Augustine Asset Management Adjusts Apple Holdings, Reports $28.41 Million
Augustine Asset Management Inc. has reduced its investment in Apple Inc. (NASDAQ:AAPL) by 0.2% during the second quarter of 2023, according to a recent report from Holdings Channel. The fund now holds 138,477 shares of the technology giant after selling 218 shares in that period. This adjustment means that Apple represents 7.6% of Augustine’s total portfolio, making it the firm’s second-largest holding, valued at approximately $28.41 million as per the latest SEC filing.
Other institutional investors have also been active in modifying their stakes in Apple. Ryan Investment Management Inc. acquired a new position in Apple shares valued around $31,000 during the second quarter. Notably, ROSS JOHNSON & Associates LLC significantly increased its position by 1,800% in the first quarter, now owning 190 shares worth $42,000 after adding 180 shares. Additionally, LSV Asset Management, Elite Financial Inc., and HFM Investment Advisors LLC made new investments in Apple during the previous quarters, showcasing a growing interest among institutional investors. Overall, institutional ownership now stands at 67.73% of Apple’s stock.
Apple’s Stock Performance and Recent Dividend Announcement
As of the latest market opening, Apple shares traded at $245.27. The company’s fifty-day simple moving average is $237.61, while the two-hundred-day simple moving average sits at $215.88. Apple has experienced a 12-month low of $169.21 and a high of $260.10. With a market capitalization of $3.64 trillion, the company has a price-to-earnings ratio of 37.22 and a beta of 1.09.
In addition to its stock performance, Apple recently declared a quarterly dividend of $0.26, which was paid on August 14, 2023. Shareholders who were on record as of August 11, 2023 received this dividend, leading to an annualized payment of $1.04 and a dividend yield of 0.4%. The company maintains a dividend payout ratio of 15.78%.
Analysts’ Ratings and Insider Transactions
Several research analysts have recently revised their ratings on Apple. For instance, Jefferies Financial Group downgraded Apple from a “hold” to an “underperform” rating, reducing its price target from $205.82 to $205.16. Conversely, JPMorgan Chase & Co. raised its target price from $255.00 to $280.00, maintaining an “overweight” rating. Other analysts from Citigroup, CLSA, and BMO Capital Markets have reiterated buy ratings, reflecting a generally positive sentiment towards the stock.
Currently, Apple has received ratings from four investment analysts as a strong buy, fifteen as buy, twelve as hold, and two as sell. The consensus rating stands at “moderate buy” with an average price target of $248.29.
In related news, significant insider transactions occurred recently. Senior Vice President Deirdre O’Brien sold 43,013 shares on October 2, 2023, at an average price of $257.39, totaling approximately $11.07 million. Following this sale, O’Brien’s remaining holdings are valued at around $35.18 million, marking a 23.94% decrease in her ownership.
Another senior vice president, Katherine L. Adams, also sold 47,125 shares on the same day for an average price of $256.79, amounting to about $12.10 million. Her remaining shares are valued at approximately $46.01 million, reflecting a decrease of 20.83% in her position. In total, insiders have sold 254,922 shares worth $64.32 million over the past 90 days, with company insiders owning just 0.06% of Apple’s stock.
Apple Inc. continues to be a pivotal player in the technology market, designing and manufacturing a wide range of products including smartphones, tablets, and wearables. The company remains a focal point for investors and analysts alike, with ongoing developments likely to influence its future performance.
