Community Bank N.A. Cuts Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Key Points

• Community Bank N.A. reduced its holdings in Apple Inc. by 1.6%, now owning 384,349 shares valued at approximately $85.4 million.
• Apple's Board of Directors has approved a significant $100 billion share repurchase plan, signaling confidence in the company's stock valuation.
• Apple has recently increased its quarterly dividend to $0.26 per share, marking an annualized dividend of $1.04 and a yield of 0.49%.

Community Bank N.A. decreased its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 384,349 shares of the iPhone maker's stock after selling 6,149 shares during the period. Apple comprises about 11.4% of Community Bank N.A.'s investment portfolio, making the stock its biggest position. Community Bank N.A.'s holdings in Apple were worth $85,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Conquis Financial LLC bought a new stake in Apple in the 4th quarter worth $63,000. LSV Asset Management purchased a new stake in shares of Apple in the 4th quarter worth about $65,000. Pillar Financial Advisors LLC purchased a new stake in shares of Apple in the 4th quarter worth about $82,000. Compass Planning Associates Inc purchased a new stake in shares of Apple in the 4th quarter worth about $96,000. Finally, Collier Financial purchased a new stake in shares of Apple in the 4th quarter worth about $140,000. Institutional investors own 67.73% of the company's stock.

Insider Buying and Selling at Apple

In other news, insider Chris Kondo sold 4,486 shares of the stock in a transaction 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 sale, the insider owned 15,533 shares of the company's stock, 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 legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on AAPL. KeyCorp raised shares of Apple from an "underweight" rating to a "sector weight" rating in a research report on Monday, April 14th. Bank of America reissued a "buy" rating and set a $235.00 price target on shares of Apple in a research report on Tuesday, June 10th. The Goldman Sachs Group reissued a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. Wedbush reissued an "outperform" rating and set a $270.00 price target on shares of Apple in a research report on Wednesday, July 9th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Apple in a research report on Friday. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $234.94.

Apple Price Performance

Apple stock traded down $1.53 during mid-day trading on Tuesday, reaching $212.52. 10,429,226 shares of the company's stock traded hands, compared to its average volume of 56,283,719. The company has a market cap of $3.17 trillion, a price-to-earnings ratio of 33.11, a PEG ratio of 2.39 and a beta of 1.20. The stock has a 50 day moving average of $204.87 and a two-hundred day moving average of $214.22. 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.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. The company had revenue of $95.36 billion for 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 quarter in the prior year, the firm earned $1.53 earnings per share. Equities 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 stock buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Apple Increases Dividend

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