Axxcess Wealth Management LLC Has $136.18 Million Stock Position in Apple Inc. $AAPL

Axxcess Wealth Management LLC trimmed its position in Apple Inc. (NASDAQ:AAPL) by 95.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 552,896 shares of the iPhone maker’s stock after selling 10,647,837 shares during the period. Apple makes up approximately 4.4% of Axxcess Wealth Management LLC’s holdings, making the stock its 2nd biggest holding. Axxcess Wealth Management LLC’s holdings in Apple were worth $136,177,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of AAPL. Cvfg LLC grew its holdings in Apple by 154.7% during the first quarter. Cvfg LLC now owns 81,665 shares of the iPhone maker’s stock valued at $20,726,000 after purchasing an additional 49,606 shares during the period. Saxon Interests Inc. raised its holdings in Apple by 0.6% in the first quarter. Saxon Interests Inc. now owns 43,958 shares of the iPhone maker’s stock worth $11,156,000 after purchasing an additional 249 shares during the period. Jericho Financial LLP raised its holdings in Apple by 0.7% in the first quarter. Jericho Financial LLP now owns 32,795 shares of the iPhone maker’s stock worth $8,323,000 after purchasing an additional 229 shares during the period. Flatrock Wealth Partners LLC bought a new position in shares of Apple during the first quarter worth $14,779,000. Finally, Orin Green Financial LLC boosted its position in shares of Apple by 1.0% during the first quarter. Orin Green Financial LLC now owns 13,786 shares of the iPhone maker’s stock worth $3,499,000 after purchasing an additional 130 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

Analysts Set New Price Targets

AAPL has been the subject of a number of recent analyst reports. Sanford C. Bernstein restated an “outperform” rating on shares of Apple in a research report on Monday, June 8th. Royal Bank Of Canada set a $365.00 target price on Apple in a report on Wednesday, July 15th. Citigroup reissued a “buy” rating and issued a $365.00 target price (up from $315.00) on shares of Apple in a research note on Monday, July 13th. BNP Paribas Exane upgraded Apple from a “neutral” rating to an “outperform” rating and set a $300.00 price target for the company in a report on Friday, April 17th. Finally, HSBC raised Apple from a “hold” rating to a “buy” rating and raised their price target for the stock from $260.00 to $366.00 in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Apple currently has a consensus rating of “Moderate Buy” and a consensus target price of $325.71.

Key Stories Impacting Apple

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 Stock Performance

Shares of Apple stock opened at $327.74 on Wednesday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02. The firm has a market cap of $4.81 trillion, a price-to-earnings ratio of 39.63, a price-to-earnings-growth ratio of 2.84 and a beta of 1.10. The stock’s 50-day moving average is $304.95 and its 200-day moving average is $277.89. Apple Inc. has a one year low of $201.50 and a one year high of $334.99.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.95 by $0.06. Apple had a return on equity of 146.69% and a net margin of 27.15%.The business had revenue of $111.18 billion for the quarter, compared to analyst estimates of $109.46 billion. During the same quarter last year, the firm earned $1.65 EPS. Apple’s revenue for the quarter was up 16.6% compared to the same quarter last year. Equities analysts predict that Apple Inc. will post 8.76 earnings per share for the current fiscal year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were paid a dividend of $0.27 per share. 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%. This is an increase from Apple’s previous quarterly dividend of $0.26. Apple’s dividend payout ratio (DPR) is 13.06%.

Insider Buying and Selling

In other news, CFO Kevan Parekh sold 1,534 shares of Apple stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $421,850.00. Following the sale, the chief financial officer directly owned 13,366 shares in the company, valued at $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ben Borders sold 116 shares of the business’s stock in a transaction 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 sale, the insider directly owned 38,713 shares in the company, valued at approximately $11,425,754.82. This represents 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. Insiders sold 2,924 shares of company stock worth $825,546 over the last quarter. 0.06% of the stock is owned by corporate insiders.

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.