Canandaigua National Bank & Trust Co. lessened its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 7.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 125,236 shares of the iPhone maker's stock after selling 10,071 shares during the period. Apple comprises about 2.8% of Canandaigua National Bank & Trust Co.'s holdings, making the stock its 7th largest holding. Canandaigua National Bank & Trust Co.'s holdings in Apple were worth $27,819,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently modified their holdings of AAPL. Burkett Financial Services LLC boosted its stake in Apple by 0.6% during the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock valued at $3,199,000 after purchasing an additional 93 shares during the last quarter. Avid Wealth Partners LLC boosted its stake in Apple by 28.3% during the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock valued at $935,000 after purchasing an additional 930 shares during the last quarter. OneAscent Wealth Management LLC boosted its stake in Apple by 4.6% during the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after purchasing an additional 409 shares during the last quarter. TruWealth Advisors LLC boosted its stake in Apple by 2.8% during the 1st quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker's stock valued at $42,045,000 after purchasing an additional 5,120 shares during the last quarter. Finally, Allstate Corp boosted its stake in Apple by 3,368.2% during the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker's stock valued at $113,062,000 after purchasing an additional 438,471 shares during the last quarter. Institutional investors own 67.73% of the company's stock.
Wall Street Analysts Forecast Growth
AAPL has been the topic of several recent analyst reports. Scotiabank downgraded Apple to a "market perform" rating in a research note on Friday, May 2nd. China Renaissance initiated coverage on Apple in a research note on Tuesday, April 22nd. They set a "buy" rating and a $241.00 target price on the stock. JPMorgan Chase & Co. increased their target price on Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Loop Capital cut their target price on Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Finally, Monness Crespi & Hardt increased their price target on Apple from $245.00 to $270.00 and gave the company a "buy" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $237.60.
Check Out Our Latest Analysis on Apple
Apple Stock Down 0.5%
NASDAQ:AAPL traded down $1.19 during trading hours on Friday, reaching $231.59. The company's stock had a trading volume of 56,003,275 shares, compared to its average volume of 63,552,584. The company has a market capitalization of $3.44 trillion, a P/E ratio of 35.14, a price-to-earnings-growth ratio of 2.42 and a beta of 1.16. Apple Inc. has a 12 month low of $169.21 and a 12 month 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 stock has a 50 day moving average price of $209.69 and a two-hundred day moving average price of $213.14.
Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS 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%. Apple's revenue for the quarter was up 9.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.40 earnings per share. Equities analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.
Apple Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. Apple's payout ratio is 15.78%.
Apple declared that its board has initiated a stock buyback program on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.
Insider Buying and Selling
In other Apple news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.06% of the stock is owned by company insiders.
About Apple
(
Free Report)
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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