Bangor Savings Bank Has $14.86 Million Stake in Apple Inc. (NASDAQ:AAPL)

Bangor Savings Bank decreased its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,879 shares of the iPhone maker's stock after selling 2,036 shares during the quarter. Apple makes up approximately 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 reporting period.

Several other institutional investors have also recently made changes to their positions in AAPL. Tallon Kerry Patrick bought a new position in Apple during the fourth quarter worth about $1,877,000. First National Bank of Hutchinson boosted its position in Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock worth $8,845,000 after purchasing an additional 6,982 shares during the period. Capital & Planning LLC boosted its position in Apple by 10.7% during the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock worth $6,836,000 after purchasing an additional 2,647 shares during the period. ARS Investment Partners LLC boosted its position in Apple by 3.2% during the fourth quarter. ARS Investment Partners LLC now owns 378,612 shares of the iPhone maker's stock worth $94,812,000 after purchasing an additional 11,705 shares during the period. Finally, Brookmont Capital Management boosted its position in Apple by 14.5% during the fourth quarter. Brookmont Capital Management now owns 1,065 shares of the iPhone maker's stock worth $267,000 after purchasing an additional 135 shares during the period. Institutional investors own 67.73% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. China Renaissance assumed coverage on shares of Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target on the stock. Raymond James Financial lowered their price target on shares of Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Barclays set a $173.00 price target on shares of Apple and gave the stock an "underweight" rating in a report on Tuesday, June 24th. Tigress Financial increased their price target on shares of Apple from $295.00 to $300.00 and gave the stock a "strong-buy" rating in a report on Thursday, April 3rd. Finally, Citigroup reissued a "buy" rating on shares of Apple in a report on Tuesday, June 10th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $235.27.

Insider Activity at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the sale, the insider directly owned 15,533 shares in the company, valued at $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 is available at this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the sale, the chief financial officer owned 4,569 shares in the company, valued at $941,214. The trade was a 50.01% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.06% of the company's stock.

Apple Stock Up 0.7%

NASDAQ AAPL traded up $1.53 during trading on Thursday, reaching $212.67. 14,353,405 shares of the company's stock were exchanged, compared to its average volume of 57,493,113. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The firm has a market capitalization of $3.18 trillion, a PE ratio of 33.12, a P/E/G ratio of 2.35 and a beta of 1.20. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The company's fifty day simple moving average is $203.29 and its 200-day simple moving average is $218.03.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The firm's revenue was up 5.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.53 EPS. Sell-side analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. Apple's dividend payout ratio (DPR) is presently 16.20%.

Apple declared that its board has initiated a stock repurchase 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 reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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.