $46 million. This sale represents a 20.83% decrease in her ownership.
On the same day, another senior vice president, Deirdre O’Brien, sold 43,013 shares at an average price of $257.39, resulting in proceeds of about $11.07 million. O’Brien now owns 136,687 shares, worth approximately $35 million, marking a 23.94% decrease in her stake. In total, insiders have sold 228,052 shares of Apple stock over the last three months, amounting to about $58.6 million. Company insiders currently hold only 0.06% of Apple’s stock.
Apple’s Financial Performance and Future Outlook
Apple recently reported its quarterly earnings on October 30, 2023, revealing a $1.85 earnings per share (EPS), surpassing analysts’ expectations of $1.74 by $0.11. The company generated $102.47 billion in revenue for the quarter, exceeding the forecast of $101.65 billion, and showing an 8.7% increase compared to the same quarter the previous year. Apple’s net margin stood at 24.30%, with a return on equity of 170.91%. Analysts predict that Apple will achieve an EPS of 7.28 for the current fiscal year.
In addition, Apple announced a quarterly dividend of $0.26 per share, which will be distributed on November 13, 2023, to shareholders recorded by November 10, 2023. This dividend translates to an annualized rate of $1.04 and a yield of 0.4%. The company’s current dividend payout ratio is 13.92%.
Wall Street analysts have varied opinions on Apple’s stock. Sanford C. Bernstein has set a price target of $325.00, while DA Davidson raised its target from $250.00 to $270.00, maintaining a “neutral” rating. Wedbush remains optimistic with an “outperform” rating, and CLSA upgraded Apple to a “strong-buy” rating. Overall, the consensus rating for Apple is classified as “Moderate Buy” with a consensus price target of $278.22 according to MarketBeat.com.
As Apple continues to innovate and expand its product offerings, its financial performance and investor interest remain closely watched by market participants.
