Bangor Savings Bank Sells 1,766 Shares of Apple Inc. $AAPL

Key Points

• Bangor Savings Bank reduced its stake in Apple Inc. by 2.6% during the second quarter, owning 65,113 shares valued at approximately $13.36 million, making it the bank's 18th largest holding.
• Apple reported strong quarterly earnings with $1.57 earnings per share, exceeding estimates, and a revenue of $94.04 billion, reflecting a 9.6% year-over-year growth.
• Several institutional investors have increased their holdings in Apple, with 67.73% of the stock owned by such investors, indicating strong institutional confidence in the company's prospects.

Bangor Savings Bank lowered its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 2.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 65,113 shares of the iPhone maker's stock after selling 1,766 shares during the quarter. Apple comprises about 1.2% of Bangor Savings Bank's investment portfolio, making the stock its 18th largest position. Bangor Savings Bank's holdings in Apple were worth $13,359,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Advanced Portfolio Management LLC lifted its stake in shares of Apple by 0.3% during the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock valued at $3,260,000 after acquiring an additional 47 shares during the period. Salus Financial Advisors LLC lifted its stake in shares of Apple by 3.9% during the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock valued at $291,000 after acquiring an additional 49 shares during the period. Sharpepoint LLC lifted its stake in shares of Apple by 3.5% during the first quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker's stock valued at $322,000 after acquiring an additional 51 shares during the period. Mission Hills Financial Advisory LLC lifted its stake in shares of Apple by 1.3% during the first quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker's stock valued at $892,000 after acquiring an additional 53 shares during the period. Finally, Redwood Financial Network Corp lifted its stake in shares of Apple by 0.6% during the fourth quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker's stock valued at $2,184,000 after acquiring an additional 53 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

Insider Buying and Selling

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares of the company's stock, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.06% of the company's stock.

Apple Price Performance

Shares of AAPL traded up $7.62 during midday trading on Friday, hitting $245.50. The company's stock had a trading volume of 163,435,991 shares, compared to its average volume of 57,304,879. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company's fifty day simple moving average is $223.66 and its two-hundred day simple moving average is $212.35. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The stock has a market capitalization of $3.64 trillion, a price-to-earnings ratio of 37.25, a price-to-earnings-growth ratio of 2.48 and a beta of 1.11.

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

Apple Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were issued a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple's payout ratio is presently 15.78%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Jefferies Financial Group upped their price objective on Apple from $190.67 to $205.82 and gave the company a "hold" rating in a report on Monday, September 8th. Wedbush reaffirmed an "outperform" rating and set a $270.00 price objective on shares of Apple in a research report on Tuesday, September 9th. Monness Crespi & Hardt increased their price target on Apple from $245.00 to $270.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Melius Research set a $290.00 price target on Apple and gave the company a "buy" rating in a research report on Wednesday, September 10th. Finally, Bank of America raised their price objective on Apple from $260.00 to $270.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Apple currently has a consensus rating of "Moderate Buy" and an average price target of $242.74.

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.