Plimoth Trust Co. LLC trimmed its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 3.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 136,011 shares of the iPhone maker’s stock after selling 5,161 shares during the period. Apple comprises about 6.3% of Plimoth Trust Co. LLC’s portfolio, making the stock its biggest position. Plimoth Trust Co. LLC’s holdings in Apple were worth $23,749,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the company. Arbor Trust Wealth Advisors LLC increased its stake in shares of Apple by 5.7% during the first quarter. Arbor Trust Wealth Advisors LLC now owns 49,505 shares of the iPhone maker’s stock worth $8,644,000 after buying an additional 2,668 shares during the period. Ferguson Shapiro LLC increased its stake in Apple by 86.9% in the first quarter. Ferguson Shapiro LLC now owns 9,732 shares of the iPhone maker’s stock valued at $1,699,000 after purchasing an additional 4,524 shares during the last quarter. Marino Stram & Associates LLC increased its stake in Apple by 1.5% in the first quarter. Marino Stram & Associates LLC now owns 52,040 shares of the iPhone maker’s stock valued at $9,087,000 after purchasing an additional 758 shares during the last quarter. Mascoma Wealth Management LLC increased its stake in Apple by 4.2% in the first quarter. Mascoma Wealth Management LLC now owns 34,759 shares of the iPhone maker’s stock valued at $6,069,000 after purchasing an additional 1,404 shares during the last quarter. Finally, Balasa Dinverno & Foltz LLC increased its stake in Apple by 2.7% in the first quarter. Balasa Dinverno & Foltz LLC now owns 181,611 shares of the iPhone maker’s stock valued at $31,711,000 after purchasing an additional 4,830 shares during the last quarter. 57.98% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several brokerages have commented on AAPL. JPMorgan Chase & Co. set a $200.00 price target on shares of Apple in a research note on Monday. Wells Fargo & Company dropped their price target on shares of Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 20th. KeyCorp dropped their price target on shares of Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 12th. UBS Group set a $185.00 price objective on Apple in a report on Thursday, July 21st. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on Apple from $200.00 to $175.00 in a report on Tuesday, June 14th. Nine analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $182.73.
In other news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the transaction, the senior vice president now owns 452,334 shares in the company, valued at $73,151,454.48. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.06% of the company’s stock.
Apple Trading Down 0.7 %
NASDAQ:AAPL opened at $152.95 on Tuesday. The stock has a fifty day moving average price of $143.05 and a two-hundred day moving average price of $157.67. The stock has a market capitalization of $2.48 trillion, a price-to-earnings ratio of 24.83, a PEG ratio of 2.00 and a beta of 1.19. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The business had revenue of $97.28 billion during the quarter, compared to analysts’ expectations of $93.99 billion. During the same quarter last year, the business posted $1.40 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Apple Inc. will post 6.09 earnings per share for the current fiscal year.
Apple Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a $0.23 dividend. The ex-dividend date was Friday, May 6th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.60%. This is a boost from Apple’s previous quarterly dividend of $0.22. Apple’s dividend payout ratio (DPR) is currently 14.94%.
Apple announced that its board has approved a share repurchase program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to buy up to 3.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
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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