First Interstate Bank Cuts Stake in Apple Inc. $AAPL

Key Points

• First Interstate Bank trimmed its Apple stake by 5.8% in the fourth quarter, selling 4,778 shares and leaving it with 77,855 shares valued at about $21.2 million.
• Apple delivered solid quarterly results, reporting $2.01 EPS on $111.18 billion in revenue, both ahead of expectations, with revenue up 16.6% year over year.
• Analysts remain broadly positive on Apple, with a consensus rating of “Moderate Buy” and an average price target of $308.74, despite some caution around valuation after the stock’s strong run.

First Interstate Bank reduced its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 5.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 77,855 shares of the iPhone maker's stock after selling 4,778 shares during the period. Apple comprises 1.1% of First Interstate Bank's investment portfolio, making the stock its 16th largest holding. First Interstate Bank's holdings in Apple were worth $21,166,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Apple during the 2nd quarter worth approximately $38,942,255,000. Nuveen LLC acquired a new position in Apple during the 1st quarter worth approximately $17,472,482,000. Laurel Wealth Advisors LLC grew its holdings in Apple by 20,464.8% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker's stock worth $5,553,753,000 after acquiring an additional 26,937,401 shares in the last quarter. Northern Trust Corp grew its holdings in Apple by 13.3% during the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after acquiring an additional 20,079,472 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Apple by 14.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker's stock worth $26,220,566,000 after acquiring an additional 13,137,968 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. TD Cowen reiterated a "buy" rating and set a $335.00 price target (up from $325.00) on shares of Apple in a report on Friday, May 1st. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a report on Friday, May 1st. DA Davidson reiterated a "neutral" rating and set a $270.00 price target on shares of Apple in a report on Friday, May 1st. Robert W. Baird set a $310.00 price target on shares of Apple in a report on Friday, May 1st. Finally, KGI Securities upgraded shares of Apple to an "outperform" rating and set a $306.00 target price for the company in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $308.74.

More Apple News

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 Stock Performance

NASDAQ AAPL opened at $308.82 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02. The firm's fifty day moving average price is $269.64 and its 200 day moving average price is $268.62. 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 2.69 and a beta of 1.06. Apple Inc. has a 12 month low of $193.46 and a 12 month high of $311.40.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating analysts' consensus estimates 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 company's revenue was up 16.6% on a year-over-year basis. During the same period last year, the firm posted $1.65 EPS. On average, sell-side analysts expect that Apple Inc. will post 8.74 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were given a $0.27 dividend. This is a positive change from Apple's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, May 11th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. Apple's payout ratio is 13.06%.

Insider Activity at Apple

In related news, insider Ben Borders sold 1,274 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $290.00, for a total value of $369,460.00. Following the transaction, the insider directly owned 38,713 shares of the company's stock, valued at $11,226,770. This trade represents a 3.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Deirdre O'brien sold 30,002 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $255.35, for a total transaction of $7,661,010.70. Following the sale, the senior vice president owned 136,810 shares of the company's stock, valued at approximately $34,934,433.50. This represents a 17.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 97,759 shares of company stock valued at $24,964,305. Corporate insiders own 0.06% of the company's stock.

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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