Apple Inc. $AAPL Stock: Capital City Trust Co. FL Cuts Position

Key Points

• Capital City Trust Co. FL reduced its Apple stake by 2.3%, selling 1,999 shares in the third quarter; it retained 83,180 shares valued at about $27.7 million, its third-largest holding.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $347.11; views ranged from Buy and Strong Buy to Hold and Sell.
• Apple’s latest reported quarter beat estimates, with earnings of $2.10 per share and revenue of $114.48 billion; revenue rose 11.7% year over year.

Capital City Trust Co. FL cut its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 83,180 shares of the iPhone maker's stock after selling 1,999 shares during the period. Apple makes up approximately 5.8% of Capital City Trust Co. FL's holdings, making the stock its 3rd largest holding. Capital City Trust Co. FL's holdings in Apple were worth $27,701,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of AAPL. Sterling Wealth Management Inc. boosted its stake in shares of Apple by 0.3% during the second quarter. Sterling Wealth Management Inc. now owns 11,579 shares of the iPhone maker's stock valued at $3,351,000 after acquiring an additional 30 shares during the last quarter. Thor Investment Management Inc. OH ADV increased its position in Apple by 1.6% during the 3rd quarter. Thor Investment Management Inc. OH ADV now owns 1,912 shares of the iPhone maker's stock worth $637,000 after purchasing an additional 30 shares in the last quarter. Evansbrook LLC increased its position in Apple by 0.4% during the 1st quarter. Evansbrook LLC now owns 8,095 shares of the iPhone maker's stock worth $2,054,000 after purchasing an additional 34 shares in the last quarter. JMG Financial Group Ltd. raised its stake in Apple by 0.7% in the 1st quarter. JMG Financial Group Ltd. now owns 5,102 shares of the iPhone maker's stock valued at $1,295,000 after purchasing an additional 35 shares during the last quarter. Finally, Wealth Forward LLC raised its stake in Apple by 0.3% in the 3rd quarter. Wealth Forward LLC now owns 13,327 shares of the iPhone maker's stock valued at $4,438,000 after purchasing an additional 35 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AAPL. Wells Fargo & Company reissued an "overweight" rating and set a $350.00 price target (up from $310.00) on shares of Apple in a research note on Friday, July 31st. Deutsche Bank downgraded Apple from a "buy" rating to a "hold" rating in a research report on Monday, August 17th. Loop Capital downgraded Apple from a "buy" rating to a "hold" rating and lowered their price objective for the company from $370.00 to $330.00 in a research report on Tuesday, October 20th. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research note on Thursday, October 1st. Finally, Sanford C. Bernstein increased their target price on Apple from $370.00 to $380.00 and gave the stock a "buy" rating in a research report on Wednesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $347.11.

Trending Headlines about Apple

Investors following AAPL have been watching these headlines:

• Positive Sentiment: Apple recently reached a record high, with one analyst describing the stock as a “safe haven” amid market turmoil. CIBC also included AAPL among its post-election stock picks. Apple Stock Called 'Safe Haven,' Hits Record High
• Positive Sentiment: China Renaissance upgraded Apple to Buy from Hold and set a $425 price target, citing potential from the first foldable iPhone. Coverage also points to strong interest in the new iPhone lineup as a possible catalyst for continued growth. Apple stock gains as analyst sets a $425 target
• Neutral Sentiment: Google is bringing its Gemini assistant to Apple CarPlay, adding a new AI feature for iPhone users. The partnership may improve CarPlay’s utility, though the assistant is Google’s service rather than Apple’s. Google Brings Gemini Live to Apple CarPlay

Apple Stock Performance

Apple stock opened at $354.88 on Friday. The company has a market cap of $5.16 trillion, a price-to-earnings ratio of 39.56, a price-to-earnings-growth ratio of 3.42 and a beta of 1.07. Apple Inc. has a 12 month low of $243.42 and a 12 month high of $359.37. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 0.94. The stock's 50-day moving average is $338.48 and its 200-day moving average is $300.56.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Monday, November 2nd. The iPhone maker reported $2.10 earnings per share for the quarter, beating analysts' consensus estimates of $1.99 by $0.11. Apple had a net margin of 27.60% and a return on equity of 125.35%. The business had revenue of $114.48 billion during the quarter, compared to analyst estimates of $113.40 billion. During the same period last year, the business earned $1.85 EPS. The business's revenue was up 11.7% on a year-over-year basis. Equities analysts anticipate that Apple Inc. will post 9.45 earnings per share for the current year.

Apple Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Thursday, November 12th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Thursday, November 12th. Apple's dividend payout ratio (DPR) is 12.04%.

Insider Activity

In related news, SVP Jennifer Newstead sold 2,399 shares of Apple stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $351.36, for a total value of $842,912.64. Following the completion of the sale, the senior vice president owned 27,598 shares in the company, valued at approximately $9,696,833.28. The trade was a 8.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Ternus sold 25,412 shares of the business's stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $332.94, for a total value of $8,460,671.28. Following the completion of the sale, the chief executive officer owned 59,567 shares of the company's stock, valued at $19,832,236.98. This trade represents a 29.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 292,611 shares of company stock worth $97,482,597 over the last quarter. Corporate insiders own 0.06% of the company's stock.

About Apple

Apple Inc. designs, manufactures and markets consumer electronics, software and digital services. Its products include the iPhone, Mac computers, iPad, Apple Watch and AirPods, along with operating systems and applications such as iOS, macOS and iPadOS. The company also offers services including the App Store, Apple Music, Apple TV+, iCloud and Apple Pay. These products and services are integrated across Apple's devices and are sold to consumers, businesses and institutions around the world. Founded in 1976 and headquartered in Cupertino, California, Apple serves customers globally through online and retail stores, wireless carriers and other resellers.

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