Apple Inc. $AAPL Stake Lowered by Baker Boyer National Bank

Key Points

• Baker Boyer National Bank decreased its holdings in Apple Inc. by 9.4%, making it the 9th largest position in their portfolio, valued at approximately $3.99 million.
• Apple's recent quarterly earnings showed an EPS of $1.57, exceeding analyst estimates, with a revenue of $94.04 billion, which was a 9.6% year-over-year increase.
• The company has announced a $100 billion share repurchase program as well as a recent quarterly dividend of $0.26 per share, reflecting management’s belief in the stock's value.

Baker Boyer National Bank lessened its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 9.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,964 shares of the iPhone maker's stock after selling 1,866 shares during the quarter. Apple accounts for 1.5% of Baker Boyer National Bank's portfolio, making the stock its 9th biggest holding. Baker Boyer National Bank's holdings in Apple were worth $3,990,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of AAPL. Life Planning Partners Inc purchased a new stake in Apple during the fourth quarter valued at $47,000. Conquis Financial LLC purchased a new stake in Apple during the fourth quarter valued at $63,000. LSV Asset Management purchased a new stake in Apple during the fourth quarter valued at $65,000. Pillar Financial Advisors LLC purchased a new stake in Apple during the fourth quarter valued at $82,000. Finally, Compass Planning Associates Inc purchased a new stake in Apple during the fourth quarter valued at $96,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Price Performance

Shares of NASDAQ AAPL traded up $2.86 during mid-day trading on Friday, reaching $227.76. The company's stock had a trading volume of 42,431,176 shares, compared to its average volume of 61,854,304. The firm has a market capitalization of $3.38 trillion, a PE ratio of 34.56, a P/E/G ratio of 2.35 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The stock has a fifty day moving average of $212.52 and a two-hundred day moving average of $213.09. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The firm had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business's quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.40 earnings per share. As a group, sell-side analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, August 11th. Apple's payout ratio is currently 15.78%.

Apple announced that its board has approved a share repurchase program on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Bank of America upped their price objective on Apple from $240.00 to $250.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Rosenblatt Securities reissued a "neutral" rating and set a $217.00 price target on shares of Apple in a report on Tuesday, July 29th. TD Cowen cut their price target on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. UBS Group boosted their price target on Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Finally, Barclays boosted their price target on Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Apple currently has an average rating of "Moderate Buy" and an average target price of $237.98.

Insider Activity at Apple

In related news, SVP Deirdre O'brien sold 34,821 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.06% of the company's stock.

Apple Company Profile

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.