Carnegie Investment Counsel has reduced its stake in Apple Inc. (NASDAQ: AAPL) by 0.3% during the third quarter of 2023, as reported by Holdings Channel. The institutional investor now holds 668,997 shares after selling 2,136 shares during this period. This adjustment makes Apple approximately 3.2% of Carnegie’s total investment portfolio, positioning it as the firm’s second-largest investment, valued at around $170.3 million based on its latest filing with the Securities and Exchange Commission.
Several other institutional investors have also adjusted their positions in Apple recently. Financial Futures Ltd Liability Co. increased its stake by 13.2% during the second quarter, now owning 3,552 shares valued at $729,000. Monarch Capital Management Inc. raised its holdings by 4.6%, bringing its total to 66,967 shares worth $13.74 million. Additionally, American National Bank & Trust increased its stake by 2.4%, now owning 195,482 shares valued at $40.11 million. Riverwater Partners LLC and Andina Capital Management LLC also reported significant increases in their holdings.
As of the latest data, institutional investors and hedge funds own approximately 67.73% of Apple’s stock.
Apple Stock Performance and Dividend Announcements
On November 10, 2023, shares of Apple opened at $259.04, marking a 0.5% decline. The company’s stock has seen a fifty-two week low of $169.21 and a high of $288.62. Financial metrics indicate a market capitalization of $3.83 trillion, a price-to-earnings ratio of 34.68, and a debt-to-equity ratio of 1.06. The firm’s quick ratio stands at 0.86, while the current ratio is 0.89.
In addition to share adjustments, Apple recently declared a quarterly dividend of $0.26 per share, distributed on November 13, 2023, to stockholders of record as of November 10. This dividend represents an annualized total of $1.04 and a yield of 0.4%, with a dividend payout ratio currently at 13.92%.
Recent Insider Transactions and Analyst Ratings
In related news, CFO Kevan Parekh sold 4,199 shares on October 16, 2023, at an average price of $247.39, totaling approximately $1.04 million. Following this transaction, Parekh holds 8,765 shares valued at around $2.17 million, reflecting a 32.39% decrease in ownership. Another insider, Chris Kondo, sold 3,752 shares on November 7, 2023, at an average price of $271.23, amounting to nearly $1.02 million and reducing their position by 19.90%.
Analysts have recently updated their ratings on Apple shares. Notably, Raymond James Financial maintained a “market perform” rating, while CLSA raised its price target from $265.00 to $330.00, giving Apple an “outperform” rating. Goldman Sachs Group has reaffirmed a “buy” rating, and various other analysts have provided a mix of recommendations, with two rating it as a Strong Buy, twenty-two as Buy, twelve as Hold, and one as Sell. The consensus price target is approximately $283.92.
As Apple continues to navigate market fluctuations, its strong institutional backing and steady dividend offerings remain central to its appeal among investors.
