Black Diamond Financial LLC Has $3.29 Million Stake in Apple Inc. (NASDAQ:AAPL)

Posted by MarketBeat News on May 24th, 2023

Black Diamond Financial LLC lessened its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 25,296 shares of the iPhone maker’s stock after selling 669 shares during the quarter. Apple comprises about 1.2% of Black Diamond Financial LLC’s portfolio, making the stock its 22nd largest holding. Black Diamond Financial LLC’s holdings in Apple were worth $3,287,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in AAPL. MKT Advisors LLC lifted its holdings in Apple by 0.5% during the second quarter. MKT Advisors LLC now owns 12,269 shares of the iPhone maker’s stock valued at $1,777,000 after purchasing an additional 60 shares in the last quarter. Silver Oak Advisory Group Inc. lifted its holdings in Apple by 1.8% during the second quarter. Silver Oak Advisory Group Inc. now owns 3,925 shares of the iPhone maker’s stock valued at $537,000 after purchasing an additional 69 shares in the last quarter. 3D L Capital Management LLC lifted its position in shares of Apple by 2.9% in the first quarter. 3D L Capital Management LLC now owns 2,445 shares of the iPhone maker’s stock valued at $427,000 after acquiring an additional 70 shares in the last quarter. Weik Capital Management lifted its position in shares of Apple by 0.3% in the first quarter. Weik Capital Management now owns 25,238 shares of the iPhone maker’s stock valued at $4,407,000 after acquiring an additional 70 shares in the last quarter. Finally, Coyle Financial Counsel LLC lifted its position in shares of Apple by 0.3% in the second quarter. Coyle Financial Counsel LLC now owns 26,125 shares of the iPhone maker’s stock valued at $3,572,000 after acquiring an additional 71 shares in the last quarter. 57.60% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AAPL. KeyCorp boosted their target price on Apple from $177.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, May 5th. Piper Sandler decreased their price target on shares of Apple from $195.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, May 5th. StockNews.com initiated coverage on Apple in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Rosenblatt Securities upped their price objective on Apple from $173.00 to $198.00 and gave the company a “buy” rating in a research report on Friday, May 5th. Finally, Cowen reduced their target price on shares of Apple from $200.00 to $195.00 and set an “outperform” rating on the stock in a research note on Friday, February 3rd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-six have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $174.74.

Insider Buying and Selling at Apple

Want More Great Investing Ideas?

In other Apple news, CEO Timothy D. Cook sold 56,072 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $165.17, for a total value of $9,261,412.24. Following the completion of the transaction, the chief executive officer now directly owns 3,280,052 shares in the company, valued at $541,766,188.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Timothy D. Cook sold 56,072 shares of Apple stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $165.17, for a total transaction of $9,261,412.24. Following the completion of the transaction, the chief executive officer now directly owns 3,280,052 shares in the company, valued at approximately $541,766,188.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Chris Kondo sold 4,092 shares of Apple stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $173.26, for a total transaction of $708,979.92. Following the sale, the insider now directly owns 33,946 shares of the company’s stock, valued at approximately $5,881,483.96. The disclosure for this sale can be found here. Insiders have sold 439,529 shares of company stock valued at $71,703,657 in the last 90 days. 0.06% of the stock is currently owned by company insiders.

Apple Stock Performance

NASDAQ:AAPL opened at $171.56 on Wednesday. The firm has a 50 day moving average of $165.70 and a 200-day moving average of $151.11. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 1.56. Apple Inc. has a 1 year low of $124.17 and a 1 year high of $176.39. The stock has a market capitalization of $2.70 trillion, a P/E ratio of 29.13, a price-to-earnings-growth ratio of 2.34 and a beta of 1.29.

Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 EPS for the quarter, topping the consensus estimate of $1.44 by $0.08. The business had revenue of $94.84 billion for the quarter, compared to the consensus estimate of $92.84 billion. Apple had a return on equity of 165.72% and a net margin of 24.49%. The firm’s revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.52 EPS. As a group, sell-side analysts anticipate that Apple Inc. will post 5.99 EPS for the current fiscal year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Monday, May 15th were issued a dividend of $0.24 per share. This is an increase from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 0.56%. The ex-dividend date was Friday, May 12th. Apple’s dividend payout ratio (DPR) is 16.30%.

Apple announced that its board has initiated a stock buyback plan on Thursday, May 4th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to purchase up to 3.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Apple Profile

(Get Rating)

Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.