Heritage Family Offices LLP Reduces Stake in Apple Inc. (NASDAQ:AAPL)

During the third quarter, Heritage Family Offices LLP decreased its investment in Apple Inc. (NASDAQ:AAPL) by 4.6%, as indicated in their latest filing with the SEC. After selling 730 shares, they now hold 15,084 shares of the technology giant. Apple's stock constitutes about 1.8% of Heritage Family Offices LLP's total portfolio, making it their tenth largest investment. The total value of their holdings in Apple at the end of the reporting period was approximately $3,515,000.

Several other institutional investors have also adjusted their stakes in Apple recently. Dimensional Fund Advisors LP increased their position in Apple shares by 5.5% during the second quarter, owning 52,981,808 shares valued at around $11,160,183,000 after acquiring an additional 2,785,807 shares. Ameriprise Financial Inc. raised its stake by 6.7% in the same quarter to 51,765,589 shares, worth approximately $10,909,457,000 after acquiring an additional 3,245,281 shares. Additionally, Capital International Investors raised its position by 7.1% during the first quarter and now holds 37,146,325 shares valued at $6,369,852,000. American Century Companies Inc. increased its stake by 3.2%, bringing their total to 34,619,614 shares valued at about $7,291,583,000 following a purchase of 1,065,759 shares. Swedbank AB also upped its stake in Apple by 13.4% during the second quarter, now holding 20,008,650 shares valued at $4,214,222,000. Institutional investors and hedge funds collectively own 60.41% of Apple Inc.

Performance of Apple Inc.

On Friday, shares of Apple opened at $242.84. The company's market capitalization is $3.67 trillion, with a price-to-earnings (P/E) ratio of 39.94 and a price-to-earnings growth (PEG) ratio of 2.38. The beta value stands at 1.23, indicating a moderate volatility in the stock compared to the market. As of now, the 50-day moving average is $230.53, while the 200-day moving average is $221.62. Apple has seen a fifty-two week low of $164.07 and a high of $244.63.

Apple recently reported its quarterly earnings on Thursday, October 31st, revealing an earnings per share (EPS) of $1.64 for the quarter, surpassing expectations, which predicted an EPS of $1.60. The company posted a revenue of $94.93 billion, exceeding analyst estimates of $94.52 billion. Apple's net margin was recorded at 23.97%, with a return on equity of 152.94%. Compared to the same quarter last year, revenue has increased by 6.1%. Analysts forecast an EPS of 7.43 for Apple Inc. this year.

Dividend Update

In addition to the earnings report, Apple recently announced a quarterly dividend. Shareholders as of November 11th received a dividend of $0.25 per share, which was paid on November 14th. This results in an annualized dividend of $1.00 with a yield of 0.41%. Currently, Apple maintains a dividend payout ratio of 16.45%.

Insider Transactions

In other news, CEO Timothy D. Cook sold 223,986 shares on October 2nd, which amounted to a total of approximately $50.28 million. As of now, he retains 3,280,180 shares valued at around $736.27 million. This transaction signifies a 6.39% decline in his stake. Additionally, Senior Vice President Katherine L. Adams sold 61,019 shares on the same day, totaling approximately $13.80 million. Following this sale, she holds 187,043 shares valued at about $42.31 million, reflecting a 24.60% reduction in her position. Over the last quarter, insiders collectively sold 408,170 shares worth around $92 million, and insiders now hold just 0.06% of the company’s stock.

Recent Analyst Ratings

Many analysts have recently assessed Apple’s stock. Morgan Stanley maintained an “overweight” rating and projected a price target of $273.00. Jefferies Financial Group downgraded Apple from a “buy” to a “hold” rating, adjusting their price target from $205.00 to $212.92. Bank of America increased their price target for Apple to $256.00, maintaining a “buy” rating. Citigroup also raised their price target for the stock to $185.00, giving it a “buy” rating. Loop Capital, however, revised their price target down from $300.00 to $275.00 while keeping a “buy” rating. As it stands, two analysts issued sell ratings, twelve suggested holding the stock, twenty-two recommended buying, and one gave a strong buy rating. According to MarketBeat.com, Apple currently has an average rating of "Moderate Buy" along with an average price target of $235.68.

Overview of Apple Inc.

Apple Inc. designs, manufactures, and markets a variety of products including smartphones, personal computers, tablets, wearables, and accessories worldwide. The company is known for its iPhone series, Mac computers, iPad tablets, and a range of wearables and accessories such as AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

Heritage, Apple, Investment