United Bank Inc. cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,990 shares of the iPhone maker’s stock after selling 1,233 shares during the period. Apple comprises approximately 3.5% of United Bank Inc.’s holdings, making the stock its 4th largest position. United Bank Inc.’s holdings in Apple were worth $8,352,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in AAPL. Stonehearth Capital Management LLC raised its position in Apple by 0.8% in the first quarter. Stonehearth Capital Management LLC now owns 2,378 shares of the iPhone maker’s stock valued at $342,000 after buying an additional 20 shares during the period. Lenox Wealth Advisors Inc. increased its stake in Apple by 0.4% in the second quarter. Lenox Wealth Advisors Inc. now owns 4,971 shares of the iPhone maker’s stock valued at $716,000 after buying an additional 20 shares in the last quarter. BerganKDV Wealth Management LLC increased its stake in Apple by 0.4% in the second quarter. BerganKDV Wealth Management LLC now owns 5,614 shares of the iPhone maker’s stock valued at $809,000 after buying an additional 20 shares in the last quarter. Noven Financial Group Inc. increased its stake in Apple by 0.3% in the fourth quarter. Noven Financial Group Inc. now owns 7,396 shares of the iPhone maker’s stock valued at $857,000 after buying an additional 22 shares in the last quarter. Finally, Sippican Capital Advisors increased its stake in Apple by 0.5% in the first quarter. Sippican Capital Advisors now owns 4,912 shares of the iPhone maker’s stock valued at $706,000 after buying an additional 26 shares in the last quarter. 61.13% of the stock is currently owned by institutional investors and hedge funds.
Shares of Apple Inc. (NASDAQ AAPL) opened at 157.48 on Friday. The company has a market cap of $813.42 billion, a PE ratio of 17.88 and a beta of 1.31. The firm’s 50-day moving average is $149.92 and its 200-day moving average is $144.27. Apple Inc. has a 12 month low of $102.53 and a 12 month high of $161.83.
Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business had revenue of $45.41 billion during the quarter, compared to analysts’ expectations of $44.94 billion. During the same period in the prior year, the company earned $1.42 earnings per share. The firm’s revenue was up 7.2% on a year-over-year basis. On average, equities research analysts predict that Apple Inc. will post $9.02 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 14th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $2.52 dividend on an annualized basis and a yield of 1.60%. Apple’s dividend payout ratio is currently 28.64%.
Apple announced that its Board of Directors has initiated a share buyback program on Tuesday, May 2nd that permits the company to repurchase $50.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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Several equities research analysts have issued reports on AAPL shares. Royal Bank Of Canada lifted their price objective on Apple from $157.00 to $168.00 and gave the stock an “outperform” rating in a report on Monday, May 22nd. Rosenblatt Securities set a $120.00 price target on Apple and gave the company a “hold” rating in a report on Wednesday, May 3rd. Canaccord Genuity restated a “buy” rating and set a $180.00 price objective on shares of Apple in a research report on Monday, July 10th. Goldman Sachs Group, Inc. (The) restated a “buy” rating and set a $170.00 price objective (up previously from $164.00) on shares of Apple in a research report on Friday, May 12th. Finally, Morgan Stanley boosted their price objective on Apple from $177.00 to $182.00 and gave the company an “overweight” rating in a research report on Monday, July 17th. Twelve investment analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $167.35.
In other news, SVP D Bruce Sewell sold 31,625 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $158.13, for a total value of $5,000,861.25. Following the completion of the sale, the senior vice president now directly owns 112,430 shares of the company’s stock, valued at $17,778,555.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Daniel J. Riccio sold 11,949 shares of the stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $155.27, for a total transaction of $1,855,321.23. Following the completion of the sale, the insider now directly owns 23,998 shares of the company’s stock, valued at $3,726,169.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 299,911 shares of company stock valued at $46,557,634. 0.08% of the stock is owned by corporate insiders.
Apple Company Profile
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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