Grove Bank & Trust Increases Holdings in Apple Inc. (AAPL)

Grove Bank & Trust grew its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 55.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,803 shares of the iPhone maker’s stock after acquiring an additional 6,006 shares during the period. Apple comprises approximately 1.5% of Grove Bank & Trust’s holdings, making the stock its 13th largest position. Grove Bank & Trust’s holdings in Apple were worth $2,420,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. FC Advisory LLC grew its position in shares of Apple by 0.4% during the 2nd quarter. FC Advisory LLC now owns 2,576 shares of the iPhone maker’s stock valued at $371,000 after acquiring an additional 10 shares during the period. Lenox Wealth Advisors Inc. grew its position in shares of Apple by 0.4% during the 2nd quarter. Lenox Wealth Advisors Inc. now owns 4,971 shares of the iPhone maker’s stock valued at $716,000 after acquiring an additional 20 shares during the period. BerganKDV Wealth Management LLC grew its position in shares of Apple by 0.4% during the 2nd quarter. BerganKDV Wealth Management LLC now owns 5,614 shares of the iPhone maker’s stock valued at $809,000 after acquiring an additional 20 shares during the period. Sippican Capital Advisors grew its position in shares of Apple by 0.5% during the 1st quarter. Sippican Capital Advisors now owns 4,912 shares of the iPhone maker’s stock valued at $706,000 after acquiring an additional 26 shares during the period. Finally, Accurate Investment Solutions Inc. grew its position in shares of Apple by 0.4% during the 2nd quarter. Accurate Investment Solutions Inc. now owns 6,600 shares of the iPhone maker’s stock valued at $951,000 after acquiring an additional 26 shares during the period. 60.33% of the stock is owned by hedge funds and other institutional investors.

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In other Apple news, CEO Timothy D. Cook sold 268,623 shares of the company’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $160.63, for a total transaction of $43,148,912.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Johny Srouji sold 10,469 shares of the company’s stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $162.20, for a total transaction of $1,698,071.80. Following the transaction, the senior vice president now owns 76,250 shares of the company’s stock, valued at approximately $12,367,750. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 541,177 shares of company stock valued at $85,864,804. 0.08% of the stock is owned by insiders.

Several research analysts recently weighed in on the stock. KeyCorp reaffirmed a “buy” rating and issued a $192.00 target price on shares of Apple in a report on Friday. Deutsche Bank AG reaffirmed a “hold” rating and issued a $152.00 target price on shares of Apple in a report on Friday. Canaccord Genuity reaffirmed a “buy” rating and issued a $195.00 target price (up previously from $180.00) on shares of Apple in a report on Friday. Morgan Stanley set a $200.00 target price on shares of Apple and gave the stock a “buy” rating in a report on Friday. Finally, Nomura set a $185.00 target price on shares of Apple and gave the stock a “buy” rating in a report on Friday. Seven research analysts have rated the stock with a hold rating and forty-six have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $198.38.

Shares of Apple Inc. (NASDAQ AAPL) opened at $172.50 on Friday. The firm has a market cap of $891,001.81, a price-to-earnings ratio of 18.75, a P/E/G ratio of 1.42 and a beta of 1.23. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.35 and a current ratio of 1.39. Apple Inc. has a 52 week low of $104.08 and a 52 week high of $174.26.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, November 2nd. The iPhone maker reported $2.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.87 by $0.20. The firm had revenue of $52.58 billion during the quarter, compared to analysts’ expectations of $50.71 billion. Apple had a net margin of 21.09% and a return on equity of 36.36%. Apple’s quarterly revenue was up 12.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.50 EPS. analysts forecast that Apple Inc. will post 11.11 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 16th. Shareholders of record on Monday, November 13th will be given a dividend of $0.63 per share. The ex-dividend date is Friday, November 10th. This represents a $2.52 dividend on an annualized basis and a yield of 1.46%. Apple’s payout ratio is currently 27.39%.

Apple 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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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