Heritage Family Offices LLP Sells Shares of Apple Inc.

Heritage Family Offices LLP has reduced its stake in Apple Inc. (NASDAQ:AAPL) by 4.6% during the third quarter, as indicated in its latest filing with the SEC. After selling 730 shares, the firm now holds a total of 15,084 shares in the iPhone manufacturer. As of the close of the most recent reporting period, Apple constituted approximately 1.8% of Heritage Family Offices LLP's portfolio, making it the firm's 10th largest position. The total value of Heritage's holdings in Apple was $3,515,000 at that time.

Other institutional investors have also recently adjusted their holdings in Apple. For example, Dimensional Fund Advisors LP increased its position in Apple by 5.5% in the second quarter, acquiring an additional 2,785,807 shares, bringing its total to 52,981,808 shares, worth $11,160,183,000. Similarly, Ameriprise Financial Inc. raised its stake by 6.7% during the same period, now owning 51,765,589 shares valued at $10,909,457,000 after adding 3,245,281 shares. Additionally, Capital International Investors increased their stake by 7.1% in the first quarter, while American Century Companies Inc. raised theirs by 3.2% in the second quarter. Lastly, Swedbank AB increased its stake by 13.4%. Together, institutional investors and hedge funds control 60.41% of Apple’s stock.

Apple's Market Performance

Apple shares opened at $242.84 recently, with the company boasting a market capitalization of $3.67 trillion. The stock has a price-to-earnings (P/E) ratio of 39.94 and a PEG ratio of 2.38, reflecting robust company performance. Apple also has a beta of 1.23, with 50-day and 200-day moving averages at $230.53 and $221.62 respectively. The company's debt-to-equity ratio stands at 1.51, with a quick ratio of 0.83 and a current ratio of 0.87. Throughout the past year, Apple achieved a low of $164.07 and reached a high of $244.63.

On October 31, Apple reported its quarterly earnings, revealing earnings of $1.64 per share, surpassing expectations which estimated $1.60. The company also generated revenue of $94.93 billion, exceeding analyst anticipations of $94.52 billion. Apple’s net margin during the quarter was 23.97%, with a return on equity at an impressive 152.94%. This revenue marks a 6.1% increase year-over-year, up from $1.46 earnings per share from the previous year. Analysts forecast an average EPS of 7.43 for the current year.

Dividend Announcement

Apple has also recently declared a quarterly dividend which was paid on November 14. Shareholders recorded on November 11 received a dividend of $0.25 per share, with the ex-dividend date on November 8. This totals an annualized dividend of $1.00, reflecting a yield of 0.41%. The company’s current dividend payout ratio stands at 16.45%.

Corporate Insider Activity

In recent updates involving company insiders, CEO Timothy D. Cook sold 223,986 shares on October 2 at an average price of $224.46, resulting in a total transaction value of approximately $50.3 million. Following this sale, Cook retained ownership of 3,280,180 shares worth around $736.3 million, marking a 6.39% reduction in his stake. Additionally, Senior Vice President Katherine L. Adams sold 61,019 shares on the same day for $13.8 million, reflecting a decrease of 24.60% in her ownership. Over the last quarter, insiders sold a total of 408,170 shares valued at approximately $92 million, with only 0.06% of the stock currently held by company insiders.

Analyst Ratings Update

Several analysts have recently evaluated Apple’s stock. Morgan Stanley maintained an “overweight” rating with a price target of $273.00. However, Jefferies Financial Group downgraded the stock from “buy” to “hold,” adjusting the price target from $205.00 to $212.92. Bank of America raised its price target to $256.00 and issued a “buy” rating, while Citigroup increased its target to $185.00 with a “buy” recommendation. Loop Capital slightly adjusted their price target down to $275.00 but maintained a “buy” rating. Overall, two analysts issued a sell rating, twelve suggested a hold, and twenty-two advocated for a buy, resulting in an average rating classified as a “Moderate Buy” with an expected price target around $235.68.

About Apple

Apple Inc. is involved in designing, manufacturing, and marketing various electronic devices worldwide, offering products such as the iPhone, Mac personal computers, iPad tablets, and wearables like AirPods and the Apple Watch.

Apple, Shares, Investment