Field & Main Bank Boosts Stock Position in Apple Inc. $AAPL

Key Points

• Field & Main Bank increased its Apple stake by 5.0% in the fourth quarter, adding 3,659 shares to bring its total to 76,996 shares worth about $20.9 million. Apple is now the bank’s second-largest holding, making up roughly 6% of its portfolio.
• Wall Street remains broadly bullish on Apple, with several analysts raising targets to as high as $330. The stock currently carries a consensus rating of Moderate Buy with an average price target of $308.74.
• Apple’s latest quarterly results beat expectations, posting $2.01 EPS on $111.18 billion in revenue, and the company also raised its quarterly dividend to $0.27 per share. Despite insider selling in recent months, Apple’s shares were trading near their 52-week high.

Field & Main Bank lifted its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 5.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 76,996 shares of the iPhone maker's stock after purchasing an additional 3,659 shares during the period. Apple accounts for about 6.0% of Field & Main Bank's holdings, making the stock its 2nd biggest position. Field & Main Bank's holdings in Apple were worth $20,932,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of AAPL. Reyes Financial Architecture Inc. raised its stake in shares of Apple by 0.4% in the third quarter. Reyes Financial Architecture Inc. now owns 9,898 shares of the iPhone maker's stock valued at $2,520,000 after buying an additional 37 shares during the period. WESPAC Advisors LLC increased its holdings in Apple by 0.3% during the 4th quarter. WESPAC Advisors LLC now owns 12,326 shares of the iPhone maker's stock worth $3,351,000 after acquiring an additional 39 shares during the period. American Alpha Advisors LLC increased its stake in Apple by 3.7% in the 3rd quarter. American Alpha Advisors LLC now owns 1,151 shares of the iPhone maker's stock worth $293,000 after acquiring an additional 41 shares during the last quarter. Seven Springs Wealth Group LLC increased its stake in Apple by 0.3% in the 3rd quarter. Seven Springs Wealth Group LLC now owns 15,451 shares of the iPhone maker's stock worth $3,934,000 after acquiring an additional 42 shares during the last quarter. Finally, Avant Capital LLC increased its stake in Apple by 0.9% in the 3rd quarter. Avant Capital LLC now owns 4,814 shares of the iPhone maker's stock worth $1,226,000 after acquiring an additional 43 shares during the last quarter. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on AAPL shares. Stephens set a $315.00 price target on shares of Apple in a report on Monday, January 26th. BNP Paribas Exane raised shares of Apple from a "neutral" rating to an "outperform" rating and set a $300.00 target price on the stock in a report on Friday, April 17th. Maxim Group upgraded Apple from a "hold" rating to a "buy" rating and set a $300.00 price target on the stock in a research report on Friday, January 30th. Morgan Stanley reiterated an "overweight" rating and issued a $330.00 price objective (up from $315.00) on shares of Apple in a research report on Friday, May 1st. Finally, Stifel Nicolaus set a $330.00 target price on shares of Apple in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $308.74.

Insider Activity at Apple

In other Apple news, CFO Kevan Parekh sold 1,534 shares of the stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total value of $421,850.00. Following the transaction, the chief financial officer owned 13,366 shares of the company's stock, valued at approximately $3,675,650. This represents a 10.30% 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, insider Ben Borders sold 1,274 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the transaction, the insider owned 38,713 shares in the company, valued at $11,226,770. The trade was a 3.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 97,759 shares of company stock worth $24,964,305 in the last three months. 0.06% of the stock is currently owned by company insiders.

Trending Headlines about Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple continues to be viewed as one of the best long-term large-cap tech names, with reports highlighting strong iPhone demand, its massive installed base, and the potential for Services to drive the next leg of earnings growth. Apple Services story
• Positive Sentiment: Analysts remain constructive: Evercore ISI reiterated an Outperform rating and raised its price target, while other commentary says Apple can keep compounding earnings and free cash flow as it expands AI features and devices. Analyst commentary
• Positive Sentiment: Apple executives saying the company is still in the “early innings” of spatial computing is reinforcing the view that new product categories could support future growth beyond the iPhone. Spatial computing article
• Neutral Sentiment: Apple’s legal fight with Epic Games remains a drag on sentiment, as the company asked the U.S. Supreme Court to review a contempt order tied to App Store fees. Epic lawsuit article
• Negative Sentiment: Some analysts are becoming more cautious on valuation after Apple’s run to new highs, warning the stock may be due for profit-taking. KeyBanc caution article

Apple Trading Up 1.3%

Apple stock opened at $308.82 on Friday. The business's fifty day simple moving average is $269.64 and its two-hundred day simple moving average is $268.63. The company has a market capitalization of $4.54 trillion, a price-to-earnings ratio of 37.34, a price-to-earnings-growth ratio of 2.66 and a beta of 1.06. Apple Inc. has a 12 month low of $193.46 and a 12 month high of $311.40. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70.

Apple (NASDAQ:AAPL - Get Free Report) last issued its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.06. The firm had revenue of $111.18 billion for the quarter, compared to the consensus estimate of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The business's revenue was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.65 earnings per share. As a group, equities analysts predict that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Monday, May 11th were issued a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, May 11th. This is an increase from Apple's previous quarterly dividend of $0.26. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. Apple's dividend payout ratio is currently 13.06%.

Apple Profile

Apple Inc NASDAQ: AAPL is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple's principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

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