Cahaba Wealth Management Inc. Reduces Apple Inc. Holdings

Cahaba Wealth Management Inc. has decreased its holdings in Apple Inc. (NASDAQ:AAPL) by 2.2% during the third quarter, as reported in its latest filing with the Securities and Exchange Commission. After selling 606 shares, the fund now owns a total of 26,995 shares of the tech giant's stock. This adjustment means that Apple represents approximately 0.5% of Cahaba Wealth Management Inc.’s entire investment portfolio, making it the 19th largest holding in their investments. The valuation of Cahaba Wealth Management's Apple shares was about $6,290,000 at the conclusion of the last quarter.

Other institutional investors have also adjusted their stakes in Apple. For instance, Harfst & Associates Inc. increased its position in Apple by 2.0% in the third quarter, owning 38,569 shares valued at $8,987,000 due to the acquisition of an additional 756 shares. Clarity Wealth Advisors LLC also raised its stake by 0.4%, now holding 131,793 shares worth $30,708,000 after adding 485 shares. Additionally, Gries Financial LLC significantly boosted its position by 19.9%, now owning 32,145 shares valued at $7,490,000 after buying 5,343 shares. Alpha Financial Advisors LLC raised its stake in Apple by 11.5%, increasing its holdings to 2,827 shares valued at $659,000 after purchasing 292 more shares. Last but not least, Legacy Financial Strategies LLC increased its holdings by 6.2%, owning 31,438 shares worth $7,325,000 after acquiring 1,825 additional shares. Institutional investors collectively own about 67.73% of Apple's stock.

Recent Insider Transactions

In related news, Apple CEO Timothy D. Cook sold 223,986 shares of his company’s stock on October 2nd, fetching an average price of $224.46 per share. The total transaction amount was approximately $50,275,898. Following this sale, Cook's ownership in Apple decreased by 6.39%, leaving him with 3,280,180 shares valued at around $736,269,203. Another insider, Chris Kondo, sold 4,130 shares on November 18th at an average price of $228.87, totaling about $945,233. This sale reduced Kondo’s direct ownership by 21.13%, leaving him with 15,419 shares valued at approximately $3,528,947. Across the past three months, insiders have sold a total of 408,170 shares worth about $92,007,745. Insiders now own 0.06% of company stock.

Apple's Stock Performance Overview

As of Friday, shares of Apple opened at $247.96. The stock has faced a twelve-month low of $164.07 and a high of $250.80. Apple’s financial ratios include a quick ratio of 0.83, a current ratio of 0.87, and a debt-to-equity ratio of 1.51. Moreover, the company’s 50-day simple moving average stands at $231.63, while the 200-day average is $222.83. With a market cap of $3.75 trillion, Apple has a P/E ratio of 40.78 and a P/E/G ratio of 2.42, along with a beta of 1.23.

Apple recently announced its quarterly earnings, reporting earnings per share of $1.64 for the period ending October 31st, which exceeded analysts’ forecasts of $1.60 by $0.04. The company's net margins were 23.97%, and it achieved a return on equity of 152.94%. Revenue for the quarter reached $94.93 billion, surpassing estimates of $94.52 billion, with a year-over-year growth of 6.1% in revenue compared to the same quarter last year. Analysts anticipate Apple will report an EPS of 7.43 for the fiscal year.

Dividend Announcement

Apple has also declared a quarterly dividend of $0.25 per share, which was distributed on November 14th to shareholders on record as of November 11th. This indicates an annualized dividend of $1.00 with a yield of 0.40%. The ex-dividend date was November 8th, and Apple's payout ratio stands at 16.45%.

Analyst Outlook for Apple

Several brokerages have weighed in on Apple’s stock. UBS Group has maintained a “neutral” rating, setting a price target of $236.00, while Oppenheimer reaffirmed a “buy” rating with a target of $250.00. KeyCorp downgraded Apple from a “sector weight” to an “underweight” rating, giving it a target of $200.00. Conversely, Maxim Group raised its target from $203.00 to $215.00, categorizing the stock as a “hold.” Wells Fargo & Company has also raised its target to $275.00 with a “buy” rating. Current ratings include two sells, twelve holds, twenty-three buys, and one strong buy, leading to an average rating of “Moderate Buy” and a consensus target price of $236.78 according to data from MarketBeat.com.

More about Apple

Company Overview

Apple Inc. is known for designing, manufacturing, and marketing a wide range of products, including smartphones, personal computers, tablets, wearables, and accessories. The company’s flagship products include the iPhone, Mac personal computers, iPad tablets, and various accessories like AirPods and Apple Watches.

Cahaba, Apple, Investments