Acorn Financial Advisory Services Inc. ADV Sells 5,700 Shares of Apple Inc. $AAPL

Acorn Financial Advisory Services Inc. ADV trimmed its position in Apple Inc. (NASDAQ:AAPL) by 11.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,786 shares of the iPhone maker’s stock after selling 5,700 shares during the quarter. Apple accounts for 1.5% of Acorn Financial Advisory Services Inc. ADV’s holdings, making the stock its 21st biggest holding. Acorn Financial Advisory Services Inc. ADV’s holdings in Apple were worth $11,112,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Overbrook Management Corp raised its holdings in Apple by 57.4% during the 4th quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker’s stock worth $28,449,000 after purchasing an additional 38,174 shares during the last quarter. Rainier Family Wealth Inc. increased its position in shares of Apple by 14.1% during the first quarter. Rainier Family Wealth Inc. now owns 24,386 shares of the iPhone maker’s stock worth $6,189,000 after buying an additional 3,014 shares during the period. Torren Management LLC bought a new position in Apple during the fourth quarter worth $1,178,000. Summit Wealth Partners LLC lifted 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 valued at $8,880,000 after buying an additional 18,188 shares during the period. Finally, Adventist Health System Sunbelt Healthcare Corp bought a new stake in Apple during the fourth quarter valued at $105,482,000. Institutional investors own 67.73% of the company’s stock.

Apple Stock Down 0.3%

Apple stock traded down $0.90 during mid-day trading on Friday, reaching $315.32. The stock had a trading volume of 34,104,441 shares, compared to its average volume of 60,736,044. The firm has a market capitalization of $4.63 trillion, a PE ratio of 38.13, a price-to-earnings-growth ratio of 2.74 and a beta of 1.10. Apple Inc. has a fifty-two week low of $201.50 and a fifty-two week high of $317.40. The stock’s 50-day simple moving average is $299.55 and its 200-day simple moving average is $275.26. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.06. The business 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%. Apple’s revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.65 EPS. On average, sell-side analysts forecast that Apple Inc. will post 8.74 EPS for the current fiscal year.

Apple Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on AAPL shares. Evercore reissued an “outperform” rating on shares of Apple in a research report on Wednesday. KGI Securities cut Apple from an “outperform” rating to a “hold” rating and set a $315.00 target price for the company. in a research note on Monday, June 22nd. Wells Fargo & Company reiterated an “overweight” rating and issued a $310.00 target price (up from $300.00) on shares of Apple in a report on Friday, May 1st. Wedbush restated an “outperform” rating and set a $400.00 price target on shares of Apple in a report on Friday, June 5th. Finally, Citigroup reiterated a “buy” rating on shares of Apple in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $314.85.

More Apple News

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s new lawsuit against OpenAI could help protect its hardware roadmap and reinforce its control over proprietary technology, which may support its long-term competitive position. Reuters: Apple sues OpenAI, two former employees for trade secrets theft
• Positive Sentiment: Recent headlines around Apple’s expanded multi-year chip deal with Broadcom continue to boost sentiment, since the agreement strengthens Apple’s supply chain, supports U.S. manufacturing, and deepens its custom silicon strategy. Yahoo Finance: Apple Secures Largest Ever US Chip Deal With Broadcom For $30 Billion
• Neutral Sentiment: Apple was also named among approved U.S. companies eligible for license-free exports under eased UAE trade rules, which is supportive for international operations but not clearly a near-term stock catalyst. Quiver Quant: U.S. eases export controls on UAE
• Neutral Sentiment: Short-interest data showed no meaningful change, suggesting today’s move is being driven more by news flow than by a shift in bearish positioning.
• Negative Sentiment: The OpenAI lawsuit also highlights that Apple’s relationship with a major AI player has soured, adding uncertainty around future AI partnerships and potentially distracting management with litigation. Financial Times: Apple sues OpenAI, alleging it stole top-secret information

Insider Activity

In other Apple news, insider Ben Borders sold 116 shares of Apple stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the completion of the transaction, the insider owned 38,713 shares in the company, valued at approximately $11,425,754.82. The trade was a 0.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevan Parekh sold 1,534 shares of the business’s stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total value of $421,850.00. Following the sale, the chief financial officer directly owned 13,366 shares of the company’s stock, valued at $3,675,650. This represents a 10.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 2,924 shares of company stock valued at $825,546. 0.06% of the stock is currently owned by insiders.

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.