Penobscot Investment Management Company Inc. trimmed its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 299,003 shares of the iPhone maker's stock after selling 7,679 shares during the period. Apple accounts for about 6.8% of Penobscot Investment Management Company Inc.'s investment portfolio, making the stock its largest position. Penobscot Investment Management Company Inc.'s holdings in Apple were worth $74,876,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Morey & Quinn Wealth Partners LLC purchased a new stake in Apple in the 4th quarter worth approximately $7,539,000. Ipsen Advisor Group LLC purchased a new position in Apple in the fourth quarter valued at about $1,592,000. Trust Investment Advisors boosted its stake in Apple by 42.0% during the 4th quarter. Trust Investment Advisors now owns 70,751 shares of the iPhone maker's stock valued at $17,717,000 after acquiring an additional 20,921 shares during the last quarter. Murphy & Mullick Capital Management Corp acquired a new position in Apple during the 4th quarter worth $1,943,000. Finally, Journey Beyond Wealth LLC bought a new stake in shares of Apple in the 4th quarter worth about $258,000. 67.73% of the stock is owned by hedge funds and other institutional investors.
Apple Trading Up 1.6%
Shares of NASDAQ AAPL traded up $3.29 during mid-day trading on Friday, hitting $203.92. 46,447,106 shares of the company traded hands, compared to its average volume of 56,081,504. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a market capitalization of $3.05 trillion, a price-to-earnings ratio of 32.37, a PEG ratio of 2.44 and a beta of 1.22. The business has a 50 day moving average of $201.56 and a two-hundred day moving average of $224.35.
Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 160.83% and a net margin of 24.30%. The firm had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter in the previous year, the company earned $1.53 EPS. The business's revenue for the quarter was up 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend was Monday, May 12th. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is 16.20%.
Apple announced that its board has initiated a share repurchase program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on the company. Loop Capital decreased their price target on Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research note on Wednesday, April 30th. Wedbush reiterated an "outperform" rating and issued a $270.00 target price on shares of Apple in a research report on Friday, May 16th. Scotiabank downgraded Apple to a "market perform" rating in a report on Friday, May 2nd. Raymond James reduced their price objective on Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Rosenblatt Securities downgraded shares of Apple from a "buy" rating to a "neutral" rating and set a $217.00 price objective for the company. in a report on Friday, May 2nd. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $235.02.
View Our Latest Stock Analysis on AAPL
Insider Buying and Selling
In related news, COO Jeffrey E. Williams sold 35,493 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $224.01, for a total value of $7,950,786.93. Following the completion of the sale, the chief operating officer now directly owns 390,059 shares of the company's stock, valued at approximately $87,377,116.59. This represents a 8.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Katherine L. Adams sold 38,822 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $223.67, for a total value of $8,683,316.74. Following the sale, the senior vice president now owns 179,158 shares of the company's stock, valued at $40,072,269.86. The trade was a 17.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 191,507 shares of company stock valued at $42,694,080. Company insiders own 0.06% of the company's stock.
Apple Profile
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Free Report)
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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