Apple Inc. (NASDAQ:AAPL) is First National Bank of Mount Dora Trust Investment Services' Largest Position

First National Bank of Mount Dora Trust Investment Services reduced its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,151 shares of the iPhone maker's stock after selling 1,882 shares during the period. Apple comprises 3.7% of First National Bank of Mount Dora Trust Investment Services' investment portfolio, making the stock its biggest position. First National Bank of Mount Dora Trust Investment Services' holdings in Apple were worth $15,138,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. SJS Investment Consulting Inc. increased its position in Apple by 0.6% during the first quarter. SJS Investment Consulting Inc. now owns 59,030 shares of the iPhone maker's stock worth $13,112,000 after buying an additional 359 shares in the last quarter. Ayrshire Capital Management LLC increased its position in Apple by 5.7% during the first quarter. Ayrshire Capital Management LLC now owns 41,317 shares of the iPhone maker's stock worth $9,178,000 after buying an additional 2,240 shares in the last quarter. Prairie Sky Financial Group LLC increased its position in Apple by 0.3% during the 1st quarter. Prairie Sky Financial Group LLC now owns 111,607 shares of the iPhone maker's stock worth $24,791,000 after purchasing an additional 318 shares in the last quarter. Shira Ridge Wealth Management increased its position in Apple by 1.2% during the 1st quarter. Shira Ridge Wealth Management now owns 30,032 shares of the iPhone maker's stock worth $6,671,000 after purchasing an additional 362 shares in the last quarter. Finally, Attessa Capital LLC increased its position in Apple by 36.7% during the 1st quarter. Attessa Capital LLC now owns 5,381 shares of the iPhone maker's stock worth $1,195,000 after purchasing an additional 1,446 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Performance

Apple stock opened at $211.16 on Friday. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The stock has a market cap of $3.15 trillion, a P/E ratio of 32.89, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20. The stock has a 50 day moving average of $203.39 and a 200-day moving average of $217.41.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The business had revenue of $95.36 billion for the quarter, compared to analysts' expectations of $94.04 billion. During the same quarter last year, the company posted $1.53 earnings per share. The company's quarterly revenue was up 5.1% compared to the same quarter last year. On average, analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple declared that its Board of Directors has initiated a share buyback program on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Monday, May 12th. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is currently 16.20%.

Insider Buying and Selling at Apple

In other news, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider directly owned 15,533 shares in the company, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the transaction, the chief financial officer owned 4,569 shares in the company, valued at approximately $941,214. The trade was a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on AAPL. Jefferies Financial Group upgraded shares of Apple from an "underperform" rating to a "hold" rating and lifted their price target for the stock from $170.62 to $188.32 in a report on Tuesday, July 1st. Bank of America reaffirmed a "buy" rating and issued a $235.00 target price on shares of Apple in a research note on Tuesday, June 10th. Evercore ISI lifted their target price on shares of Apple to $250.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Barclays set a $173.00 price objective on Apple and gave the company an "underweight" rating in a research report on Tuesday, June 24th. Finally, Rosenblatt Securities downgraded Apple from a "buy" rating to a "neutral" rating and set a $217.00 price objective for the company. in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $235.27.

About Apple

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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