Apple Inc. $AAPL is Essex Savings Bank's Largest Position

Key Points

• Essex Savings Bank's position in Apple Inc. was reduced by 2.0% in the second quarter, making Apple its largest holding at 5.4% of the bank's portfolio, valued at approximately $22.8 million.
• Apple reported impressive quarterly earnings with an EPS of $1.57, surpassing expectations and achieving a revenue of $94.04 billion, reflecting a 9.6% year-over-year increase.
• The company's stock has a market capitalization of $3.78 trillion, and Wall Street analysts have set a consensus price target of $244.03, with the majority rating it as a "Moderate Buy."

Essex Savings Bank reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 111,333 shares of the iPhone maker's stock after selling 2,257 shares during the period. Apple makes up about 5.4% of Essex Savings Bank's holdings, making the stock its biggest holding. Essex Savings Bank's holdings in Apple were worth $22,842,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AAPL. Ryan Investment Management Inc. bought a new position in shares of Apple during the second quarter worth about $31,000. ROSS JOHNSON & Associates LLC lifted its position in shares of Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock worth $42,000 after purchasing an additional 180 shares during the last quarter. Life Planning Partners Inc bought a new position in shares of Apple during the fourth quarter worth about $47,000. Elite Financial Inc. bought a new position in shares of Apple during the first quarter worth about $58,000. Finally, Conquis Financial LLC bought a new position in shares of Apple during the fourth quarter worth about $63,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Price Performance

NASDAQ AAPL opened at $254.43 on Wednesday. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. 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 firm has a market capitalization of $3.78 trillion, a PE ratio of 38.61, a P/E/G ratio of 2.66 and a beta of 1.11. The company's 50 day simple moving average is $226.20 and its 200 day simple moving average is $212.51.

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

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were given a $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple's payout ratio is 15.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on AAPL shares. Moffett Nathanson raised shares of Apple from a "sell" rating to a "neutral" rating and set a $225.00 price target on the stock in a research report on Thursday, September 4th. Wedbush set a $310.00 price target on shares of Apple and gave the stock an "outperform" rating in a research report on Monday. Citigroup reaffirmed a "buy" rating on shares of Apple in a research report on Wednesday, September 10th. Jefferies Financial Group raised their target price on shares of Apple from $190.67 to $205.82 and gave the stock a "hold" rating in a report on Monday, September 8th. Finally, JPMorgan Chase & Co. raised their target price on shares of Apple from $255.00 to $280.00 and gave the stock an "overweight" rating in a report on Friday, September 19th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Apple has an average rating of "Moderate Buy" and a consensus price target of $244.03.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president 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 SEC, which can be accessed through this hyperlink. Company insiders own 0.06% of the company's stock.

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.

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