AlTi Global Inc. Lowers Stock Position in Apple Inc. $AAPL

AlTi Global Inc. reduced its stake in shares of Apple Inc. (NASDAQ:AAPL) by 4.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 283,400 shares of the iPhone maker’s stock after selling 14,400 shares during the period. Apple accounts for 1.7% of AlTi Global Inc.’s portfolio, making the stock its 13th biggest holding. AlTi Global Inc.’s holdings in Apple were worth $62,952,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Burkett Financial Services LLC raised its stake in Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock valued at $3,199,000 after purchasing an additional 93 shares during the period. Avid Wealth Partners LLC raised its stake in Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker’s stock valued at $935,000 after purchasing an additional 930 shares during the period. OneAscent Wealth Management LLC raised its stake in Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock valued at $2,337,000 after purchasing an additional 409 shares during the period. Bell & Brown Wealth Advisors LLC raised its stake in Apple by 0.4% during the 1st quarter. Bell & Brown Wealth Advisors LLC now owns 62,001 shares of the iPhone maker’s stock valued at $13,772,000 after purchasing an additional 240 shares during the period. Finally, TruWealth Advisors LLC raised its stake in Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker’s stock valued at $42,045,000 after purchasing an additional 5,120 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AAPL has been the topic of several recent analyst reports. Wedbush reissued an “outperform” rating and set a $270.00 target price on shares of Apple in a research note on Tuesday. UBS Group reissued a “neutral” rating on shares of Apple in a research note on Monday. Loop Capital decreased their target price on Apple from $230.00 to $226.00 and set a “hold” rating on the stock in a research note on Thursday, August 21st. Evercore ISI lifted their target price on Apple from $250.00 to $260.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $266.00 target price on shares of Apple in a research note on Tuesday, August 26th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $240.80.

Apple Stock Performance

NASDAQ:AAPL opened at $234.07 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock’s 50 day simple moving average is $221.50 and its two-hundred day simple moving average is $212.39. The company has a market cap of $3.47 trillion, a price-to-earnings ratio of 35.52, a PEG ratio of 2.39 and a beta of 1.11.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.40 EPS. As a group, equities analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were issued a $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. Apple’s payout ratio is 15.78%.

Insider Activity at Apple

In other news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the transaction, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.06% of the company’s stock.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.