1ST Source Bank Lowers Stake in Apple Inc. (NASDAQ:AAPL)

1ST Source Bank trimmed its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 162,513 shares of the iPhone maker's stock after selling 2,635 shares during the quarter. Apple accounts for about 2.3% of 1ST Source Bank's holdings, making the stock its 6th biggest holding. 1ST Source Bank's holdings in Apple were worth $40,697,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. State Street Corp raised its position in Apple by 10.6% in the 3rd quarter. State Street Corp now owns 584,010,284 shares of the iPhone maker's stock worth $136,074,372,000 after purchasing an additional 55,935,105 shares during the period. Proficio Capital Partners LLC grew its stake in shares of Apple by 23,555.4% during the fourth quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock valued at $5,272,653,000 after buying an additional 20,966,232 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Apple by 6.5% in the third quarter. Geode Capital Management LLC now owns 333,857,500 shares of the iPhone maker's stock worth $77,542,863,000 after buying an additional 20,483,787 shares during the period. FMR LLC lifted its stake in shares of Apple by 5.3% in the 3rd quarter. FMR LLC now owns 363,859,362 shares of the iPhone maker's stock valued at $84,779,231,000 after acquiring an additional 18,224,005 shares during the last quarter. Finally, Strategic Financial Concepts LLC boosted its holdings in Apple by 25,285.2% during the 4th quarter. Strategic Financial Concepts LLC now owns 9,628,864 shares of the iPhone maker's stock valued at $2,411,260,000 after acquiring an additional 9,590,933 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Apple news, SVP Katherine L. Adams sold 38,822 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.67, for a total transaction of $8,683,316.74. Following the transaction, the senior vice president now owns 179,158 shares in the company, valued at approximately $40,072,269.86. This represents a 17.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Timothy D. Cook sold 108,136 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the sale, the chief executive officer now directly owns 3,280,295 shares in the company, valued at approximately $733,637,976.75. The trade was a 3.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,507 shares of company stock worth $42,694,080 in the last three months. Insiders own 0.06% of the company's stock.

Apple Stock Down 0.3%

Apple stock traded down $0.55 during mid-day trading on Friday, hitting $199.40. The company had a trading volume of 8,470,658 shares, compared to its average volume of 56,035,679. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26. The stock's 50 day moving average price is $203.59 and its two-hundred day moving average price is $225.20. The company has a market capitalization of $2.98 trillion, a PE ratio of 31.62, a price-to-earnings-growth ratio of 2.44 and a beta of 1.27.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 160.83%. Apple's revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.53 EPS. As a group, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple declared that its Board of Directors has authorized a share buyback plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its shares are undervalued.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.52%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is 16.20%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on AAPL shares. Evercore ISI lifted their price target on Apple from $260.00 to $275.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 18th. Argus upgraded shares of Apple to a "strong-buy" rating in a report on Friday, January 31st. Citigroup reissued a "cautious" rating on shares of Apple in a research report on Monday, May 5th. Redburn Partners set a $230.00 price objective on shares of Apple in a research report on Friday, January 31st. Finally, Monness Crespi & Hardt dropped their target price on shares of Apple from $260.00 to $245.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $235.80.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.