QRG Capital Management Inc. Increases Stock Holdings in Apple Inc. $AAPL

QRG Capital Management Inc. boosted its stake in shares of Apple Inc. (NASDAQ:AAPL) by 15.1% during the first quarter, Holdings Channel.com reports. The firm owned 2,406,468 shares of the iPhone maker’s stock after purchasing an additional 315,830 shares during the quarter. Apple makes up about 6.3% of QRG Capital Management Inc.’s investment portfolio, making the stock its 2nd biggest position. QRG Capital Management Inc.’s holdings in Apple were worth $610,738,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of AAPL. Lifetime Wealth Management P.C. purchased a new stake in shares of Apple during the fourth quarter worth about $41,000. ROSS JOHNSON & Associates LLC increased its stake in shares of Apple by 1,800.0% in the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after acquiring an additional 180 shares during the period. LSV Asset Management acquired a new stake in Apple during the 4th quarter worth about $65,000. Timmons Wealth Management LLC purchased a new position in Apple during the fourth quarter valued at approximately $69,000. Finally, 49 Wealth Management LLC increased its holdings in shares of Apple by 15.7% during the 3rd quarter. 49 Wealth Management LLC now owns 298,920 shares of the iPhone maker’s stock valued at $76,000 after purchasing an additional 40,543 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Up 4.0%

Shares of NASDAQ:AAPL opened at $327.50 on Thursday. The stock has a market cap of $4.81 trillion, a price-to-earnings ratio of 39.60, a price-to-earnings-growth ratio of 2.74 and a beta of 1.10. The firm’s 50 day moving average price is $301.89 and its 200 day moving average price is $276.27. Apple Inc. has a fifty-two week low of $201.50 and a fifty-two week high of $328.73. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.06. The firm had revenue of $111.18 billion during the quarter, compared to the consensus estimate of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The company’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.65 earnings per share. As a group, equities research analysts predict that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were given a dividend of $0.27 per share. The ex-dividend date was Monday, May 11th. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. This is a boost from Apple’s previous quarterly dividend of $0.26. Apple’s payout ratio is presently 13.06%.

Analysts Set New Price Targets

AAPL has been the subject of several recent analyst reports. Evercore restated an “outperform” rating on shares of Apple in a research note on Wednesday, July 8th. KeyCorp cut shares of Apple from a “sector weight” rating to an “underweight” rating and set a $250.00 target price for the company. in a research report on Tuesday. Royal Bank Of Canada set a $365.00 price target on Apple in a report on Wednesday. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Apple in a research note on Monday, June 8th. Finally, Needham & Company LLC restated a “hold” rating on shares of Apple in a research report on Tuesday, June 9th. One 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 assigned a Sell rating to the company. According to data from MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus target price of $314.26.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: China approved Apple Intelligence for iPhones, a key regulatory green light that clears the way for Apple’s AI rollout in one of its most important markets and could help support upgrades and Services growth. Reuters: Apple Intelligence AI service registered with China’s cyberspace regulator
• Positive Sentiment: Reports that Apple is exploring acquisitions of AI chip startups to strengthen its server and AI hardware capabilities reinforced the idea that the company is actively investing to remain competitive in AI without a huge data-center spending spree. Reuters: Apple chasing AI chip company deals, The Information reports
• Positive Sentiment: News that Apple may spend about $30 billion through its Broadcom partnership adds confidence in supply-chain security and custom silicon development, which investors see as supportive for future product cycles and margins. Yahoo Finance/Reuters: Apple Plans to Spend $30 Billion in a Deal With Broadcom (AVGO)
• Positive Sentiment: Apple also won dismissal of a high-stakes iCloud-related lawsuit, removing an overhang and improving sentiment around legal risk. Yahoo Finance: Apple Wins Dismissal of iCloud Lawsuit
• Neutral Sentiment: Several media and analyst pieces noted Apple’s stock hitting record highs and trading near a new 52-week high, reflecting strong momentum after a sharp run-up rather than a fresh fundamental surprise. Investopedia: Apple Could Buy an AI Chip Company. Its Hot Stock Just Set a Fresh Record High
• Negative Sentiment: KeyBanc downgraded Apple to Underweight, warning that slowing hardware demand, softer Services growth, and valuation concerns could limit further upside. Yahoo Finance: KeyBanc Downgrades Apple on Growth Concerns

Insider Buying and Selling at Apple

In other news, CFO Kevan Parekh sold 1,534 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $421,850.00. Following the transaction, the chief financial officer directly owned 13,366 shares in the company, valued at approximately $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ben Borders sold 1,274 shares of Apple stock in a transaction on Friday, May 8th. The shares were sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the transaction, the insider owned 38,713 shares in the company, valued at approximately $11,226,770. This represents a 3.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 2,924 shares of company stock valued at $825,546 in the last 90 days. 0.06% of the stock is currently owned by insiders.

About Apple

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.