Apple Inc. $AAPL is Chemung Canal Trust Co.'s 8th Largest Position

Key Points

• Chemung Canal Trust Co. reduced its stake in Apple Inc. by 2.6%, now holding 53,815 shares valued at approximately $11.95 million.
• Apple recently reported earnings of $1.57 per share, surpassing estimates and showing a 9.6% year-over-year revenue increase to $94.04 billion.
• The company has authorized a $100 billion stock buyback plan, indicating management believes its shares are undervalued, with institutional investors holding 67.73% of the stock.

Chemung Canal Trust Co. lessened its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,815 shares of the iPhone maker's stock after selling 1,431 shares during the period. Apple makes up approximately 2.6% of Chemung Canal Trust Co.'s investment portfolio, making the stock its 8th largest position. Chemung Canal Trust Co.'s holdings in Apple were worth $11,954,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Life Planning Partners Inc bought a new position in Apple in the 4th quarter valued at approximately $47,000. Elite Financial Inc. bought a new position in shares of Apple in the 1st quarter worth about $58,000. Conquis Financial LLC bought a new stake in shares of Apple in the 4th quarter valued at $63,000. LSV Asset Management acquired a new stake in Apple in the fourth quarter worth $65,000. Finally, Pillar Financial Advisors LLC bought a new stake in Apple in the fourth quarter valued at $82,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have weighed in on AAPL. Evercore ISI restated an "outperform" rating and set a $250.00 price objective on shares of Apple in a report on Wednesday, August 13th. Barclays raised their price target on shares of Apple from $173.00 to $180.00 and gave the company an "underweight" rating in a research report on Friday, August 1st. JPMorgan Chase & Co. increased their price objective on shares of Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Bank of America reissued a "buy" rating and set a $250.00 target price on shares of Apple in a research report on Monday, August 25th. Finally, The Goldman Sachs Group reiterated a "buy" rating and issued a $266.00 price objective on shares of Apple in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Apple has a consensus rating of "Moderate Buy" and a consensus target price of $237.37.

Insider Transactions at Apple

In other Apple news, SVP Deirdre O'brien sold 34,821 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the sale, the senior vice president directly owned 136,687 shares of the company's stock, valued at $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.06% of the company's stock.

Apple Stock Down 0.2%

AAPL traded down $0.42 during midday trading on Friday, reaching $232.14. The company's stock had a trading volume of 39,382,353 shares, compared to its average volume of 58,935,340. The stock's 50-day moving average is $215.79 and its 200-day moving average is $213.08. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $3.45 trillion, a price-to-earnings ratio of 35.23, a PEG ratio of 2.43 and a beta of 1.16.

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

Apple Announces Dividend

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

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.