Apple Inc. (NASDAQ:AAPL) Position Lessened by Berkshire Bank

Berkshire Bank trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 10.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 80,666 shares of the iPhone maker's stock after selling 8,914 shares during the period. Apple makes up 4.4% of Berkshire Bank's investment portfolio, making the stock its 5th largest holding. Berkshire Bank's holdings in Apple were worth $17,918,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tallon Kerry Patrick bought a new stake in Apple during the 4th quarter worth approximately $1,877,000. First National Bank of Hutchinson lifted its stake in Apple by 24.6% during the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after acquiring an additional 6,982 shares in the last quarter. Capital & Planning LLC lifted its stake in Apple by 10.7% during the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after acquiring an additional 2,647 shares in the last quarter. Eagle Capital Management LLC lifted its stake in Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after acquiring an additional 272 shares in the last quarter. Finally, Brighton Jones LLC lifted its stake in Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after acquiring an additional 69,207 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Apple Stock Performance

AAPL stock traded up $0.12 during trading on Friday, reaching $213.88. The stock had a trading volume of 38,805,177 shares, compared to its average volume of 49,464,392. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The stock's 50 day moving average is $204.77 and its two-hundred day moving average is $214.58. 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 firm has a market cap of $3.19 trillion, a PE ratio of 33.31, a PEG ratio of 2.39 and a beta of 1.20.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. During the same quarter in the prior year, the business posted $1.53 earnings per share. The business's quarterly revenue was up 5.1% on a year-over-year basis. As a group, equities analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. This is a boost from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio (DPR) is currently 16.20%.

Apple announced that its Board of Directors has authorized a share buyback plan on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have weighed in on AAPL shares. Raymond James Financial dropped 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. Tigress Financial raised their target price on Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a research report on Thursday, April 3rd. Citigroup reaffirmed a "buy" rating on shares of Apple in a research report on Tuesday, June 10th. Jefferies Financial Group raised Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Loop Capital decreased their target price on Apple from $230.00 to $215.00 and set a "hold" rating for the company in a research report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Apple presently has a consensus rating of "Moderate Buy" and a consensus target price of $234.94.

Insider Transactions at Apple

In other news, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 15,533 shares of the company's stock, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.06% of the stock is currently owned by insiders.

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.