World Investment Advisors has expanded its holdings in Apple Inc. (NASDAQ: AAPL) by 3.9% during the third quarter, now owning a total of 734,485 shares. This increase follows the acquisition of an additional 27,445 shares in the quarter. With these holdings valued at approximately $187 million as of the latest filing with the Securities and Exchange Commission (SEC), Apple now represents 3.8% of World Investment Advisors’ total portfolio, making it the firm’s largest investment.
Several other institutional investors have also adjusted their positions in Apple recently. For instance, Ryan Investment Management Inc. established a new stake in the company worth around $31,000 in the second quarter. ROSS JOHNSON & Associates LLC significantly boosted its stake by 1,800% in the first quarter, now holding 190 shares valued at $42,000 after acquiring an additional 180 shares. Nexus Investment Management ULC increased its holdings by 333.3% in the second quarter, bringing its total to 260 shares worth $53,000. Other notable changes include LSV Asset Management, which purchased a new stake valued at approximately $65,000, and Morgan Dempsey Capital Management LLC, which raised its stake by 41% during the same period, owning 430 shares now valued at $88,000. Collectively, hedge funds and institutional investors now control 67.73% of Apple’s shares.
In addition to institutional trading activity, insider transactions have also been notable. On November 7, Chris Kondo, an insider at Apple, sold 3,752 shares at an average price of $271.23, totaling approximately $1.02 million. Following this transaction, Kondo retained 15,098 shares, now valued at around $4.1 million, representing a 19.90% decrease in their ownership. Similarly, Chief Financial Officer Kevan Parekh sold 4,199 shares on October 16, generating $1.04 million from the sale at an average price of $247.39. After this sale, Parekh holds 8,765 shares valued at about $2.17 million, a decrease of 32.39% in their position. Corporate insiders now own 0.06% of Apple’s stock.
Analysts Offer Mixed Ratings on Apple Stock
Recent evaluations from financial analysts reflect a range of perspectives on Apple’s stock performance. On October 1, Seaport Res Ptn upgraded Apple to a “strong-buy” rating. In contrast, on November 9, Wall Street Zen downgraded the stock from a “buy” rating to a “hold.” Additionally, Robert W. Baird set a target price of $300 for Apple shares, while TD Cowen raised its target from $275 to $325, assigning a “buy” rating. Rosenblatt Securities adjusted its price target from $241 to $250, maintaining a “neutral” rating. Currently, two analysts classify the stock as a strong buy, twenty-two as a buy, twelve as a hold, and one as a sell. According to MarketBeat.com, Apple holds an average rating of “Moderate Buy” with a consensus price target of $283.92.
Apple’s Financial Performance and Dividend Announcement
On October 30, 2023, Apple reported its quarterly earnings, revealing an earnings per share (EPS) of $1.85, surpassing analysts’ predictions of $1.74 by $0.11. The company reported quarterly revenue of $102.47 billion, exceeding expectations of $101.65 billion. This represents an 8.7% increase in revenue year-over-year, compared to $1.64 EPS in the same quarter of the previous year. Analysts anticipate that Apple Inc. will achieve an EPS of $7.28 for the current fiscal year.
Apple also declared a quarterly dividend of $0.26 per share, which was paid out on November 13, 2023. Shareholders on record as of November 10 received this dividend, marking an annualized total of $1.04 per share and a dividend yield of 0.4%. The company’s current dividend payout ratio stands at 13.92%.
Founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne, Apple Inc. is a multinational technology firm based in Cupertino, California. The company has evolved from its origins in personal computing to a diverse range of products and services, including the iPhone, iPad, and Apple Watch, as well as various digital services. As of now, Apple’s market capitalization is approximately $4 trillion, with a price-to-earnings (P/E) ratio of 36.28 and a beta of 1.09.
For those interested in more insights into Apple’s performance and institutional holdings, resources such as HoldingsChannel.com provide up-to-date information on 13F filings and insider trading activities.
