Apple Inc. $AAPL Stock Holdings Lowered by Private Trust Co. NA

Key Points

• Private Trust Co. NA reduced its holdings in Apple Inc. by 0.8%, owning 141,310 shares worth approximately $31.39 million by the end of the first quarter.
• Apple's share buyback plan, authorized in May, allows the company to repurchase up to $100 billion in stock, indicating confidence in its valuation.
• The company's recent earnings report showed an EPS of $1.57, exceeding estimates, while revenue reached $94.04 billion, reflecting a 9.6% increase year-over-year.

Private Trust Co. NA decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 141,310 shares of the iPhone maker's stock after selling 1,198 shares during the period. Apple comprises 3.2% of Private Trust Co. NA's portfolio, making the stock its largest holding. Private Trust Co. NA's holdings in Apple were worth $31,389,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Conquis Financial LLC purchased a new stake in Apple during the fourth quarter worth about $63,000. LSV Asset Management purchased a new stake in Apple during the fourth quarter worth about $65,000. Pillar Financial Advisors LLC purchased a new stake in Apple during the fourth quarter worth about $82,000. Compass Planning Associates Inc purchased a new stake in Apple during the fourth quarter worth about $96,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Apple during the fourth quarter worth about $147,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Apple Trading Up 1.3%

NASDAQ:AAPL traded up $2.86 on Friday, reaching $227.76. The stock had a trading volume of 42,431,176 shares, compared to its average volume of 61,854,304. The company has a market cap of $3.38 trillion, a price-to-earnings 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 firm's fifty day moving average is $212.52 and its two-hundred day moving average is $213.09. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%.The firm's revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.40 EPS. Equities analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

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

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were issued 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 dividend payout ratio (DPR) is 15.78%.

Insider Activity at Apple

In other 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 transaction of $7,772,047.20. Following the completion of the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Jefferies Financial Group raised shares of Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. The Goldman Sachs Group reissued a "buy" rating on shares of Apple in a research note on Wednesday, May 21st. Monness Crespi & Hardt raised their price objective on shares of Apple from $245.00 to $270.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Scotiabank cut shares of Apple to a "market perform" rating in a research note on Friday, May 2nd. Finally, Barclays raised their price objective on shares of Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a research note on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Apple has an average rating of "Moderate Buy" and an average target price of $237.98.

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.