Apple Inc. (NASDAQ:AAPL) is Independence Bank of Kentucky's 3rd Largest Position

Independence Bank of Kentucky cut its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 117,455 shares of the iPhone maker's stock after selling 3,243 shares during the period. Apple makes up 4.1% of Independence Bank of Kentucky's investment portfolio, making the stock its 3rd biggest holding. Independence Bank of Kentucky's holdings in Apple were worth $26,090,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Regent Peak Wealth Advisors LLC increased its stake in Apple by 0.9% in the 4th quarter. Regent Peak Wealth Advisors LLC now owns 111,858 shares of the iPhone maker's stock valued at $28,012,000 after purchasing an additional 1,050 shares in the last quarter. Tallon Kerry Patrick purchased a new position in Apple in the 4th quarter valued at approximately $1,877,000. First National Bank of Hutchinson increased its stake in Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after purchasing an additional 6,982 shares in the last quarter. Capital & Planning LLC increased its stake in Apple by 10.7% in the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after purchasing an additional 2,647 shares in the last quarter. Finally, Uncommon Cents Investing LLC increased its stake in Apple by 0.6% in the 4th quarter. Uncommon Cents Investing LLC now owns 10,457 shares of the iPhone maker's stock valued at $2,619,000 after purchasing an additional 59 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

AAPL has been the subject of several research analyst reports. TD Cowen dropped their price objective on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. Monness Crespi & Hardt raised their price target on Apple to $245.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Scotiabank downgraded Apple to a "market perform" rating in a research report on Friday, May 2nd. DA Davidson raised their price target on Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Finally, Wedbush reissued an "outperform" rating and set a $270.00 price target on shares of Apple in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $234.95.

Apple Stock Performance

NASDAQ AAPL remained flat at $210.01 on Wednesday. 3,382,321 shares of the company were exchanged, compared to its average volume of 53,327,902. The stock's fifty day moving average price is $203.32 and its two-hundred day moving average price is $218.08. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The firm has a market cap of $3.14 trillion, a price-to-earnings ratio of 32.73, a price-to-earnings-growth ratio of 2.34 and a beta of 1.20.

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

Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its stock is undervalued.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a dividend of $0.26 per share. This is an increase from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.50%. The ex-dividend date was Monday, May 12th. Apple's payout ratio is currently 16.20%.

Apple Company Profile

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.