Apple Inc. $AAPL Shares Sold by Private Trust Co. NA

Key Points

• Private Trust Co. NA trimmed its Apple stake by 3.3% in the fourth quarter, but Apple remains its largest holding at about 3.3% of the portfolio, worth roughly $37.3 million.
• Apple reported strong fiscal Q2 results, with earnings of $2.01 per share and revenue of $111.18 billion, both ahead of analyst expectations and up 16.6% year over year.
• The company also raised its quarterly dividend to $0.27 per share, while analysts remain broadly constructive with a consensus rating of Moderate Buy and an average price target of $305.74.

Private Trust Co. NA cut its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 3.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 137,311 shares of the iPhone maker's stock after selling 4,679 shares during the quarter. Apple makes up approximately 3.3% of Private Trust Co. NA's portfolio, making the stock its biggest position. Private Trust Co. NA's holdings in Apple were worth $37,329,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in AAPL. First National Bank of Hutchinson grew its position in shares of Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock worth $8,845,000 after buying an additional 6,982 shares in the last quarter. Eagle Capital Management LLC lifted its stake in Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after purchasing an additional 272 shares during the last quarter. Brighton Jones LLC lifted its stake in Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Revolve Wealth Partners LLC lifted its stake in Apple by 4.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock worth $16,742,000 after purchasing an additional 2,695 shares during the last quarter. Finally, Highview Capital Management LLC DE lifted its stake in Apple by 2.4% during the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker's stock worth $12,587,000 after purchasing an additional 1,155 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Deirdre O'brien sold 30,002 shares of the firm's stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $255.35, for a total transaction of $7,661,010.70. Following the transaction, the senior vice president owned 136,810 shares of the company's stock, valued at $34,934,433.50. This trade represents a 17.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Timothy D. Cook sold 64,949 shares of the company's stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $254.23, for a total value of $16,511,984.27. Following the sale, the chief executive officer owned 3,280,418 shares of the company's stock, valued at $833,980,668.14. This trade represents a 1.94% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 96,485 shares of company stock valued at $24,594,845 over the last quarter. 0.06% of the stock is currently owned by insiders.

Apple Price Performance

Shares of NASDAQ AAPL opened at $293.25 on Monday. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70. Apple Inc. has a twelve month low of $193.46 and a twelve month high of $294.76. The stock has a 50 day moving average of $261.85 and a two-hundred day moving average of $266.04. The stock has a market cap of $4.31 trillion, a P/E ratio of 35.46, a P/E/G ratio of 2.55 and a beta of 1.06.

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

Apple Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 14th. Investors of record on Monday, May 11th will be issued a dividend of $0.27 per share. This is an increase from Apple's previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, May 11th. Apple's dividend payout ratio is 12.58%.

Apple News Summary

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Wedbush lifted Apple’s price target to $400 and said AI could drive a major growth wave for AAPL. Apple price target boosted by Wedbush on AI monetization expectations
• Positive Sentiment: Reports that Apple reached a preliminary chip-making deal with Intel boosted confidence in Apple’s manufacturing strategy and supply chain flexibility. Apple, Intel Have Reached Preliminary Chip-Making Agreement
• Positive Sentiment: Analysts see WWDC as a potential inflection point, with upcoming AI-related software features seen as a possible catalyst for Apple’s next leg higher. Apple’s biggest bull is now calling for a 37% stock jump
• Neutral Sentiment: Apple remains near its recent highs after strong quarterly results, keeping investor expectations elevated ahead of the next catalyst. Dow Jones Futures: Market At Highs With Iran, Trump-Xi Summit In Focus; Apple, Nvidia, Boeing In Buy Areas
• Negative Sentiment: Apple also faces ongoing legal and regulatory noise, including a Siri settlement and App Store antitrust disputes, which could weigh on sentiment if they escalate. Apple promised a smarter Siri, but a lawsuit says it didn’t deliver—and you can get up to $95 back

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Scotiabank set a $330.00 target price on Apple in a research note on Monday, February 2nd. Sanford C. Bernstein restated an "outperform" rating on shares of Apple in a research note on Wednesday, March 4th. Citigroup restated a "buy" rating on shares of Apple in a research note on Tuesday, April 21st. Stephens set a $315.00 target price on Apple in a research note on Monday, January 26th. Finally, Bank of America boosted their target price on Apple from $320.00 to $325.00 and gave the stock a "buy" rating in a research note on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Apple presently has a consensus rating of "Moderate Buy" and an average target price of $305.74.

Apple Company Profile

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.

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