World Investment Advisors has increased its stake in Apple Inc. by 3.9% during the third quarter of 2023, according to a report from Holdings Channel. After acquiring an additional 27,445 shares, the institutional investor now holds a total of 734,485 shares of the tech giant, making it the largest position in their portfolio at 3.8%. As of its latest filing with the Securities and Exchange Commission (SEC), these holdings are valued at approximately $187.02 million.
Several other institutional investors have also adjusted their positions in Apple. For instance, Ryan Investment Management Inc. acquired a new stake valued at around $31,000 in the second quarter. ROSS JOHNSON & Associates LLC significantly increased its investment by 1,800% in the first quarter, now owning 190 shares valued at $42,000 after buying an additional 180 shares. Similarly, Nexus Investment Management ULC boosted its holdings by 333.3% in the second quarter, leading to a total of 260 shares worth $53,000.
The trend of expanding investments in Apple is clear, with hedge funds and institutional investors collectively owning 67.73% of the company’s stock.
In insider trading news, Chris Kondo, an insider at Apple, sold 3,752 shares on November 7, 2023, at an average price of $271.23, totaling approximately $1.02 million. This sale has resulted in a 19.90% decrease in Kondo’s ownership, leaving him with 15,098 shares valued at about $4.09 million.
Additionally, Kevan Parekh, Apple’s Chief Financial Officer, sold 4,199 shares on October 16, 2023, at an average price of $247.39, resulting in a total transaction value of approximately $1.04 million. This transaction reflects a 32.39% reduction in his stake, leaving him with 8,765 shares valued at around $2.17 million. Insiders currently hold 0.06% of the company’s stock.
Analysts Provide Insight on Apple’s Performance
Several analysts have recently reviewed Apple’s stock, offering varied perspectives. Seaport Res Ptn upgraded Apple to a “strong-buy” rating on October 1, 2023. In contrast, Wall Street Zen adjusted its rating from “buy” to “hold” on November 9, 2023. Meanwhile, Robert W. Baird set a target price of $300.00 on October 31, 2023, while TD Cowen raised its target from $275.00 to $325.00 on the same day, maintaining a “buy” rating.
The consensus among analysts shows two ratings as Strong Buy, twenty-two as Buy, twelve as Hold, and one as Sell. According to MarketBeat.com, the average rating is “Moderate Buy” with a consensus price target of $283.92.
Apple’s Stock Performance and Financial Health
As of Friday, shares of Apple stock opened at $271.01. The company’s 50-day moving average stands at $273.66, while the 200-day moving average is at $244.63. Over the past year, Apple has experienced a low of $169.21 and a high of $288.62.
Apple’s financial metrics reflect a robust market presence, with a market capitalization of $4.00 trillion, a PE ratio of 36.28, and a dividend yield of 0.4%. The company recently announced a quarterly dividend of $0.26 per share, which was paid on November 13, 2023, to shareholders on record as of November 10, 2023.
In its latest earnings report released on October 30, 2023, Apple reported earnings per share (EPS) of $1.85, exceeding analysts’ expectations of $1.74 by $0.11. The company generated revenue of $102.47 billion, also surpassing the forecast of $101.65 billion. This reflects an 8.7% increase in quarterly revenue compared to the same period last year.
As Apple continues to evolve, it remains a focal point for both investors and analysts alike, showcasing a blend of stability and growth potential in the technology sector.
