Apple Inc. $AAPL Position Reduced by Oakworth Capital Inc.

Key Points

• Oakworth Capital Inc. has reduced its position in Apple Inc. by 4.1%, owning 157,322 shares valued at approximately $32.28 million after selling 6,804 shares in the second quarter.
• Apple's last earnings report showed a 9.6% increase in revenue year-over-year, totaling $94.04 billion, with earnings per share surpassing estimates at $1.57.
• The company announced a quarterly dividend of $0.26 per share, representing a dividend yield of 0.4%, with a payout ratio of 15.78%.

Oakworth Capital Inc. cut its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 157,322 shares of the iPhone maker's stock after selling 6,804 shares during the quarter. Apple accounts for 2.1% of Oakworth Capital Inc.'s portfolio, making the stock its 14th largest position. Oakworth Capital Inc.'s holdings in Apple were worth $32,278,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of AAPL. Salus Financial Advisors LLC boosted its position in shares of Apple by 3.9% in the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock valued at $291,000 after acquiring an additional 49 shares during the period. Sharpepoint LLC lifted its position in Apple by 3.5% in the first quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker's stock worth $322,000 after purchasing an additional 51 shares during the period. Redwood Financial Network Corp lifted its position in Apple by 0.6% in the fourth quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker's stock worth $2,184,000 after purchasing an additional 53 shares during the period. Mission Hills Financial Advisory LLC lifted its position in Apple by 1.3% in the first quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker's stock worth $892,000 after purchasing an additional 53 shares during the period. Finally, Virginia Wealth Management Group Inc. lifted its position in Apple by 0.3% in the second quarter. Virginia Wealth Management Group Inc. now owns 20,946 shares of the iPhone maker's stock worth $4,298,000 after purchasing an additional 53 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $247.45 on Friday. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The firm has a market cap of $3.67 trillion, a PE ratio of 37.55, a price-to-earnings-growth ratio of 2.43 and a beta of 1.09. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The business has a fifty day moving average of $240.67 and a 200-day moving average of $216.66.

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

Apple Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts recently commented on AAPL shares. Seaport Res Ptn raised Apple to a "strong-buy" rating in a research report on Wednesday, October 1st. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $266.00 target price on shares of Apple in a research report on Tuesday, August 26th. Rosenblatt Securities raised their target price on Apple from $223.00 to $241.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 10th. Jefferies Financial Group cut Apple from a "hold" rating to an "underperform" rating and reduced their target price for the stock from $205.82 to $205.16 in a research report on Friday, October 3rd. Finally, Citigroup reaffirmed a "buy" rating on shares of Apple in a research report on Wednesday, September 10th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Apple presently has an average rating of "Moderate Buy" and an average target price of $248.29.

Insider Activity

In related news, SVP Deirdre O'brien sold 43,013 shares of Apple stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total value of $11,071,116.07. Following the completion of the sale, the senior vice president directly owned 136,687 shares in the company, valued at $35,181,866.93. This trade represents a 23.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Katherine L. Adams sold 47,125 shares of Apple stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $256.79, for a total value of $12,101,228.75. Following the completion of the sale, the senior vice president owned 179,158 shares of the company's stock, valued at approximately $46,005,982.82. The trade was a 20.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 254,922 shares of company stock worth $64,320,190. 0.06% of the stock is owned by corporate insiders.

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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