SMART Wealth Cuts Apple Stake Amid Mixed Institutional Activity
SMART Wealth LLC reduced its stake in Apple Inc. (NASDAQ:AAPL) by 15.8% during the second quarter, selling 2,593 shares. The firm now holds 13,782 shares, valued at $3,988,000, according to its latest 13F filing with the Securities and Exchange Commission. Other institutional investors also adjusted their positions in Apple, with ABS Investment Management LLC acquiring a new position worth approximately $376,168,000 in the same quarter.
Wall Street analysts have maintained a generally positive outlook on Apple, with an average rating of "Moderate Buy" and a consensus price target of $340.02. Recent research reports from JPMorgan Chase & Co. and Citigroup reaffirmed "buy" ratings, while Moffett Nathanson raised its price target to $304.00. Piper Sandler initiated coverage with an "overweight" rating.
Insider activity at Apple included significant stock sales by senior executives. SVP Jennifer Newstead sold 2,399 shares on September 29th at an average price of $336.18, reducing her ownership by 5.40%. SVP Deirdre O’Brien sold 46,389 shares on October 2nd at $333.42 per share, a 25.32% decrease in her position. These sales were disclosed in SEC filings and were made to cover tax withholding obligations related to vested equity awards.
Apple’s stock opened at $332.89 on Tuesday, with a 12-month range of $243.42 to $345.34. The company reported strong quarterly earnings, beating estimates with $2.02 earnings per share and revenue of $109.42 billion, up 16.4% year-over-year. Analysts anticipate an EPS of 8.75 for the current fiscal year. The company also declared a quarterly dividend of $0.27 per share, reflecting a dividend yield of 0.3%.