Sageworth Trust Co Increases Holdings in Apple Inc. $AAPL

Sageworth Trust Co raised its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 51.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,891 shares of the iPhone maker’s stock after purchasing an additional 6,451 shares during the period. Apple accounts for about 0.2% of Sageworth Trust Co’s holdings, making the stock its 29th largest holding. Sageworth Trust Co’s holdings in Apple were worth $4,794,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of AAPL. Overbrook Management Corp raised its position 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 worth $28,449,000 after acquiring an additional 38,174 shares in the last quarter. Rainier Family Wealth Inc. boosted its position in shares of Apple by 14.1% during the first quarter. Rainier Family Wealth Inc. now owns 24,386 shares of the iPhone maker’s stock valued at $6,189,000 after purchasing an additional 3,014 shares in the last quarter. Torren Management LLC purchased a new stake in Apple in the fourth quarter worth $1,178,000. Summit Wealth Partners LLC grew its stake in Apple by 108.3% in the first 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 period. Finally, Adventist Health System Sunbelt Healthcare Corp bought a new position in Apple in the fourth quarter worth $105,482,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple News Roundup

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple is reportedly launching a new device leasing program with Klarna, a major change to how it sells hardware that could support upgrade demand and recurring device sales. Reuters: Apple to launch ‘Upgrade’ device leasing program to spur sales, Bloomberg News reports
• Positive Sentiment: HSBC upgraded Apple, saying it is entering a powerful new upgrade cycle supported by AI and a strong hardware roadmap. Barchart: HSBC Says Apple Is Entering a Powerful New Upgrade Cycle
• Positive Sentiment: Several commentators highlighted Apple’s pricing power, strong installed base, and relative insulation from the AI capex arms race as reasons investors are favoring AAPL over some other mega-cap tech names. MarketBeat: Apple Stock Sends Major Warning Signal as Momentum Hits Peak

Apple Trading Up 0.4%

NASDAQ AAPL opened at $327.74 on Wednesday. Apple Inc. has a 12 month low of $201.50 and a 12 month high of $334.99. The stock has a market cap of $4.81 trillion, a P/E ratio of 39.63, a P/E/G ratio of 2.84 and a beta of 1.10. The stock’s fifty day moving average price is $304.95 and its 200-day moving average price is $277.89. 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 posted its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.06. The firm had revenue of $111.18 billion during the quarter, compared to analyst estimates of $109.46 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.Apple’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.65 EPS. As a group, equities analysts forecast that Apple Inc. will post 8.76 EPS for the current fiscal year.

Apple Increases Dividend

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

Insider Activity

In other news, CFO Kevan Parekh sold 1,534 shares of the stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $421,850.00. Following the sale, the chief financial officer owned 13,366 shares in the company, valued at $3,675,650. This represents a 10.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Ben Borders sold 1,274 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $290.00, for a total transaction of $369,460.00. Following the sale, the insider directly owned 38,713 shares of the company’s stock, valued at $11,226,770. This trade represents a 3.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 2,924 shares of company stock valued at $825,546 over the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

AAPL has been the subject of several recent research reports. Rosenblatt Securities reissued a “neutral” rating and set a $276.00 price objective on shares of Apple in a research report on Tuesday, June 9th. Citigroup reaffirmed a “buy” rating and issued a $365.00 target price (up from $315.00) on shares of Apple in a research report on Monday, July 13th. Wedbush reiterated an “outperform” rating and issued a $400.00 price target on shares of Apple in a research note on Friday, June 5th. Jefferies Financial Group reissued a “hold” rating on shares of Apple in a research note on Tuesday, June 9th. Finally, TD Cowen upped their price objective on shares of Apple from $335.00 to $350.00 and gave the stock a “buy” rating in a report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus target price of $325.71.

Apple Company 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.