Andina Capital Management LLC has significantly increased its stake in Apple Inc. (NASDAQ:AAPL) by an impressive 209.2% during the first quarter of 2023. According to the firm’s most recent 13F filing with the U.S. Securities and Exchange Commission (SEC), the investment firm now holds 6,786 shares of the technology giant after acquiring an additional 4,591 shares over the quarter. This investment now makes Apple approximately 1.1% of Andina Capital Management’s portfolio, ranking as its 23rd largest position.
The total value of Andina’s holdings in Apple reached $1.5 million at the close of the quarter. The interest from institutional investors in Apple has been notable, with several firms adjusting their positions. For instance, Conquis Financial LLC invested approximately $63,000 during the fourth quarter, while LSV Asset Management added a stake valued at around $65,000. Other institutional players include Elite Financial Inc., which acquired shares worth $58,000, and Pillar Financial Advisors LLC, with a stake valued at $82,000.
Overall, hedge funds and institutional investors own 67.73% of Apple’s stock, reflecting strong confidence in the company’s performance.
Stock Performance and Financial Highlights
On Thursday, shares of Apple opened at $226.79. The company currently reports a current ratio of 0.87, a quick ratio of 0.83, and a debt-to-equity ratio of 1.25. With a market capitalization of $3.37 trillion, Apple continues to be a major player in the tech industry. The firm’s price-to-earnings (P/E) ratio stands at 34.41, with a beta of 1.11 indicating moderate volatility.
In terms of financial performance, Apple recently announced its quarterly earnings, revealing earnings per share (EPS) of $1.57, surpassing analysts’ expectations of $1.43 by $0.14. The company reported a revenue of $94.04 billion, significantly exceeding the consensus estimate of $88.64 billion. This marks a 9.6% increase in revenue compared to the same quarter last year, when it posted an EPS of $1.40. Analysts predict that Apple Inc. is on track to achieve an EPS of 7.28 for the current fiscal year.
Dividend Announcement and Analyst Ratings
Apple has also declared a quarterly dividend of $0.26 per share, which was paid on August 14, 2023. Investors of record as of August 11 received this payment, amounting to an annualized dividend of $1.04 and a yield of 0.5%. The company currently maintains a payout ratio of 15.78%.
Recent analyst ratings show a generally favorable outlook for Apple. Citigroup reaffirmed a “buy” rating, while Jefferies Financial Group raised its target price from $190.67 to $205.82, maintaining a “hold” rating. Monness Crespi & Hardt increased their target from $245.00 to $270.00 and rated the stock as a “buy.” Evercore ISI also raised its target price from $250.00 to $260.00, giving it an “outperform” rating. Morgan Stanley set a target of $240.00 with an “overweight” rating. Overall, analysts provide an average rating of “Moderate Buy” for the stock, with an average price target of $242.16.
In insider trading news, Deirdre O’Brien, Senior Vice President, sold 34,821 shares on August 8, 2023, at an average price of $223.20, totaling approximately $7.77 million. Following this transaction, O’Brien retains 136,687 shares valued at around $30.51 million, reflecting a 20.30% decrease in her ownership.
Apple Inc. continues to design, manufacture, and market a wide range of products, including smartphones, personal computers, tablets, wearables, and accessories. Its flagship products include the iPhone, Mac, iPad, and various wearables like the Apple Watch and AirPods. As the company navigates the evolving tech landscape, its strong financial performance and ongoing interest from institutional investors indicate a robust future ahead.
