Apple Inc. $AAPL Shares Sold by Norway Savings Bank

Key Points

• Norway Savings Bank reduced its holdings in Apple Inc. by 2.9%, selling 1,265 shares during the second quarter, leaving it with 42,227 shares valued at approximately $8.66 million.
• Multiple institutional investors are actively adjusting their stakes in Apple, with several new positions acquired recently, indicating heightened interest among investors.
• Apple's recent earnings report revealed $1.57 EPS, surpassing estimates, with a total revenue of $94.04 billion, marking a 9.6% year-over-year growth.

Norway Savings Bank cut its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,227 shares of the iPhone maker's stock after selling 1,265 shares during the period. Apple accounts for 4.4% of Norway Savings Bank's portfolio, making the stock its 2nd largest holding. Norway Savings Bank's holdings in Apple were worth $8,664,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. S. R. Schill & Associates acquired a new position in shares of Apple during the 2nd quarter worth about $215,000. HBW Advisory Services LLC boosted its holdings in shares of Apple by 27.6% during the 2nd quarter. HBW Advisory Services LLC now owns 47,935 shares of the iPhone maker's stock worth $9,835,000 after buying an additional 10,354 shares during the period. Helen Stephens Group LLC boosted its holdings in shares of Apple by 1.3% during the 2nd quarter. Helen Stephens Group LLC now owns 11,783 shares of the iPhone maker's stock worth $2,418,000 after buying an additional 151 shares during the period. Jacobs & Co. CA boosted its holdings in shares of Apple by 3.7% during the 2nd quarter. Jacobs & Co. CA now owns 254,468 shares of the iPhone maker's stock worth $52,209,000 after buying an additional 9,163 shares during the period. Finally, Kera Capital Partners Inc. boosted its holdings in shares of Apple by 35.1% during the 2nd quarter. Kera Capital Partners Inc. now owns 15,727 shares of the iPhone maker's stock worth $3,227,000 after buying an additional 4,086 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AAPL has been the subject of several research analyst reports. DA Davidson reaffirmed a "neutral" rating and set a $250.00 target price on shares of Apple in a report on Thursday, September 11th. Loop Capital reduced their target price on shares of Apple from $230.00 to $226.00 and set a "hold" rating for the company in a report on Thursday, August 21st. Citigroup reaffirmed a "buy" rating on shares of Apple in a report on Wednesday, September 10th. Sanford C. Bernstein initiated coverage on shares of Apple in a report on Monday. They set an "outperform" rating and a $290.00 target price for the company. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $240.00 target price (up previously from $230.00) on shares of Apple in a report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $242.74.

Insider Transactions at Apple

In related news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the transaction, the senior vice president directly owned 136,687 shares in the company, valued at $30,508,538.40. This represents a 20.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Apple Price Performance

Shares of Apple stock traded up $7.62 on Friday, reaching $245.50. 163,435,991 shares of the stock were exchanged, compared to its average volume of 57,304,879. The firm's 50 day moving average is $223.66 and its 200-day moving average is $212.35. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. 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 firm has a market cap of $3.64 trillion, a PE ratio of 37.25, a P/E/G ratio of 2.48 and a beta of 1.11.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results 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 company had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm's quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.40 EPS. As a group, analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple's dividend payout ratio is currently 15.78%.

Apple 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.