Ledyard National Bank lessened its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 11.0% in the 1st quarter, HoldingsChannel.com reports. The firm owned 336,574 shares of the iPhone maker’s stock after selling 41,658 shares during the quarter. Apple comprises approximately 5.9% of Ledyard National Bank’s portfolio, making the stock its largest holding. Ledyard National Bank’s holdings in Apple were worth $58,769,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in AAPL. State Street Corp increased its holdings in shares of Apple by 1.8% during the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after buying an additional 10,951,705 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Apple by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock worth $46,812,958,000 after buying an additional 4,456,954 shares in the last quarter. Norges Bank acquired a new stake in shares of Apple during the fourth quarter worth approximately $25,228,507,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Apple by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock worth $14,131,710,000 after buying an additional 1,273,148 shares in the last quarter. Finally, Fisher Asset Management LLC increased its holdings in shares of Apple by 5.1% during the fourth quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker’s stock worth $11,361,302,000 after buying an additional 3,096,696 shares in the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
Apple Trading Down 0.7 %
AAPL opened at $152.95 on Tuesday. The stock has a market capitalization of $2.48 trillion, a P/E ratio of 24.83, a P/E/G ratio of 2.00 and a beta of 1.19. Apple Inc. has a 12 month low of $129.04 and a 12 month high of $182.94. The firm’s fifty day simple moving average is $143.05 and its 200 day simple moving average is $157.67. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53.
Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 EPS for the quarter, beating the consensus estimate of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The business had revenue of $97.28 billion for the quarter, compared to analysts’ expectations of $93.99 billion. During the same period in the previous year, the firm posted $1.40 EPS. The firm’s revenue was up 8.6% compared to the same quarter last year. As a group, research analysts anticipate that Apple Inc. will post 6.09 EPS for the current fiscal year.
Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 28th that allows the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
Apple Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were paid a $0.23 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 0.60%. The ex-dividend date was Friday, May 6th. Apple’s payout ratio is presently 14.94%.
Insider Buying and Selling at Apple
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total value of $4,043,000.00. Following the sale, the senior vice president now directly owns 452,334 shares in the company, valued at approximately $73,151,454.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.06% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on AAPL shares. Oppenheimer reaffirmed an “outperform” rating and set a $190.00 price objective on shares of Apple in a report on Wednesday, June 8th. Morgan Stanley lowered their price target on shares of Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a report on Wednesday, July 20th. Sanford C. Bernstein set a $170.00 price target on shares of Apple in a report on Monday, May 2nd. Fundamental Research lowered their price target on shares of Apple from $179.32 to $175.24 and set an “average” rating for the company in a report on Friday, May 6th. Finally, KeyCorp lowered their price target on shares of Apple from $191.00 to $173.00 and set an “overweight” rating for the company in a report on Tuesday, July 12th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $182.73.
Apple Company Profile
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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