Apple Inc. (NASDAQ:AAPL) is M&T Bank Corp's Largest Position

M&T Bank Corp decreased its stake in Apple Inc. (NASDAQ:AAPL - Free Report) by 0.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,536,580 shares of the iPhone maker's stock after selling 9,922 shares during the period. Apple accounts for about 4.6% of M&T Bank Corp's holdings, making the stock its biggest holding. M&T Bank Corp's holdings in Apple were worth $1,386,470,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. CWA Asset Management Group LLC acquired a new stake in shares of Apple during the 3rd quarter worth approximately $118,913,000. Holistic Planning LLC raised its holdings in shares of Apple by 6.4% during the third quarter. Holistic Planning LLC now owns 15,052 shares of the iPhone maker's stock valued at $3,507,000 after purchasing an additional 903 shares during the period. First Fiduciary Investment Counsel Inc. raised its holdings in shares of Apple by 2.9% during the third quarter. First Fiduciary Investment Counsel Inc. now owns 5,561 shares of the iPhone maker's stock valued at $1,296,000 after purchasing an additional 156 shares during the period. Provident Trust Co. boosted its position in shares of Apple by 3.2% during the 3rd quarter. Provident Trust Co. now owns 29,700 shares of the iPhone maker's stock worth $6,920,000 after purchasing an additional 915 shares in the last quarter. Finally, Windward Capital Management Co. CA grew its stake in shares of Apple by 4.9% in the 3rd quarter. Windward Capital Management Co. CA now owns 1,024,219 shares of the iPhone maker's stock valued at $238,643,000 after buying an additional 48,284 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. China Renaissance assumed coverage on Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target on the stock. Maxim Group increased their price target on Apple to $215.00 and gave the stock a "hold" rating in a report on Friday, February 21st. Bank of America cut their price target on Apple from $250.00 to $240.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. DA Davidson increased their price target on Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, Loop Capital cut their price target on Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a report on Wednesday, April 30th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $235.80.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the sale, the insider now directly owns 15,533 shares in the company, valued at $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jeffrey E. Williams sold 35,493 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $224.01, for a total value of $7,950,786.93. Following the completion of the sale, the chief operating officer now owns 390,059 shares in the company, valued at approximately $87,377,116.59. The trade was a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 191,507 shares of company stock worth $42,694,080 over the last ninety days. 0.06% of the stock is currently owned by company insiders.

Apple Stock Performance

Apple stock traded down $0.88 during mid-day trading on Thursday, reaching $211.45. 43,910,127 shares of the company's stock were exchanged, compared to its average volume of 55,930,688. The business's fifty day simple moving average is $206.60 and its 200 day simple moving average is $226.99. The firm has a market capitalization of $3.16 trillion, a PE ratio of 33.56, a P/E/G ratio of 2.44 and a beta of 1.27. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The business had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. Apple had a return on equity of 160.83% and a net margin of 24.30%. Apple's quarterly revenue was up 5.1% compared to the same quarter last year. During the same period last year, the company posted $1.53 earnings per share. On average, sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 12th will be paid a $0.26 dividend. The ex-dividend date is Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. Apple's payout ratio is presently 16.20%.

Apple declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Apple 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.