Purpose Unlimited Inc. Makes New $41.60 Million Investment in Apple Inc. $AAPL

Purpose Unlimited Inc. acquired a new position in Apple Inc. (NASDAQ:AAPL) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 153,039 shares of the iPhone maker’s stock, valued at approximately $41,605,000. Apple accounts for about 1.9% of Purpose Unlimited Inc.’s portfolio, making the stock its 14th largest holding.

A number of other institutional investors have also recently modified their holdings of AAPL. Isthmus Partners LLC increased its position in shares of Apple by 6.4% in the third quarter. Isthmus Partners LLC now owns 97,177 shares of the iPhone maker’s stock valued at $25,000 after buying an additional 5,808 shares in the last quarter. Lifetime Wealth Management P.C. acquired a new position in shares of Apple during the 4th quarter worth approximately $41,000. ROSS JOHNSON & Associates LLC lifted its position in shares of Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock valued at $42,000 after buying an additional 180 shares in the last quarter. LSV Asset Management purchased a new position in shares of Apple during the 4th quarter valued at approximately $65,000. Finally, Timmons Wealth Management LLC acquired a new stake in Apple in the 4th quarter valued at $69,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Apple

In related news, CEO Timothy D. Cook sold 64,949 shares of the company’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $254.23, for a total transaction of $16,511,984.27. Following the completion of the sale, the chief executive officer owned 3,280,418 shares of the company’s stock, valued at approximately $833,980,668.14. This represents a 1.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Ben Borders sold 1,274 shares of the stock in a transaction dated 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 sale, the insider owned 38,713 shares of the company’s stock, valued at approximately $11,226,770. The trade was a 3.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 97,875 shares of company stock valued at $24,998,541. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Maxim Group reissued a “buy” rating and issued a $350.00 price target (up from $310.00) on shares of Apple in a report on Tuesday, June 9th. Oppenheimer reiterated a “market perform” rating on shares of Apple in a research report on Tuesday, June 9th. UBS Group reissued a “buy” rating on shares of Apple in a research note on Tuesday, June 9th. DA Davidson restated a “neutral” rating and set a $270.00 price target on shares of Apple in a research report on Friday, May 1st. Finally, Wedbush reaffirmed an “outperform” rating and issued a $400.00 price target on shares of Apple in a research note on Friday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Apple currently has a consensus rating of “Moderate Buy” and an average price target of $314.85.

Apple Trading Down 0.7%

Shares of AAPL stock opened at $294.98 on Wednesday. The stock’s fifty day moving average is $291.15 and its two-hundred day moving average is $273.06. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07. The firm has a market capitalization of $4.33 trillion, a P/E ratio of 35.67, a PEG ratio of 2.58 and a beta of 1.09. Apple Inc. has a fifty-two week low of $199.26 and a fifty-two week high of $317.40.

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

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were given a dividend of $0.27 per share. The ex-dividend date was Monday, May 11th. This is a boost from Apple’s previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a yield of 0.4%. Apple’s dividend payout ratio (DPR) is presently 13.06%.

Apple News Summary

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Wall Street is becoming more optimistic about Apple’s new Siri and AI strategy after the post-WWDC selloff, suggesting investors may be overreacting to near-term skepticism. After an Initial Panic, Wall Street’s Leaning Into Apple’s New Siri AI
• Positive Sentiment: Reports that Apple has agreed to partner with Intel to design and manufacture chips in the U.S. are being viewed as a supply-chain diversification win and a long-term catalyst for Apple’s hardware roadmap. Apple’s Intel Deal Arrives at the Right Time for Its Stock
• Positive Sentiment: Tim Cook’s comments about higher memory costs and upcoming price increases are being interpreted by some analysts as supportive of Apple’s earnings power, since price hikes could help offset component inflation. Apple: Empirical Evidence Suggests Upcoming Price Hikes Will Boost Earnings
• Neutral Sentiment: Apple’s TV and streaming strategy is drawing attention, but the discussion appears more explanatory than immediately material to the stock. Apple Explains TV Library Strategy
• Neutral Sentiment: A Zacks comparison of NVIDIA and Apple highlights Apple’s lower valuation and services strength, reinforcing the stock’s defensive appeal without changing the near-term setup. NVIDIA vs. Apple: Which Tech Titan Is the Better Buy Right Now?
• Negative Sentiment: Britain’s competition tribunal approved a £3 billion class action over iCloud fees, adding a meaningful legal overhang and potential financial liability for Apple. UK tribunal gives go ahead for $4 billion lawsuit against Apple over iCloud services
• Negative Sentiment: Apple also faces reputational risk after closing its first unionized U.S. store, with the union accusing the company of retaliation. Apple Just Closed Its First Unionized U.S. Store
• Negative Sentiment: Several reports say Apple is forcing price increases on hardware because memory and chip costs are rising, which could pressure demand if consumers push back. Memory’s price surge threatens Apple’s ‘magic formula’ — and the economy

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.