Farmers Trust Co. Has $18.65 Million Stake in Apple Inc. $AAPL

Farmers Trust Co. lessened its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 9.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 90,901 shares of the iPhone maker's stock after selling 9,195 shares during the period. Apple comprises about 3.5% of Farmers Trust Co.'s investment portfolio, making the stock its 4th largest position. Farmers Trust Co.'s holdings in Apple were worth $18,650,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Burkett Financial Services LLC increased its stake in shares of Apple by 0.6% in the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker's stock worth $3,199,000 after buying an additional 93 shares during the last quarter. Avid Wealth Partners LLC increased its stake in shares of Apple by 28.3% in the first quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker's stock worth $935,000 after buying an additional 930 shares during the last quarter. Bell & Brown Wealth Advisors LLC increased its stake in shares of Apple by 0.4% in the first quarter. Bell & Brown Wealth Advisors LLC now owns 62,001 shares of the iPhone maker's stock worth $13,772,000 after buying an additional 240 shares during the last quarter. OneAscent Wealth Management LLC increased its stake in Apple by 4.6% during the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker's stock valued at $2,337,000 after purchasing an additional 409 shares during the last quarter. Finally, Andina Capital Management LLC increased its stake in Apple by 209.2% during the first quarter. Andina Capital Management LLC now owns 6,786 shares of the iPhone maker's stock valued at $1,507,000 after purchasing an additional 4,591 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Loop Capital lowered their target price on shares of Apple from $230.00 to $226.00 and set a "hold" rating for the company in a research note on Thursday, August 21st. The Goldman Sachs Group reiterated a "buy" rating and set a $266.00 target price on shares of Apple in a research note on Tuesday, August 26th. Jefferies Financial Group reiterated an "underperform" rating and set a $205.16 target price (down previously from $205.82) on shares of Apple in a research note on Friday. Sanford C. Bernstein assumed coverage on shares of Apple in a research note on Monday, September 15th. They set an "outperform" rating and a $290.00 target price for the company. Finally, Melius Research set a $290.00 target price on shares of Apple and gave the company a "buy" rating in a research note on Wednesday, September 10th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $247.49.

Insider Activity at Apple

In related news, CEO Timothy D. Cook sold 129,963 shares of the business's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $256.81, for a total value of $33,375,798.03. Following the completion of the sale, the chief executive officer owned 3,280,295 shares of the company's stock, valued at approximately $842,412,558.95. The trade was a 3.81% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Katherine L. Adams sold 47,125 shares of the business's stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $256.79, for a total value of $12,101,228.75. Following the completion of the sale, the senior vice president directly owned 179,158 shares of the company's stock, valued at approximately $46,005,982.82. The trade was a 20.83% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 254,922 shares of company stock valued at $64,320,190. 0.06% of the stock is owned by corporate insiders.

Apple Price Performance

NASDAQ AAPL opened at $258.02 on Friday. The stock's 50-day moving average price is $233.09 and its two-hundred day moving average price is $214.69. 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 company has a market cap of $3.83 trillion, a PE ratio of 39.15, a PEG ratio of 2.49 and a beta of 1.09. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10.

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

Apple Dividend Announcement

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

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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