Steinberganna Wealth Management Sells 28,359 Shares of Apple Inc. $AAPL

Steinberganna Wealth Management lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 58.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,947 shares of the iPhone maker’s stock after selling 28,359 shares during the quarter. Apple comprises 2.9% of Steinberganna Wealth Management’s portfolio, making the stock its 4th largest holding. Steinberganna Wealth Management’s holdings in Apple were worth $6,643,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in AAPL. State Street Corp boosted its holdings in shares of Apple by 4.7% during the 2nd quarter. State Street Corp now owns 630,662,494 shares of the iPhone maker’s stock worth $182,897,769,000 after buying an additional 28,321,085 shares during the period. Berkshire Hathaway Inc acquired a new stake in shares of Apple in the second quarter valued at about $65,950,297,000. Bank of America Corp DE acquired a new stake in shares of Apple in the second quarter valued at about $36,986,090,000. Legal & General Group Plc bought a new position in shares of Apple in the second quarter worth about $30,443,242,000. Finally, Amundi increased its stake in shares of Apple by 23.2% in the first quarter. Amundi now owns 73,082,616 shares of the iPhone maker’s stock worth $18,547,637,000 after purchasing an additional 13,780,080 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Performance

AAPL stock traded up $1.39 during trading on Friday, reaching $356.27. 39,967,159 shares of the stock were exchanged, compared to its average volume of 48,203,272. Apple Inc. has a twelve month low of $243.42 and a twelve month high of $360.83. The company has a current ratio of 1.02, a quick ratio of 0.94 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $5.18 trillion, a P/E ratio of 39.72, a price-to-earnings-growth ratio of 3.41 and a beta of 1.07. The stock has a 50 day simple moving average of $339.04 and a 200-day simple moving average of $301.05.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Monday, November 2nd. The iPhone maker reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.99 by $0.11. Apple had a return on equity of 125.35% and a net margin of 27.60%. The company had revenue of $114.48 billion during the quarter, compared to the consensus estimate of $113.40 billion. During the same quarter last year, the company earned $1.85 EPS. The company’s quarterly revenue was up 11.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Apple Inc. will post 9.45 earnings per share for the current year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Investors of record on Thursday, November 12th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Thursday, November 12th. Apple’s dividend payout ratio is presently 12.04%.

Top Apple Stories

Investors following AAPL have been watching these stories:

• Positive Sentiment: Apple’s new $299 HomeView and Apple TV devices, featuring Siri AI, began reaching customers Friday, offering a potential new product and ecosystem catalyst ahead of the holiday season. Apple devices hit shelves
• Positive Sentiment: China Renaissance upgraded Apple to Buy and set a $425 price target, pointing to potential from a future foldable iPhone and interest in the company’s product lineup. Recent quarterly results also beat earnings and revenue estimates, with revenue up year over year. China Renaissance’s view on Apple
• Negative Sentiment: Valuation remains a key risk: analysts have warned Apple trades at a premium, and views are divided, including a DZ Bank downgrade to Sell. A senior vice president also continued a pattern of scheduled share sales, a modest potential overhang. Apple valuation analysis

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Maxim Group boosted their price objective on Apple from $350.00 to $380.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Seaport Research Partners lowered Apple from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. Moffett Nathanson set a $283.00 price target on Apple and gave the stock a “neutral” rating in a research report on Tuesday, October 20th. Robert W. Baird set a $340.00 price target on Apple and gave the stock an “outperform” rating in a report on Tuesday, November 3rd. Finally, The Goldman Sachs Group set a $380.00 price target on Apple in a report on Wednesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating, twelve have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $347.11.

Insider Transactions at Apple

In related news, CEO John Ternus sold 25,412 shares of the firm’s stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $332.94, for a total value of $8,460,671.28. Following the completion of the transaction, the chief executive officer directly owned 59,567 shares of the company’s stock, valued at $19,832,236.98. This trade represents a 29.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Deirdre O’brien sold 46,389 shares of the firm’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $333.42, for a total transaction of $15,467,020.38. Following the transaction, the senior vice president directly owned 136,810 shares of the company’s stock, valued at $45,615,190.20. The trade was a 25.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 292,611 shares of company stock valued at $97,482,597. Company insiders own 0.06% of the company’s stock.

Apple Company Profile

Apple Inc. designs, manufactures and markets consumer electronics, software and digital services. Its products include the iPhone, Mac computers, iPad, Apple Watch and AirPods, along with operating systems and applications such as iOS, macOS and iPadOS. The company also offers services including the App Store, Apple Music, Apple TV+, iCloud and Apple Pay. These products and services are integrated across Apple’s devices and are sold to consumers, businesses and institutions around the world. Founded in 1976 and headquartered in Cupertino, California, Apple serves customers globally through online and retail stores, wireless carriers and other resellers.