Spartan Wealth Advisory Services LLC Makes New $52.40 Million Investment in Apple Inc. $AAPL

Spartan Wealth Advisory Services LLC acquired a new position in Apple Inc. (NASDAQ:AAPL) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 206,450 shares of the iPhone maker’s stock, valued at approximately $52,395,000. Apple makes up 4.6% of Spartan Wealth Advisory Services LLC’s investment portfolio, making the stock its 3rd biggest holding.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Rainier Family Wealth Inc. increased its stake in shares of Apple by 14.1% in the 1st quarter. Rainier Family Wealth Inc. now owns 24,386 shares of the iPhone maker’s stock worth $6,189,000 after acquiring an additional 3,014 shares in the last quarter. Torren Management LLC bought a new stake in Apple during the fourth quarter worth about $1,178,000. Summit Wealth Partners LLC grew its holdings in Apple by 108.3% in the first quarter. Summit Wealth Partners LLC now owns 34,989 shares of the iPhone maker’s stock worth $8,880,000 after purchasing an additional 18,188 shares during the period. Adventist Health System Sunbelt Healthcare Corp bought a new position in shares of Apple during the fourth quarter valued at approximately $105,482,000. Finally, KBC Group NV lifted its holdings in shares of Apple by 3.1% during the fourth quarter. KBC Group NV now owns 7,044,697 shares of the iPhone maker’s stock valued at $1,915,172,000 after purchasing an additional 214,215 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Ben Borders sold 116 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total transaction of $34,236.24. Following the sale, the insider owned 38,713 shares of the company’s stock, valued at $11,425,754.82. This trade represents a 0.30% decrease in their position. The sale was disclosed in a legal 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. 0.06% of the stock is currently owned by insiders.

Apple Stock Down 1.8%

Apple stock opened at $303.42 on Tuesday. Apple Inc. has a 12 month low of $201.68 and a 12 month high of $344.57. The stock has a fifty day simple moving average of $309.40 and a two-hundred day simple moving average of $281.90. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66. The firm has a market cap of $4.46 trillion, a price-to-earnings ratio of 34.80, a PEG ratio of 2.65 and a beta of 1.09.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. Apple had a return on equity of 135.46% and a net margin of 27.62%.The firm had revenue of $109.42 billion for the quarter, compared to the consensus estimate of $109.04 billion. During the same period in the prior year, the company posted $1.57 earnings per share. The company’s quarterly revenue was up 16.4% on a year-over-year basis. Equities analysts predict that Apple Inc. will post 8.8 EPS for the current fiscal year.

Apple Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, August 10th will be paid a dividend of $0.27 per share. The ex-dividend date is Monday, August 10th. This represents a $1.08 annualized dividend and a yield of 0.4%. Apple’s dividend payout ratio is currently 12.39%.

Apple News Summary

Here are the key news stories impacting Apple this week:

• Positive Sentiment: India proposed extending tax exemptions through 2041 for foreign companies supplying equipment to contract manufacturers. The policy could lower Apple’s manufacturing costs and support its strategy of shifting more iPhone production to India. India proposes extending tax breaks for contract manufacturing in a boost for Apple
• Positive Sentiment: Apple continues to generate substantial free cash flow, with analysts expecting strong cash generation to continue alongside higher revenue forecasts. This supports shareholder returns and provides financial flexibility, although the stock’s valuation limits the upside case. Apple Delivers Strong Free Cash Flow, But What is the Best AAPL Play?
• Positive Sentiment: A reported deal with PlasmaSolve could help Apple develop thinner, stronger device finishes by using software simulations before factory testing, potentially improving manufacturing yields and reducing testing costs. Apple Stock Drops as PlasmaSolve Deal Targets Thinner and Stronger Devices

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AAPL. Robert W. Baird boosted their price target on Apple from $310.00 to $330.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. The Goldman Sachs Group reiterated a “buy” rating and set a $360.00 price objective (down from $370.00) on shares of Apple in a research note on Friday. HSBC raised 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 note on Thursday, July 16th. Evercore restated an “outperform” rating on shares of Apple in a report on Wednesday, July 8th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Apple in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and an average price target of $331.60.

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.