Bangor Savings Bank Sells 2,036 Shares of Apple Inc. (NASDAQ:AAPL)

Bangor Savings Bank decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,879 shares of the iPhone maker's stock after selling 2,036 shares during the quarter. Apple accounts for 1.4% of Bangor Savings Bank's portfolio, making the stock its 14th largest position. Bangor Savings Bank's holdings in Apple were worth $14,856,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Tallon Kerry Patrick bought a new stake in Apple in the fourth quarter valued at approximately $1,877,000. First National Bank of Hutchinson lifted its position in Apple by 24.6% in the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Capital & Planning LLC lifted its position in Apple by 10.7% in the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after purchasing an additional 2,647 shares during the last quarter. ARS Investment Partners LLC lifted its position in Apple by 3.2% in the fourth quarter. ARS Investment Partners LLC now owns 378,612 shares of the iPhone maker's stock valued at $94,812,000 after purchasing an additional 11,705 shares during the last quarter. Finally, Brookmont Capital Management lifted its position in Apple by 14.5% in the fourth quarter. Brookmont Capital Management now owns 1,065 shares of the iPhone maker's stock valued at $267,000 after purchasing an additional 135 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Apple Trading Up 0.0%

Apple stock opened at $210.01 on Wednesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The stock has a market capitalization of $3.14 trillion, a PE ratio of 32.71, a price-to-earnings-growth ratio of 2.34 and a beta of 1.20. The business's fifty day moving average is $203.32 and its 200 day moving average is $218.08.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating 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 company had revenue of $95.36 billion for the quarter, compared to analysts' expectations of $94.04 billion. During the same period last year, the firm posted $1.53 earnings per share. Apple's revenue was up 5.1% compared to the same quarter last year. On average, sell-side analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple declared that its board has approved a stock repurchase program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a $0.26 dividend. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.50%. Apple's dividend payout ratio is currently 16.20%.

Insider Transactions at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the transaction, the chief financial officer directly owned 4,569 shares in the company, valued at approximately $941,214. This represents a 50.01% decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. JPMorgan Chase & Co. lowered their price objective on Apple from $245.00 to $230.00 and set an "overweight" rating for the company in a research report on Thursday, June 26th. Tigress Financial upped their target price on Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a report on Thursday, April 3rd. TD Cowen decreased their target price on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a report on Friday, May 2nd. UBS Group set a $210.00 target price on Apple and gave the company a "neutral" rating in a report on Thursday, July 3rd. Finally, KeyCorp upgraded Apple from an "underweight" rating to a "sector weight" rating in a report on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $234.95.

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.

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