Grove Bank & Trust Acquires 4,234 Shares of Apple Inc. $AAPL

Key Points

• Grove Bank & Trust increased its Apple stake by 2.6% in the second quarter, purchasing 4,234 additional shares for a total of 165,787 shares valued at approximately $48.0 million. Apple represents 4.8% of the bank’s portfolio and is its second-largest holding.
• Apple reported quarterly EPS of $2.02, exceeding estimates of $1.89, while revenue rose 16.4% year over year to $109.42 billion. The company also paid a quarterly dividend of $0.27 per share, yielding approximately 0.3%.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $330.53, although targets and ratings range widely from $250 and “Underweight” to $400 and “Buy.”

Grove Bank & Trust raised its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 2.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 165,787 shares of the iPhone maker's stock after buying an additional 4,234 shares during the period. Apple accounts for approximately 4.8% of Grove Bank & Trust's portfolio, making the stock its 2nd biggest holding. Grove Bank & Trust's holdings in Apple were worth $47,972,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Evansbrook LLC grew its holdings in Apple by 0.4% during the first quarter. Evansbrook LLC now owns 8,095 shares of the iPhone maker's stock valued at $2,054,000 after purchasing an additional 34 shares during the last quarter. JMG Financial Group Ltd. lifted its stake in shares of Apple by 0.7% in the first quarter. JMG Financial Group Ltd. now owns 5,102 shares of the iPhone maker's stock worth $1,295,000 after buying an additional 35 shares during the last quarter. Reyes Financial Architecture Inc. lifted 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 worth $2,520,000 after buying an additional 37 shares during the last quarter. Interactive Financial Advisors Inc. boosted its holdings in shares of Apple by 4.0% during the 4th quarter. Interactive Financial Advisors Inc. now owns 1,051 shares of the iPhone maker's stock worth $286,000 after buying an additional 40 shares during the period. Finally, Sugar Maple Asset Management LLC boosted its holdings in shares of Apple by 2.0% during the 1st quarter. Sugar Maple Asset Management LLC now owns 2,029 shares of the iPhone maker's stock worth $515,000 after buying an additional 40 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Price Performance

Apple stock opened at $310.03 on Wednesday. The business's fifty day moving average is $309.45 and its two-hundred day moving average is $286.11. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.93 and a current ratio of 1.00. The firm has a market cap of $4.52 trillion, a P/E ratio of 35.55, a P/E/G ratio of 2.62 and a beta of 1.09. Apple Inc. has a 52 week low of $223.78 and a 52 week high of $344.57.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.13. The business had revenue of $109.42 billion during the quarter, compared to analysts' expectations of $109.04 billion. Apple had a return on equity of 135.46% and a net margin of 27.62%.The firm's revenue for the quarter was up 16.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.57 earnings per share. Equities research analysts forecast that Apple Inc. will post 8.76 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Stockholders of record on Monday, August 10th were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, August 10th. Apple's dividend payout ratio is presently 12.39%.

Insider Activity at Apple

In other news, SVP Jennifer Newstead sold 1,439 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $307.75, for a total transaction of $442,852.25. Following the sale, the senior vice president directly owned 40,107 shares of the company's stock, valued at $12,342,929.25. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ben Borders sold 116 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the completion of the transaction, the insider owned 38,713 shares of the company's stock, valued at $11,425,754.82. This trade represents a 0.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. KeyCorp reiterated an "underweight" rating and issued a $250.00 target price on shares of Apple in a report on Tuesday, July 28th. TD Cowen upped their price target on shares of Apple from $350.00 to $400.00 and gave the company a "buy" rating in a report on Friday, July 31st. UBS Group reaffirmed a "neutral" rating on shares of Apple in a research report on Friday, July 31st. Oppenheimer reiterated a "market perform" rating on shares of Apple in a research note on Friday, July 31st. Finally, Rothschild & Co Redburn set a $400.00 price objective on Apple and gave the stock a "buy" rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twelve have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $330.53.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple will replace the European Union’s controversial per-install Core Technology Fee with a simpler 5% commission on digital transactions for apps distributed outside the App Store or through alternative marketplaces. The changes, effective October 1, are intended to resolve disputes related to the EU’s Digital Markets Act and reduce regulatory uncertainty. Apple overhauls Europe app store fees to resolve payments clash
• Positive Sentiment: Apple is also making it easier for developers to operate alternative app stores in Europe. Investors may view the settlement as removing a persistent overhang and avoiding potentially larger penalties or prolonged legal battles. Apple overhauls its EU App Store fees, loosens rules for alternative app stores
• Positive Sentiment: Rothschild & Co. Redburn upgraded Apple from “Hold” or “Neutral” to “Buy” and raised its price target to $400 from $260. The bullish case centers on a potential premium foldable iPhone—modeled at roughly 14 million units priced near $2,199—and a possible improvement in Apple’s artificial-intelligence strategy. Could Apple stock jump 30%? This Nvidia AI bet may hold the key
• Neutral Sentiment: The new EU terms may improve developer relations and compliance, but the lower and broader commission structure could reduce App Store economics over time. Apple has acknowledged that antitrust actions and new rules are beginning to weigh on its approximately $100 billion Services business. Antitrust attacks start to bite into Apple’s Services business
• Negative Sentiment: Appaloosa Management, led by David Tepper, disclosed put positions referencing about 835,000 Apple shares. The position signals caution toward AAPL’s valuation and growth outlook, although it is an individual investor’s trade rather than a fundamental change. Billionaire David Tepper Is Short Apple
• Negative Sentiment: U.S. officials reportedly urged Apple not to purchase memory chips from Chinese suppliers. Complying could raise component costs or constrain sourcing flexibility as AI demand tightens memory supply, creating a potential margin headwind. Market Chatter: Apple May Buy Chinese Memory Chips Despite US Request

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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