Apple Inc. $AAPL Shares Sold by Westpac Banking Corp

Key Points

• Westpac Banking Corp has **reduced its holdings** in Apple Inc. by 11.8%, owning **345,317 shares worth approximately $76.71 million**, making Apple its second largest position.
• Recent earnings results showed a **$94.04 billion revenue** for Apple, exceeding analyst expectations, and the company reported an **EPS of $1.57**, an increase from $1.40 the previous year.
• Various analysts have **raised their price targets** for Apple stock, with some now setting a target as high as **$270**, reflecting a general positive sentiment about the company's performance and growth potential.

Westpac Banking Corp trimmed its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 11.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 345,317 shares of the iPhone maker's stock after selling 46,217 shares during the period. Apple accounts for 5.6% of Westpac Banking Corp's portfolio, making the stock its 2nd largest position. Westpac Banking Corp's holdings in Apple were worth $76,705,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in AAPL. Tallon Kerry Patrick acquired a new stake in shares of Apple during the 4th quarter worth $1,877,000. First National Bank of Hutchinson boosted its stake in shares of Apple by 24.6% during the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after buying an additional 6,982 shares during the period. Eagle Capital Management LLC raised its holdings in Apple by 0.5% in the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock worth $13,544,000 after acquiring an additional 272 shares during the period. Brighton Jones LLC increased its holdings in shares of Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock worth $134,554,000 after purchasing an additional 69,207 shares during the period. Finally, Revolve Wealth Partners LLC boosted its position in Apple by 4.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker's stock valued at $16,742,000 after buying an additional 2,695 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Apple Stock Up 1.8%

Apple stock traded up $4.04 on Friday, hitting $234.07. 55,768,555 shares of the stock traded hands, compared to its average volume of 45,223,864. The business's fifty day simple moving average is $221.50 and its 200 day simple moving average is $212.20. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The firm has a market cap of $3.47 trillion, a P/E ratio of 35.52, a price-to-earnings-growth ratio of 2.39 and a beta of 1.11. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10.

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

Apple Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. Apple's dividend payout ratio is presently 15.78%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AAPL. BMO Capital Markets reiterated a "buy" rating on shares of Apple in a research note on Wednesday, August 13th. Rosenblatt Securities upped their target price on shares of Apple from $223.00 to $241.00 and gave the stock a "neutral" rating in a research note on Wednesday. Wedbush reaffirmed an "outperform" rating and set a $270.00 price objective on shares of Apple in a report on Tuesday. Loop Capital decreased their price target on Apple from $230.00 to $226.00 and set a "hold" rating on the stock in a research report on Thursday, August 21st. Finally, UBS Group reiterated a "neutral" rating on shares of Apple in a research report on Monday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Apple presently has an average rating of "Moderate Buy" and an average price target of $240.80.

Insider Activity

In related news, SVP Deirdre O'brien sold 34,821 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the sale, the senior vice president owned 136,687 shares of the company's stock, valued at $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.06% of the company's stock.

About Apple

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.