NORTHSTAR ASSET MANAGEMENT Co Cuts Holdings in Apple Inc. $AAPL

NORTHSTAR ASSET MANAGEMENT Co reduced its stake in Apple Inc. (NASDAQ:AAPL) by 1.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 155,266 shares of the iPhone maker’s stock after selling 2,675 shares during the quarter. Apple makes up 8.9% of NORTHSTAR ASSET MANAGEMENT Co’s investment portfolio, making the stock its 2nd largest holding. NORTHSTAR ASSET MANAGEMENT Co’s holdings in Apple were worth $39,405,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Overbrook Management Corp boosted its position in 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 buying an additional 38,174 shares during the last quarter. Rainier Family Wealth Inc. boosted its holdings in Apple by 14.1% in the first quarter. Rainier Family Wealth Inc. now owns 24,386 shares of the iPhone maker’s stock valued at $6,189,000 after acquiring an additional 3,014 shares during the last quarter. Torren Management LLC bought a new position in Apple in the fourth quarter valued at about $1,178,000. Summit Wealth Partners LLC increased its position 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 stake in Apple during the 4th quarter worth about $105,482,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Trending Headlines about Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple announced a multiyear partnership with Broadcom worth more than $30 billion to design and produce U.S.-made custom silicon and wireless chips, its largest domestic manufacturing commitment to date. The deal improves supply-chain resiliency and supports future product cycles. Article Title
• Positive Sentiment: JPMorgan said Apple’s recent price increases for Mac and iPad, and any possible iPhone hikes, are unlikely to significantly hurt demand, and it raised its price target while reiterating a Buy rating. Article Title
• Positive Sentiment: UBS said App Store data points to roughly 3% growth in Apple’s June quarter, signaling that services revenue remains resilient even as U.S. revenue softens somewhat. Article Title
• Neutral Sentiment: Several pieces framed Apple as a potential leader in a broader “Magnificent Seven” rebound, but these were mostly market commentary rather than company-specific catalysts. Article Title
• Negative Sentiment: An EU court rejected Apple’s challenge to Digital Markets Act gatekeeper rules, leaving the company exposed to tighter App Store and iOS antitrust obligations in Europe. Article Title
• Negative Sentiment: Hedgeye reportedly added Apple as a new short idea, which may be adding some caution around the stock’s near-term valuation after a strong run. Article Title

Apple Stock Up 0.9%

Shares of NASDAQ AAPL opened at $316.16 on Friday. The stock has a 50-day moving average price of $298.65 and a two-hundred day moving average price of $274.97. Apple Inc. has a 12 month low of $201.50 and a 12 month high of $317.40. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. The company has a market cap of $4.64 trillion, a price-to-earnings ratio of 38.23, a PEG ratio of 2.73 and a beta of 1.10.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.06. The business had revenue of $111.18 billion during the quarter, compared to analysts’ expectations of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.65 EPS. As a group, analysts forecast that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were issued a dividend of $0.27 per share. This is a positive change from Apple’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. Apple’s dividend payout ratio (DPR) is 13.06%.

Insider Buying and Selling at Apple

In related news, CFO Kevan Parekh sold 1,534 shares of the business’s stock in a transaction on Thursday, April 23rd. The stock was 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. The trade was a 10.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ben Borders sold 116 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total value of $34,236.24. Following the completion of the transaction, the insider directly owned 38,713 shares of the company’s stock, valued at approximately $11,425,754.82. The trade was a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 2,924 shares of company stock worth $825,546. 0.06% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on AAPL. DA Davidson restated a “neutral” rating and issued a $270.00 price objective on shares of Apple in a report on Friday, May 1st. Rosenblatt Securities reiterated a “neutral” rating and set a $276.00 price objective on shares of Apple in a report on Tuesday, June 9th. Jefferies Financial Group reaffirmed a “hold” rating on shares of Apple in a research report on Tuesday, June 9th. Morgan Stanley reaffirmed an “overweight” rating on shares of Apple in a research report on Friday, June 26th. Finally, Bank of America restated a “buy” rating and set a $380.00 price objective on shares of Apple in a research note on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $314.85.

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.