REAP Financial Group Reduces Stake in Apple by 38.1%

REAP Financial Group LLC has reduced its holdings in Apple Inc. (NASDAQ: AAPL) by 38.1% in the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the firm sold 16,770 shares, leaving it with 27,260 shares of the tech giant. Apple now represents approximately 1.3% of REAP Financial’s investment portfolio, making it the firm’s 24th largest position.

At the end of the reporting period, REAP Financial’s stake in Apple was valued at $5,593,000. Alongside REAP, several other institutional investors have made adjustments to their positions in Apple recently. For instance, Ryan Investment Management Inc. acquired a new stake worth $31,000 in the second quarter, while ROSS JOHNSON & Associates LLC increased its stake by an impressive 1,800% during the first quarter, bringing its total to 190 shares valued at $42,000.

In addition, Elite Financial Inc. and LSV Asset Management have also made new investments in Apple, valued at $58,000 and $65,000, respectively. Overall, institutional investors hold 67.73% of Apple’s stock.

Apple’s Stock Performance and Dividend Announcement

As of the latest trading session, Apple shares opened at $270.37. The company has experienced volatility over the past year, with a 52-week low of $169.21 and a high of $277.32. Apple has a market capitalization of $4.01 trillion, a price-to-earnings ratio of 41.03, and a price-to-earnings-growth ratio of 2.62. Its stock is currently trading above its fifty-day moving average of $248.34 and two-hundred-day moving average of $222.01.

The company also announced a quarterly dividend of $0.26 per share, scheduled for payment on November 13, 2023. Shareholders on record as of November 10, 2023 will receive this dividend, which represents an annualized yield of 0.4% and a payout ratio of 15.78%.

Analyst Ratings and Insider Transactions

Several analysts have recently provided updates on Apple’s stock. On October 20, 2023, Robert W. Baird set a target price of $300.00, while Loop Capital upgraded its rating from “hold” to “buy” and increased its price target from $226.00 to $315.00. Other firms, such as Needham & Company LLC and Melius Research, have maintained ratings of “hold” and set targets of $345.00 and $276.39, respectively.

Overall, market sentiment reflects a consensus rating of “Moderate Buy” for Apple, with three analysts rating it as a Strong Buy, twenty issuing Buy ratings, and twelve recommending a Hold.

On the insider trading front, significant transactions have occurred recently. On October 2, 2023, Senior Vice President Deirdre O’Brien sold 43,013 shares at an average price of $257.39, totaling over $11 million. Following this transaction, O’Brien held 136,687 shares valued at approximately $35.18 million.

Additionally, Chief Financial Officer Kevan Parekh sold 4,199 shares on October 16, 2023, for a total of $1,038,790.61. After the sale, Parekh retained 8,765 shares worth around $2.17 million. Over the past ninety days, Apple insiders have sold a total of 259,121 shares, valued at $65.36 million.

Apple Inc. continues to be a significant player in the technology sector, manufacturing a range of products including smartphones, personal computers, tablets, and wearables. As the company moves forward, investor interest and analyst ratings will play a crucial role in shaping its market trajectory.