Frank Rimerman Advisors LLC Boosts Position in Apple Inc. $AAPL

Frank Rimerman Advisors LLC grew its stake in shares of Apple Inc. (NASDAQ:AAPL) by 1.4% during the first quarter, Holdings Channel reports. The institutional investor owned 286,398 shares of the iPhone maker’s stock after buying an additional 4,072 shares during the period. Apple comprises 4.8% of Frank Rimerman Advisors LLC’s holdings, making the stock its 4th biggest position. Frank Rimerman Advisors LLC’s holdings in Apple were worth $72,685,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AAPL. Vanguard Group Inc. boosted its position in shares of Apple by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker’s stock worth $387,749,545,000 after purchasing an additional 26,856,752 shares during the period. State Street Corp increased its stake in shares of Apple by 1.1% in the fourth quarter. State Street Corp now owns 604,056,505 shares of the iPhone maker’s stock worth $164,218,801,000 after purchasing an additional 6,555,392 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Apple by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 358,032,517 shares of the iPhone maker’s stock valued at $97,031,587,000 after purchasing an additional 1,866,103 shares during the period. Morgan Stanley raised its position in shares of Apple by 0.6% during the 4th quarter. Morgan Stanley now owns 230,483,035 shares of the iPhone maker’s stock valued at $62,659,118,000 after purchasing an additional 1,379,651 shares during the period. Finally, Norges Bank purchased a new position in shares of Apple during the 4th quarter valued at $52,266,468,000. 67.73% of the stock is currently owned by institutional investors.

Key Apple News

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

Insider Transactions at Apple

In other Apple news, insider Ben Borders sold 116 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the completion of the transaction, the insider owned 38,713 shares in the company, valued at $11,425,754.82. This trade represents a 0.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevan Parekh sold 1,534 shares of Apple stock in a transaction that occurred 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 sale, the chief financial officer directly owned 13,366 shares in the company, valued at approximately $3,675,650. The trade was a 10.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 2,924 shares of company stock worth $825,546 over the last quarter. 0.06% of the stock is owned by company insiders.

Apple Stock Performance

Shares of NASDAQ AAPL opened at $327.74 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07. The company 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 firm’s fifty day moving average is $304.95 and its two-hundred day moving average is $277.89. Apple Inc. has a 52-week low of $201.50 and a 52-week high of $334.99.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating the consensus estimate of $1.95 by $0.06. Apple had a net margin of 27.15% and a return on equity of 146.69%. The business had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. During the same quarter in the prior year, the firm earned $1.65 EPS. The business’s revenue was up 16.6% on a year-over-year basis. As a group, analysts anticipate 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. Investors of record on Monday, May 11th were given a $0.27 dividend. This is an increase from Apple’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, May 11th. Apple’s dividend payout ratio (DPR) is presently 13.06%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AAPL. TD Cowen increased their price target on Apple from $335.00 to $350.00 and gave the stock a “buy” rating in a research note on Tuesday, June 9th. UBS Group set a $365.00 price objective on Apple in a research report on Tuesday. Tigress Financial reaffirmed a “strong-buy” rating and issued a $375.00 price objective (up from $305.00) on shares of Apple in a research note on Thursday, May 14th. HSBC upgraded Apple from a “hold” rating to a “buy” rating and increased their target price for the stock from $260.00 to $366.00 in a research report on Thursday, July 16th. Finally, KeyCorp downgraded Apple from a “sector weight” rating to an “underweight” rating and set a $250.00 target price on the stock. in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target 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.