Legacy Private Trust Co. Has $37.27 Million Stake in Apple Inc. $AAPL

Key Points

• Legacy Private Trust Co. reduced its stake in Apple Inc. by 3.2%, owning 181,637 shares worth approximately $37.27 million, making it the firm's 6th largest position.
• Insider trading was reported as SVP Deirdre O'brien sold 34,821 shares for over $7.77 million, representing a 20.30% decrease in her holdings in the company.
• Apple's quarterly earnings exceeded estimates, with an EPS of $1.57 and revenue of $94.04 billion, reflecting a year-over-year increase of 9.6% compared to the same quarter last year.

Legacy Private Trust Co. lowered its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 3.2% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 181,637 shares of the iPhone maker's stock after selling 6,101 shares during the period. Apple accounts for approximately 2.4% of Legacy Private Trust Co.'s holdings, making the stock its 6th largest position. Legacy Private Trust Co.'s holdings in Apple were worth $37,266,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. Advanced Portfolio Management LLC lifted its position in Apple by 0.3% during the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after acquiring an additional 47 shares during the last quarter. Salus Financial Advisors LLC raised its position in shares of Apple by 3.9% in the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock valued at $291,000 after buying an additional 49 shares in the last quarter. Sharpepoint LLC raised its position in shares of Apple by 3.5% in the first quarter. Sharpepoint LLC now owns 1,523 shares of the iPhone maker's stock valued at $322,000 after buying an additional 51 shares in the last quarter. Mission Hills Financial Advisory LLC raised its position in shares of Apple by 1.3% in the first quarter. Mission Hills Financial Advisory LLC now owns 4,016 shares of the iPhone maker's stock valued at $892,000 after buying an additional 53 shares in the last quarter. Finally, Redwood Financial Network Corp raised its position in shares of Apple by 0.6% in the fourth quarter. Redwood Financial Network Corp now owns 8,720 shares of the iPhone maker's stock valued at $2,184,000 after buying an additional 53 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Deirdre O'brien sold 34,821 shares of Apple stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares in the company, valued at $30,508,538.40. This trade represents a 20.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is currently owned by insiders.

Apple Trading Up 3.2%

Shares of AAPL stock opened at $245.50 on Friday. The company has a 50 day moving average of $224.35 and a 200-day moving average of $212.42. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The firm has a market cap of $3.64 trillion, a P/E ratio of 37.25, a PEG ratio of 2.47 and a beta of 1.11.

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

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were issued 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 currently 15.78%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Sanford C. Bernstein assumed coverage on shares of Apple in a research report on Monday. They issued an "outperform" rating and a $290.00 price target for the company. Rosenblatt Securities lifted their price target on shares of Apple from $223.00 to $241.00 and gave the company a "neutral" rating in a research report on Wednesday, September 10th. Raymond James Financial restated an "outperform" rating and set a $240.00 price objective (up from $230.00) on shares of Apple in a research report on Friday, August 1st. UBS Group restated a "neutral" rating on shares of Apple in a research report on Monday, September 8th. Finally, Moffett Nathanson upgraded shares of Apple from a "sell" rating to a "neutral" rating and set a $225.00 price objective for the company in a research report on Thursday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $242.74.

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.

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