Apple Inc. (NASDAQ:AAPL) Shares Sold by Penobscot Investment Management Company Inc.

Key Points

• Penobscot Investment Management Company Inc. reduced its holdings in Apple Inc. by 1.5%, owning 294,384 shares, which represents 6.1% of their portfolio worth around $65.39 million.
• Apple's stock price climbed to $229.35, with analysts maintaining a consensus rating of "Moderate Buy" and a price target of $237.60.
• The company announced a quarterly dividend of $0.26 per share and a significant $100 billion stock buyback plan to repurchase its own shares, indicating perceived undervaluation.

Penobscot Investment Management Company Inc. lowered its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 294,384 shares of the iPhone maker's stock after selling 4,619 shares during the period. Apple comprises 6.1% of Penobscot Investment Management Company Inc.'s holdings, making the stock its largest position. Penobscot Investment Management Company Inc.'s holdings in Apple were worth $65,392,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Life Planning Partners Inc bought a new stake in shares of Apple in the fourth quarter valued at $47,000. Conquis Financial LLC bought a new stake in shares of Apple in the fourth quarter valued at $63,000. LSV Asset Management bought a new stake in shares of Apple in the fourth quarter valued at $65,000. Pillar Financial Advisors LLC bought a new stake in shares of Apple during the 4th quarter valued at $82,000. Finally, Compass Planning Associates Inc bought a new stake in shares of Apple during the 4th quarter valued at $96,000. Hedge funds and other institutional investors own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AAPL. Rosenblatt Securities reiterated a "neutral" rating and set a $217.00 price objective on shares of Apple in a research note on Tuesday, July 29th. Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Bank of America boosted their price objective on Apple from $240.00 to $250.00 and gave the company a "buy" rating in a research note on Thursday. Barclays boosted their price objective on Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a research note on Friday, August 1st. Finally, Monness Crespi & Hardt boosted their price objective on Apple from $245.00 to $270.00 and gave the company a "buy" rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $237.60.

Apple Stock Performance

AAPL traded up $9.32 on Friday, reaching $229.35. 113,661,399 shares of the stock were exchanged, compared to its average volume of 56,719,256. The company's 50-day moving average price is $206.84 and its 200 day moving average price is $213.21. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The firm has a market capitalization of $3.40 trillion, a PE ratio of 34.80, a PEG ratio of 2.30 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%. The company had revenue of $94.04 billion during the quarter, compared to analysts' expectations of $88.64 billion. During the same quarter in the previous year, the firm posted $1.40 EPS. The firm's revenue was up 9.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 11th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. Apple's payout ratio is currently 15.78%.

Apple declared that its Board of Directors has initiated a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the transaction, the insider owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.06% of the company's stock.

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.