Beck Mack & Oliver LLC has increased its investment in Apple Inc. by 2.2%, raising its stake to a value of approximately $23.18 million. According to the firm’s latest 13F filing with the Securities and Exchange Commission, Beck Mack & Oliver now holds 112,966 shares of the tech giant’s stock, having acquired an additional 2,457 shares during the second quarter of 2023.
Several other hedge funds have also adjusted their positions in Apple, further reflecting interest in the company. For instance, Ryan Investment Management Inc. made a new investment in Apple during the second quarter, valued at $31,000. Meanwhile, ROSS JOHNSON & Associates LLC significantly increased its stake by 1,800% in the first quarter, now owning 190 shares worth $42,000 after purchasing an additional 180 shares. Additionally, Nexus Investment Management ULC raised its holdings in Apple by 333.3%, now owning 260 shares valued at $53,000.
The institutional ownership of Apple stock remains substantial, with 67.73% currently owned by institutional investors and hedge funds.
Insider Transactions
In recent insider trading activities, Apple’s Chief Financial Officer, Kevan Parekh, sold 4,199 shares on October 16, 2023, at an average price of $247.39, resulting in a total transaction value of $1,038,790.61. Following this sale, Parekh retained 8,765 shares valued at approximately $2.17 million, marking a 32.39% reduction in his holdings.
On October 2, 2023, Senior Vice President Deirdre O’Brien sold 43,013 shares at an average price of $257.39, amounting to $11,071,116.07. After this transaction, O’Brien’s remaining shares total 136,687, worth about $35.18 million, reflecting a 23.94% decrease in her position. Over the last quarter, insiders have sold a total of 228,052 shares, valued at $58.60 million. Corporate insiders hold a mere 0.06% of the company’s stock.
Apple’s Financial Performance
Apple recently reported its quarterly earnings results on October 30, 2023, revealing earnings per share of $1.85, which exceeded analysts’ expectations of $1.74 by $0.11. The company generated revenue of $102.47 billion, surpassing analyst predictions of $101.65 billion. Notably, Apple’s return on equity stood at 164.05%, with a net margin of 26.92%. The quarterly revenue reflected an 8.7% increase compared to the same period last year, where the firm reported earnings of $1.64 per share.
Analysts forecast that Apple will achieve earnings per share of $7.28 for the current fiscal year.
In addition to its impressive financial results, Apple declared a quarterly dividend of $0.26, payable on November 13, 2023, to shareholders of record as of November 10, 2023. This dividend indicates an annualized payout of $1.04, translating to a yield of 0.4%. The company’s current dividend payout ratio is 13.92%.
Analyst Ratings and Future Outlook
Apple has recently been the subject of various analyst reports. Wall Street Zen adjusted its rating from “buy” to “hold” on November 9, 2023. Conversely, Moffett Nathanson upgraded its rating from “sell” to “neutral” with a price target of $225.00 on September 4, 2023.
In a more bullish outlook, Bank of America increased its price target from $270.00 to $320.00 while maintaining a “buy” rating in a report dated October 29, 2023. Similarly, The Goldman Sachs Group reaffirmed its “buy” rating on December 3, 2023. Melius also raised its price target from $290.00 to $345.00 with a “buy” rating on October 31, 2023.
Currently, analyst consensus indicates two ratings as “Strong Buy,” twenty-three as “Buy,” eleven as “Hold,” and one as “Sell.” According to data from MarketBeat.com, Apple has an average rating of “Moderate Buy” with a consensus price target of $282.51.
For more detailed information on hedge fund holdings in Apple Inc., visit HoldingsChannel.com for the latest 13F filings and insider trades. This analysis provides a comprehensive overview of Apple’s financial health and market position.
