Apple Inc. (NASDAQ:AAPL) is Mechanics Bank Trust Department's Largest Position

Mechanics Bank Trust Department trimmed its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 222,938 shares of the iPhone maker's stock after selling 4,291 shares during the period. Apple comprises approximately 6.8% of Mechanics Bank Trust Department's portfolio, making the stock its biggest holding. Mechanics Bank Trust Department's holdings in Apple were worth $49,521,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Apple by 3.7% during the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock valued at $349,532,608,000 after buying an additional 49,168,843 shares in the last quarter. Geode Capital Management LLC raised its holdings in Apple by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker's stock valued at $84,999,145,000 after buying an additional 6,307,413 shares in the last quarter. Norges Bank bought a new position in Apple during the fourth quarter valued at about $46,868,648,000. Northern Trust Corp raised its holdings in Apple by 13.3% during the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after buying an additional 20,079,472 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Apple by 14.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker's stock valued at $26,220,566,000 after buying an additional 13,137,968 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Timothy D. Cook sold 108,136 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the transaction, the chief executive officer now owns 3,280,295 shares in the company, valued at approximately $733,637,976.75. The trade was a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jeffrey E. Williams sold 35,493 shares of Apple stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $224.01, for a total transaction of $7,950,786.93. Following the completion of the transaction, the chief operating officer now owns 390,059 shares of the company's stock, valued at $87,377,116.59. This trade represents a 8.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,507 shares of company stock worth $42,694,080 over the last quarter. Company insiders own 0.06% of the company's stock.

Apple Stock Up 0.0%

Shares of AAPL opened at $201.08 on Friday. The stock has a market cap of $3.00 trillion, a price-to-earnings ratio of 31.32, a P/E/G ratio of 2.24 and a beta of 1.22. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a 50-day moving average price of $202.61 and a two-hundred day moving average price of $220.21.

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

Apple declared that its board has initiated a share repurchase plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a dividend of $0.26 per share. This is a boost from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. Apple's dividend payout ratio (DPR) is currently 16.20%.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. UBS Group restated a "buy" rating on shares of Apple in a report on Sunday, June 1st. Bank of America reaffirmed a "buy" rating and issued a $235.00 price target on shares of Apple in a research report on Tuesday, June 10th. Monness Crespi & Hardt raised their price target on Apple to $245.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. TD Cowen lowered their price target on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a research report on Tuesday, June 10th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $234.39.

Apple 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.

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