Floyd Financial Group LLC Increases Stake in Apple Inc. $AAPL

Floyd Financial Group LLC lifted its position in Apple Inc. (NASDAQ:AAPL) by 643.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,548 shares of the iPhone maker’s stock after acquiring an additional 7,398 shares during the quarter. Apple accounts for approximately 1.5% of Floyd Financial Group LLC’s investment portfolio, making the stock its 20th largest holding. Floyd Financial Group LLC’s holdings in Apple were worth $2,262,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Reyes Financial Architecture Inc. raised its stake in Apple by 0.4% in the third quarter. Reyes Financial Architecture Inc. now owns 9,898 shares of the iPhone maker’s stock worth $2,520,000 after buying an additional 37 shares in the last quarter. WESPAC Advisors LLC boosted its position in Apple by 0.3% during the 4th quarter. WESPAC Advisors LLC now owns 12,326 shares of the iPhone maker’s stock valued at $3,351,000 after acquiring an additional 39 shares in the last quarter. Interactive Financial Advisors Inc. increased its holdings in shares of Apple by 4.0% in the 4th quarter. Interactive Financial Advisors Inc. now owns 1,051 shares of the iPhone maker’s stock valued at $286,000 after acquiring an additional 40 shares during the period. Orion Investment Co increased its holdings in shares of Apple by 0.3% in the 4th quarter. Orion Investment Co now owns 14,354 shares of the iPhone maker’s stock valued at $3,902,000 after acquiring an additional 41 shares during the period. Finally, Seven Springs Wealth Group LLC raised its position in shares of Apple by 0.3% in the 3rd quarter. Seven Springs Wealth Group LLC now owns 15,451 shares of the iPhone maker’s stock worth $3,934,000 after acquiring an additional 42 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Performance

NASDAQ:AAPL opened at $298.01 on Friday. The company has a market capitalization of $4.38 trillion, a P/E ratio of 36.04, a PEG ratio of 2.59 and a beta of 1.09. 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 Inc. has a 12 month low of $196.85 and a 12 month high of $317.40. The firm has a fifty day simple moving average of $289.73 and a 200-day simple moving average of $272.98.

Apple (NASDAQ:AAPL) last released its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.06. The firm had revenue of $111.18 billion for the quarter, compared to the consensus estimate of $109.46 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.The firm’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.65 EPS. On average, equities research analysts anticipate that Apple Inc. will post 8.75 earnings per share for the current year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Shareholders of record on Monday, May 11th were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, May 11th. This is a boost from Apple’s previous quarterly dividend of $0.26. Apple’s dividend payout ratio (DPR) is presently 13.06%.

Insider Transactions at Apple

In other news, insider Ben Borders sold 1,274 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $290.00, for a total value of $369,460.00. Following the transaction, the insider directly owned 38,713 shares of the company’s stock, valued at approximately $11,226,770. This represents a 3.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevan Parekh sold 1,534 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer owned 13,366 shares of the company’s stock, valued at approximately $3,675,650. The trade was a 10.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 97,875 shares of company stock valued at $24,998,541 over the last three months. Company insiders own 0.06% of the company’s stock.

Key Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s planned price increases could protect margins as memory and storage costs rise, and Bank of America reiterated a Buy rating with a $380 target, citing Apple’s pricing power and supply-chain strength. Article Title
• Positive Sentiment: Reports of upcoming AI-focused devices and a second-generation iPhone Air support confidence in Apple’s product pipeline and longer-term growth story. Article Title
• Neutral Sentiment: Apple’s planned price hikes may help earnings, but they could also pressure demand if consumers balk at higher handset prices. Article Title
• Neutral Sentiment: Apple opening Brazil’s App Store to alternative marketplaces reduces regulatory friction there, but it also underscores ongoing global platform scrutiny. Article Title

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company reaffirmed an “overweight” rating and set a $310.00 price objective (up from $300.00) on shares of Apple in a research report on Friday, May 1st. Barclays reiterated an “underweight” rating on shares of Apple in a report on Tuesday, June 9th. Rosenblatt Securities restated a “neutral” rating and issued a $276.00 price target on shares of Apple in a report on Tuesday, June 9th. Maxim Group reaffirmed a “buy” rating and issued a $350.00 price objective (up from $310.00) on shares of Apple in a research report on Tuesday, June 9th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Apple in a research report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $314.59.

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.