Apple Inc. $AAPL Shares Sold by OLD National Bancorp IN

Key Points

• OLD National Bancorp IN reduced its Apple stake by 1.7% in the first quarter, selling 10,904 shares and ending with 632,673 shares valued at about $160.6 million.
• Apple reported better-than-expected quarterly results, posting $2.01 EPS versus $1.95 expected and revenue of $111.18 billion, up 16.6% year over year.
• The company also raised its quarterly dividend to $0.27 per share from $0.26, while analysts currently rate the stock a Moderate Buy with an average price target of $314.85.

OLD National Bancorp IN trimmed its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 632,673 shares of the iPhone maker's stock after selling 10,904 shares during the quarter. Apple makes up about 2.7% of OLD National Bancorp IN's portfolio, making the stock its 5th biggest holding. OLD National Bancorp IN's holdings in Apple were worth $160,566,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Lifetime Wealth Management P.C. bought a new stake in Apple during the fourth quarter worth $41,000. ROSS JOHNSON & Associates LLC grew its position in shares of Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after acquiring an additional 180 shares during the period. Timmons Wealth Management LLC bought a new position in shares of Apple in the 4th quarter valued at about $69,000. LSV Asset Management acquired a new position in shares of Apple during the 4th quarter worth about $65,000. Finally, Inspire Investing LLC acquired a new position in shares of Apple during the 4th quarter worth about $76,000. Institutional investors own 67.73% of the company's stock.

Insider Activity at Apple

In related news, insider Ben Borders sold 1,274 shares of Apple stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the sale, the insider directly owned 38,713 shares of the company's stock, valued at approximately $11,226,770. This trade represents a 3.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kevan Parekh sold 1,534 shares of the business's stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $421,850.00. Following the completion of the sale, the chief financial officer owned 13,366 shares of the company's stock, valued at $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 2,924 shares of company stock worth $825,546 in the last ninety days. 0.06% of the stock is owned by company insiders.

Apple Stock Performance

NASDAQ AAPL opened at $308.63 on Friday. The stock has a market cap of $4.53 trillion, a PE ratio of 37.32, a P/E/G ratio of 2.56 and a beta of 1.10. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07. The firm has a 50-day moving average of $294.54 and a 200-day moving average of $273.60. Apple Inc. has a 52-week low of $201.50 and a 52-week high of $317.40.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating analysts' consensus estimates of $1.95 by $0.06. The business had revenue of $111.18 billion for the quarter, compared to analyst estimates of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. Apple's quarterly revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.65 EPS. On average, sell-side analysts anticipate that Apple Inc. will post 8.74 EPS for the current year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were issued a dividend of $0.27 per share. This is a boost from Apple's previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, May 11th. Apple's dividend payout ratio is presently 13.06%.

Analysts Set New Price Targets

Several brokerages recently issued reports on AAPL. Morgan Stanley reiterated an "overweight" rating on shares of Apple in a research note on Friday, June 26th. KeyCorp reissued a "sector weight" rating on shares of Apple in a research report on Tuesday, June 9th. Maxim Group restated a "buy" rating and issued a $350.00 price objective (up from $310.00) on shares of Apple in a research note on Tuesday, June 9th. Barclays reaffirmed an "underweight" rating on shares of Apple in a research report on Tuesday, June 9th. Finally, UBS Group reiterated a "buy" rating on shares of Apple in a research note on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $314.85.

Trending Headlines about Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple is reportedly planning at least five new iPhone models through early 2027, including a bigger push into foldables, which could refresh demand and support a stronger upgrade cycle. Apple plans five new iPhones through 2027, eyes Chinese-made chips amid foldable push, reports say
• Positive Sentiment: Several reports say Apple’s stock is rebounding after last week’s selloff, with investors viewing recent price hikes as a way to defend margins rather than a sign of weakening demand. Apple’s Aggressive Price Hikes Raise Eyebrows As Wall Street Links AI Chip Shortages To Inflation Pressure— Ryan Detrick Says 'This is the Real World Stuff'
• Positive Sentiment: Wall Street commentary remained constructive, with some analysts and strategists pointing to Apple’s AI roadmap, App Store/services growth, and long-term product pipeline as reasons to stay bullish on AAPL. What's Going on With Apple Stock Thursday?
• Neutral Sentiment: Market rotation matters too: Apple is outperforming a weak tech tape, so some of the stock’s strength may reflect investors rotating into higher-quality mega-cap names rather than a company-specific catalyst alone. Dow Jones Futures: Dow Hits High But AI Tumbles; Apple, Robinhood Are Buys As Tesla, Sandisk Dive
• Negative Sentiment: The main overhang is margin pressure from surging memory and component costs, which has already forced Apple to raise prices on Macs and iPads and could squeeze profitability if costs stay elevated. Is Apple stock in trouble? Rising costs threaten margins, demand
• Negative Sentiment: Investors are also watching reports that Apple may source memory chips from blacklisted Chinese suppliers, a move that highlights the seriousness of the supply shortage and adds geopolitical risk. Russia warns Apple of $52 million fine over alleged bias against local apps

About Apple

Apple Inc NASDAQ: AAPL is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple's principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.