Companies

Evexia Wealth LLC Holds $12.48 Million Stake in Apple Inc. (NASDAQ:AAPL)

Published October 13, 2024

Evexia Wealth LLC recently reported a slight reduction in its holdings of Apple Inc. (NASDAQ:AAPL) during the second quarter. According to the latest filings, the firm decreased its stake by 3.0%, now owning 55,711 shares after selling 1,715 shares in that period. Currently, Apple represents about 3.4% of Evexia Wealth LLC's total investment portfolio, making it the firm's fifth-largest holding. As of the latest reports, Evexia Wealth LLC's investment in Apple is valued at approximately $12.48 million.

In addition to Evexia, various institutional investors have also adjusted their positions with respect to Apple. Vanguard Group Inc. increased its holdings by 1.4% in the last quarter, now owning over 1.31 billion shares valued at about $253.77 billion after acquiring an additional 18 million shares. Swedbank AB made a significant move in the first quarter, establishing a new stake in Apple worth around $3.03 billion. Meanwhile, Global Assets Advisory LLC boosted its holdings by an astonishing 23,076.4%, owning 9.24 million shares worth nearly $1.58 billion after purchasing over 9.2 million shares in a single quarter. Canada Pension Plan Investment Board also increased its Apple shares by 158.3%, now holding about 11.53 million shares valued at approximately $1.97 billion. Lazard Asset Management LLC similarly raised its position by 161.2%, adding 5.4 million shares for a total value of around $1.50 billion. Collectively, institutional investors hold approximately 60.41% of Apple’s stock.

Analysts Provide Insights

Numerous analysts on Wall Street have shared their evaluations of Apple Inc. In a recent report, Piper Sandler maintained a "neutral" rating with a price target set at $225. Bank of America reiterated a "buy" rating, projecting a price target of $256. Cfra increased their price target from $240 to $260 while reiterating a "buy" rating for the tech giant. Additionally, JPMorgan Chase restated an "overweight" rating with a price target of $265, while Evercore ISI maintained a "buy" rating and set a price target of $250. According to MarketBeat.com, the current consensus indicates one analyst holds a "sell" rating, thirteen suggest holding the stock, twenty-two recommend buying it, and one analyst rates it as a strong buy. Overall, Apple's average rating is classified as "Moderate Buy" with an average price target of about $239.27.

Stock Performance Overview

Apple's stock (AAPL) opened at $227.55 on the recent trading day. Over the past year, the company's shares reached a low of $164.07 and a high of $237.23. The 50-day moving average stands at $223.62, while the 200-day moving average is at $205.95. With a market capitalization nearing $3.49 trillion, Apple has a price-to-earnings (P/E) ratio of 35.39 and a price/earnings to growth (PEG) ratio of 2.40. The firm’s debt-to-equity ratio is 1.29, while its current and quick ratios are 0.95 and 0.91, respectively.

On August 1, Apple reported its quarterly earnings, revealing an earnings per share (EPS) of $1.40, surpassing analysts' expectations of $1.34 by $0.06. The company achieved a return on equity of 147.15%, with a net margin of 26.44%. During the quarter, Apple generated revenue of $85.78 billion, exceeding the consensus estimate of $84.43 billion, marking a year-over-year revenue increase of 4.9%. Analysts anticipate that Apple will report approximately $6.65 EPS for the current fiscal year.

Dividend Announcement

Recently, Apple declared a quarterly dividend, with payments made on August 15, 2023. Shareholders of record as of August 12 received a dividend of $0.25 per share, amounting to an annualized dividend yield of 0.44%. The ex-dividend date was also noted as August 12. Currently, Apple's dividend payout ratio stands at 15.55%.

Insider Transactions

In related news, Katherine L. Adams, Senior Vice President of Apple, sold 100,000 shares on August 5 for an average price of $206.44, equating to a total sale amount of approximately $20.64 million. After this transaction, she retains ownership of 191,543 shares valued around $39.54 million. CEO Timothy D. Cook sold 223,986 shares on October 2 for an average price of $224.46, totaling $50.28 million. Following this sale, Cook owns 3.28 million shares worth about $736.27 million. Over the past ninety days, insiders have sold a total of 517,924 shares valued at nearly $114.79 million, with corporate insiders holding 0.06% of the stock.

Company Overview

Apple Inc. specializes in designing, manufacturing, and marketing a range of electronics and accessories, including smartphones, personal computers, tablets, and wearables. Its product lineup includes the iPhone, Mac computers, iPad tablets, and various wearable devices and accessories such as AirPods, Apple Watch, and HomePod.