World Investment Advisors has increased its holdings in Apple Inc. (NASDAQ:AAPL) by 3.9% during the third quarter of 2023, according to data from Holdings Channel. The institutional investor now owns 734,485 shares of the technology giant, having acquired an additional 27,445 shares in the period. This investment makes Apple the largest position in World Investment Advisors’ portfolio, representing 3.8% of its total holdings, which were valued at approximately $187.02 million as per the latest filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also made significant adjustments to their positions in Apple. For instance, Ryan Investment Management Inc. purchased a new stake valued at about $31,000 in the second quarter. ROSS JOHNSON & Associates LLC dramatically increased its stake by 1,800% in the first quarter, now holding 190 shares worth $42,000. Similarly, Nexus Investment Management ULC raised its holdings by 333.3% in the second quarter, owning 260 shares valued at $53,000 after acquiring an additional 200 shares.
Furthermore, LSV Asset Management purchased new shares worth approximately $65,000 during the fourth quarter, while Morgan Dempsey Capital Management LLC increased its stake by 41% in the second quarter, bringing its total to 430 shares valued at $88,000. Overall, institutional investors now own 67.73% of Apple’s stock.
Insider Transactions Reflect Market Activity
In related news, insider Chris Kondo sold 3,752 shares of Apple on November 7 at an average price of $271.23, totaling approximately $1.02 million. Following this transaction, Kondo retained 15,098 shares, valued at around $4.1 million, indicating a 19.90% decrease in ownership. Another insider, Kevan Parekh, who serves as the Chief Financial Officer, sold 4,199 shares on October 16 for around $1.04 million. After this sale, Parekh owned 8,765 shares valued at approximately $2.17 million, representing a 32.39% reduction in his stake.
Corporate insiders hold a mere 0.06% of Apple’s stock, reflecting a trend of selling among key executives.
Analyst Insights and Stock Performance
Wall Street analysts have been vocal about their perspectives on Apple shares. Seaport Res Ptn upgraded Apple to a “strong-buy” rating as of October 1. In contrast, Wall Street Zen downgraded the stock from a “buy” to a “hold” rating on November 9. Robert W. Baird set a target price of $300.00 for Apple shares, while TD Cowen increased its price target from $275.00 to $325.00, maintaining a “buy” rating. Additionally, Rosenblatt Securities raised its price target from $241.00 to $250.00, giving the stock a “neutral” rating.
In total, two analysts have rated Apple as a Strong Buy, twenty-two have issued Buy ratings, twelve have suggested a Hold, and one has issued a Sell rating. According to MarketBeat.com, the consensus rating for the stock is currently “Moderate Buy” with an average price target of $283.92.
As of the latest market data, Apple shares opened at $271.01. The company’s 50-day moving average is $273.66, while its 200-day moving average stands at $244.63. Over the past year, Apple has seen a low of $169.21 and a high of $288.62.
Apple reported earnings on October 30, revealing a quarterly earnings per share (EPS) of $1.85, surpassing analysts’ expectations of $1.74 by $0.11. The company generated revenue of $102.47 billion, exceeding anticipated figures of $101.65 billion. The earnings report indicated an impressive 8.7% year-over-year revenue growth.
Furthermore, Apple declared a quarterly dividend of $0.26 per share, which was paid on November 13. Shareholders on record as of November 10 received this dividend, resulting in an annualized dividend of $1.04 and a dividend yield of 0.4%. The company’s dividend payout ratio currently stands at 13.92%.
Founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne, Apple Inc. has evolved from its initial focus on personal computers to a diverse range of consumer electronics, software, and services, including the iPhone, iPad, Mac, and various accessories.
For more insights on hedge fund activities and stock performance, interested parties can visit HoldingsChannel.com for the latest filings and insider trades related to Apple Inc.
