38,574 Apple Inc. $AAPL Shares Sold by Washington Trust Bank

Key Points

• Washington Trust Bank cut its Apple stake by 15.2%, selling 38,574 shares in the second quarter and retaining 215,560 shares valued at approximately $62.4 million. Institutional investors collectively own 67.73% of Apple.
• Analysts maintain a generally positive outlook, with Apple carrying a consensus “Moderate Buy” rating and an average price target of $340.14; ratings include 26 Buys, 13 Holds and 2 Sells.
• Apple recently exceeded quarterly earnings and revenue expectations, reporting $2.02 EPS and $109.42 billion in revenue, while paying a quarterly dividend of $0.27 per share. The stock opened at $333.02 and has a 52-week range of $243.42 to $345.34.

Washington Trust Bank decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 15.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 215,560 shares of the iPhone maker's stock after selling 38,574 shares during the period. Apple accounts for about 4.4% of Washington Trust Bank's investment portfolio, making the stock its 4th biggest position. Washington Trust Bank's holdings in Apple were worth $62,374,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of AAPL. Sterling Wealth Management Inc. grew its position in shares of Apple by 0.3% during the 2nd quarter. Sterling Wealth Management Inc. now owns 11,579 shares of the iPhone maker's stock worth $3,351,000 after buying an additional 30 shares in the last quarter. Evansbrook LLC increased its stake in shares of Apple by 0.4% during the first quarter. Evansbrook LLC now owns 8,095 shares of the iPhone maker's stock valued at $2,054,000 after buying an additional 34 shares during the period. JMG Financial Group Ltd. raised its holdings in shares of Apple by 0.7% in the first quarter. JMG Financial Group Ltd. now owns 5,102 shares of the iPhone maker's stock valued at $1,295,000 after acquiring an additional 35 shares in the last quarter. Advocate Investing Services LLC lifted its stake in Apple by 0.5% in the second quarter. Advocate Investing Services LLC now owns 7,847 shares of the iPhone maker's stock worth $2,271,000 after acquiring an additional 39 shares during the period. Finally, Interactive Financial Advisors Inc. grew its holdings in Apple by 4.0% during the 4th quarter. Interactive Financial Advisors Inc. now owns 1,051 shares of the iPhone maker's stock worth $286,000 after acquiring an additional 40 shares in the last quarter. Institutional investors own 67.73% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Morgan Stanley reissued an "overweight" rating and set a $360.00 target price on shares of Apple in a research report on Tuesday. Phillip Securities increased their price objective on shares of Apple from $290.00 to $300.00 and gave the company a "neutral" rating in a research note on Monday, September 14th. Jefferies Financial Group reissued an "underperform" rating on shares of Apple in a research note on Wednesday, September 9th. Maxim Group upped their target price on Apple from $350.00 to $380.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Piper Sandler started coverage on Apple in a research report on Monday, August 17th. They set an "overweight" rating on the stock. One research analyst has rated the stock with a Strong Buy rating, twenty-six have assigned a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Apple presently has a consensus rating of "Moderate Buy" and an average price target of $340.14.

Apple Trading Up 1.1%

NASDAQ:AAPL opened at $333.02 on Thursday. Apple Inc. has a 52 week low of $243.42 and a 52 week high of $345.34. The firm has a 50 day moving average of $321.97 and a 200 day moving average of $299.21. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $4.86 trillion, a price-to-earnings ratio of 38.19, a PEG ratio of 2.86 and a beta of 1.08.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.13. The business had revenue of $109.42 billion for the quarter, compared to analyst estimates of $109.04 billion. Apple had a net margin of 27.62% and a return on equity of 135.46%. The business's revenue for the quarter was up 16.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.57 earnings per share. As a group, sell-side analysts anticipate that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, August 10th were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 0.3%. The ex-dividend date was Monday, August 10th. Apple's payout ratio is 12.39%.

Key Stories Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Counterpoint Research estimates Apple could sell approximately 6 million iPhone Duo foldable handsets in 2026, despite the device’s premium starting price of $1,999. Pre-orders reportedly begin October 16, with deliveries scheduled for October 23. Apple Predicted To Sell 6 Million iPhone Duo Handsets This Year
• Positive Sentiment: Early iPhone 18 Pro demand in China is encouraging: first-week sales rose 12% year over year, and Apple captured 33% of smartphone sales during the measured period. Analysts also see consumers showing greater willingness to pay for higher-priced models. Apple iPhone 18 Pro China Launch-Week Sales Rise 12%
• Positive Sentiment: Reports that Apple will unveil a new smart-home hub at an October 13 event added to expectations for expansion beyond the iPhone. The company is also reportedly renewing its Qualcomm licensing agreement, supporting continuity for its device and connectivity roadmap. Apple Plans Smart-Home Push
• Positive Sentiment: Broader technology stocks benefited from cooler inflation data, which reduced near-term concerns about additional Federal Reserve rate hikes. Apple also received a favorable endorsement from Jim Cramer ahead of the Duo launch.
• Neutral Sentiment: New CEO John Ternus is reportedly considering an engineering-focused restructuring, faster product releases and fewer management layers. The changes could improve innovation and execution, but they introduce transition risk and may include layoffs as memory costs rise. Apple’s New CEO Plans Overhaul
• Negative Sentiment: Bank of America warned that Meta’s Muse and other AI agents could divert product discovery, shopping activity and services revenue away from Apple’s ecosystem, increasing pressure on Siri, Apple Pay and the App Store.
• Negative Sentiment: Apple patched a zero-day vulnerability reportedly used in targeted attacks involving iPhone crypto wallets. In addition, a UK class-action case over marketplace restrictions was allowed to proceed, creating ongoing legal and reputational risks.

Insiders Place Their Bets

In related news, SVP Jennifer Newstead sold 2,399 shares of the company's stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $340.06, for a total transaction of $815,803.94. Following the transaction, the senior vice president directly owned 44,391 shares of the company's stock, valued at $15,095,603.46. This represents a 5.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In the last quarter, insiders sold 11,031 shares of company stock worth $3,535,759. 0.06% of the stock is owned by insiders.

Apple Profile

Apple Inc is a technology company that designs, develops and markets consumer electronics, software and digital services. Its best-known products include the iPhone smartphone, Mac personal computers, iPad tablets, Apple Watch, AirPods and other accessories. The company also develops operating systems and software platforms, including iOS, macOS, iPadOS, watchOS and visionOS.

Apple's services business includes the App Store, Apple Music, Apple TV+, Apple Arcade, Apple News+, Apple Fitness+ and iCloud.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.