Rice Partnership LLC Reduces Position in Apple Inc. $AAPL

Rice Partnership LLC decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 3.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 180,887 shares of the iPhone maker’s stock after selling 5,946 shares during the period. Apple accounts for 6.4% of Rice Partnership LLC’s investment portfolio, making the stock its 4th biggest holding. Rice Partnership LLC’s holdings in Apple were worth $52,342,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Lifetime Wealth Management P.C. acquired a new stake in Apple in the 4th quarter valued at approximately $41,000. ROSS JOHNSON & Associates LLC increased its position in Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after buying an additional 180 shares during the period. Timmons Wealth Management LLC acquired a new position in shares of Apple during the fourth quarter worth approximately $69,000. LSV Asset Management acquired a new position in shares of Apple during the fourth quarter worth approximately $65,000. Finally, Inspire Investing LLC bought a new stake in shares of Apple in the fourth quarter valued at approximately $76,000. 67.73% of the stock is currently owned by institutional investors.

Apple Stock Performance

Apple stock opened at $319.97 on Friday. The stock has a 50-day simple moving average of $315.65 and a 200 day simple moving average of $290.34. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 0.66. Apple Inc. has a 12-month low of $225.95 and a 12-month high of $344.57. The stock has a market capitalization of $4.67 trillion, a price-to-earnings ratio of 36.69, a P/E/G ratio of 2.84 and a beta of 1.08.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.13. The firm had revenue of $109.42 billion during the quarter, compared to analysts’ expectations of $109.04 billion. Apple had a net margin of 27.62% and a return on equity of 135.46%. Apple’s revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.57 EPS. On average, research analysts anticipate that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Monday, August 10th were given a dividend of $0.27 per share. The ex-dividend date was Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. Apple’s payout ratio is currently 12.39%.

Insider Buying and Selling

In other Apple news, SVP Jennifer Newstead sold 1,439 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $317.01, for a total transaction of $456,177.39. Following the completion of the sale, the senior vice president owned 35,790 shares in the company, valued at approximately $11,345,787.90. The trade was a 3.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ben Borders sold 116 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total value of $34,236.24. Following the completion of the transaction, the insider owned 38,713 shares in the company, valued at $11,425,754.82. This represents a 0.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 5,872 shares of company stock valued at $1,823,201. 0.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on AAPL shares. Barclays restated an “underweight” rating and issued a $245.00 price target (down from $253.00) on shares of Apple in a research report on Friday, July 31st. Piper Sandler began coverage on shares of Apple in a research note on Monday, August 17th. They issued an “overweight” rating for the company. Needham & Company LLC reissued a “hold” rating on shares of Apple in a research report on Friday, July 31st. Rosenblatt Securities boosted their price target on Apple from $300.00 to $303.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Rothschild & Co Redburn set a $400.00 price target on Apple and gave the company a “buy” rating in a report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and an average price target of $330.61.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple’s Sept. 9 product event is generating significant interest under new CEO John Ternus, with expectations for new iPhones, an Apple Watch update and potentially the company’s first foldable iPhone. Citi estimates the foldable device could sell 7.3 million units despite a possible price above $2,000. Citi foldable iPhone sales forecast
• Positive Sentiment: Apple’s latest quarter showed strong momentum, with revenue rising 16.4% year over year and earnings exceeding analyst expectations. Morgan Stanley has also suggested the foldable iPhone could contribute roughly $14 billion in December-quarter revenue if successfully launched. Morgan Stanley foldable iPhone estimate
• Neutral Sentiment: John Ternus has succeeded Tim Cook as CEO, while Cook remains executive chairman. The transition offers continuity through a longtime Apple executive but raises questions about whether Ternus can accelerate Apple’s artificial-intelligence strategy and sustain Cook-era growth. John Ternus becomes Apple CEO
• Negative Sentiment: Reports indicate initial foldable iPhone production was only a few hundred units per day in late August. Tight quality controls and memory shortages could limit launch supply, delay purchases and prevent Apple from fully capturing expected demand. Foldable iPhone production hurdles
• Negative Sentiment: Memory costs have reportedly surged, potentially forcing Apple to raise iPhone prices, absorb lower margins or risk weaker demand. Jefferies has also downgraded AAPL amid skepticism about the foldable product’s market potential. iPhone memory cost concerns
• Negative Sentiment: Apple faces a $2.7 billion UK lawsuit over alleged unfair app-tracking rules and a separate BASF patent lawsuit involving facial-authentication technology, adding regulatory and litigation risk. Apple UK app-tracking lawsuit

Apple 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.