Apple Inc. (NASDAQ:AAPL) Shares Sold by Riverview Trust Co

Riverview Trust Co reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 23.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,424 shares of the iPhone maker's stock after selling 6,989 shares during the quarter. Apple accounts for 5.1% of Riverview Trust Co's portfolio, making the stock its 2nd biggest holding. Riverview Trust Co's holdings in Apple were worth $5,203,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in AAPL. Norges Bank bought a new position in Apple during the fourth quarter valued at approximately $46,868,648,000. GAMMA Investing LLC raised its stake in Apple by 25,934.1% during the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after buying an additional 59,835,676 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Apple by 3.7% during the 4th 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 during the period. Proficio Capital Partners LLC grew its holdings in shares of Apple by 23,555.4% in the fourth quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock worth $5,272,653,000 after acquiring an additional 20,966,232 shares during the period. Finally, Northern Trust Corp increased its position 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 acquiring an additional 20,079,472 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Insider Buying and Selling

In other news, CFO Kevan Parekh sold 4,570 shares of the business'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 sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, the insider directly owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AAPL. DA Davidson raised their target price on Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. cut their target price on shares of Apple from $245.00 to $230.00 and set an "overweight" rating for the company in a research report on Thursday, June 26th. Wedbush reiterated an "outperform" rating and issued a $270.00 price target on shares of Apple in a research report on Tuesday, June 10th. Needham & Company LLC restated a "hold" rating on shares of Apple in a research note on Tuesday, June 10th. Finally, TD Cowen decreased their target price on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $234.95.

Apple Stock Up 0.4%

AAPL stock traded up $0.92 during trading on Friday, hitting $213.36. 34,955,836 shares of the company's stock traded hands, compared to its average volume of 53,618,682. The business has a fifty day simple moving average of $203.26 and a two-hundred day simple moving average of $219.14. 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 capitalization of $3.19 trillion, a P/E ratio of 33.23, a PEG ratio of 2.37 and a beta of 1.20. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last released 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 return on equity of 167.24% and a net margin of 24.30%. The firm had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. During the same period in the previous year, the company posted $1.53 EPS. The business's revenue for the quarter was up 5.1% compared to the same quarter last year. Sell-side analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

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.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is presently 16.20%.

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.