Apple Inc. (NASDAQ:AAPL) Stake Trimmed by Ledyard National Bank

Ledyard National Bank decreased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 3.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 251,435 shares of the iPhone maker's stock after selling 7,812 shares during the quarter. Apple accounts for approximately 5.5% of Ledyard National Bank's investment portfolio, making the stock its 3rd largest holding. Ledyard National Bank's holdings in Apple were worth $55,851,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tallon Kerry Patrick acquired a new position in Apple during the 4th quarter worth about $1,877,000. First National Bank of Hutchinson increased its holdings in shares of 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 acquiring an additional 6,982 shares during the last quarter. Capital & Planning LLC grew its stake in Apple by 10.7% during the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock worth $6,836,000 after buying an additional 2,647 shares during the last quarter. Eagle Capital Management LLC grew its stake in Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after buying an additional 272 shares during the last quarter. Finally, Brighton Jones LLC grew its stake in Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after buying an additional 69,207 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Trading Up 5.0%

NASDAQ:AAPL traded up $10.20 during midday trading on Wednesday, reaching $213.12. 102,898,971 shares of the stock traded hands, compared to its average volume of 57,348,797. The company has a fifty day moving average of $205.58 and a 200 day moving average of $213.24. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The stock has a market capitalization of $3.16 trillion, a P/E ratio of 32.34, a PEG ratio of 2.14 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company's revenue for the quarter was up 9.6% on a year-over-year basis. During the same period in the prior year, the business earned $1.40 EPS. On average, research analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

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

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on AAPL shares. TD Cowen reduced their price target on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Jefferies Financial Group raised Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. UBS Group lifted their price objective on Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a research report on Friday, August 1st. Rosenblatt Securities reiterated a "neutral" rating and issued a $217.00 target price on shares of Apple in a report on Tuesday, July 29th. Finally, Citigroup boosted their price objective on Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $237.25.

Insiders Place Their Bets

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

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.