Apple Inc. (NASDAQ:AAPL) is OLD Point Trust & Financial Services N A's 2nd Largest Position

OLD Point Trust & Financial Services N A lowered its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 5.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,528 shares of the iPhone maker's stock after selling 3,063 shares during the period. Apple makes up approximately 4.4% of OLD Point Trust & Financial Services N A's investment portfolio, making the stock its 2nd biggest position. OLD Point Trust & Financial Services N A's holdings in Apple were worth $12,403,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AAPL. Elevate Wealth Advisory Inc. raised its stake in shares of Apple by 4.5% during the fourth quarter. Elevate Wealth Advisory Inc. now owns 8,720 shares of the iPhone maker's stock valued at $2,184,000 after acquiring an additional 376 shares in the last quarter. BluePointe Capital Management LLC raised its stake in Apple by 30.5% in the fourth quarter. BluePointe Capital Management LLC now owns 17,919 shares of the iPhone maker's stock worth $4,487,000 after buying an additional 4,186 shares in the last quarter. Certus Wealth Management LLC raised its stake in Apple by 0.8% in the fourth quarter. Certus Wealth Management LLC now owns 25,813 shares of the iPhone maker's stock worth $6,464,000 after buying an additional 207 shares in the last quarter. Symmetry Partners LLC raised its stake in Apple by 53.3% in the fourth quarter. Symmetry Partners LLC now owns 93,806 shares of the iPhone maker's stock worth $23,491,000 after buying an additional 32,618 shares in the last quarter. Finally, Wilkins Investment Counsel Inc. raised its stake in Apple by 5.3% in the fourth quarter. Wilkins Investment Counsel Inc. now owns 25,688 shares of the iPhone maker's stock worth $6,433,000 after buying an additional 1,295 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company's stock.

Wall Street Analyst Weigh In

AAPL has been the subject of a number of recent research reports. Barclays reduced their price objective on shares of Apple from $197.00 to $173.00 and set an "underweight" rating for the company in a research note on Wednesday, April 30th. Rosenblatt Securities lowered shares of Apple from a "buy" rating to a "neutral" rating and set a $217.00 price objective on the stock. in a report on Friday, May 2nd. China Renaissance began coverage on shares of Apple in a report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price objective on the stock. TD Cowen cut their price target on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, Evercore ISI increased their price target on Apple from $260.00 to $275.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 18th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Apple has an average rating of "Moderate Buy" and a consensus price target of $235.80.

Insider Buying and Selling

In related news, CFO Kevan Parekh sold 4,570 shares of the business's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the sale, the chief financial officer now directly owns 4,569 shares of the company's stock, valued at $941,214. The trade was a 50.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the sale, the insider now owns 15,533 shares of the company's stock, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 191,507 shares of company stock worth $42,694,080. Corporate insiders own 0.06% of the company's stock.

Apple Trading Up 0.8%

Shares of NASDAQ AAPL traded up $1.57 during midday trading on Tuesday, reaching $203.27. 46,332,353 shares of the stock were exchanged, compared to its average volume of 56,131,611. The company has a 50 day simple moving average of $202.29 and a 200 day simple moving average of $224.69. The stock has a market capitalization of $3.04 trillion, a P/E ratio of 32.27, a PEG ratio of 2.44 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.88 and a current ratio of 0.92. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 160.83%. The firm's revenue for the quarter was up 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.53 EPS. As a group, equities analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a $0.26 dividend. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. Apple's payout ratio is 16.20%.

Apple declared that its board has initiated a stock repurchase program on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

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.