First National Trust Co lowered its position in Apple Inc. (NASDAQ:AAPL) by 3.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 445,241 shares of the iPhone maker’s stock after selling 17,674 shares during the quarter. Apple makes up about 3.6% of First National Trust Co’s portfolio, making the stock its 3rd biggest position. First National Trust Co’s holdings in Apple were worth $54,386,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in AAPL. Beaumont Asset Management L.L.C. grew its position in shares of Apple by 3.3% during the 1st quarter. Beaumont Asset Management L.L.C. now owns 2,355 shares of the iPhone maker’s stock valued at $287,000 after acquiring an additional 75 shares during the period. Hardy Reed LLC grew its position in shares of Apple by 0.3% during the 1st quarter. Hardy Reed LLC now owns 23,382 shares of the iPhone maker’s stock valued at $2,856,000 after acquiring an additional 79 shares during the period. Red Cedar Capital LLC grew its position in shares of Apple by 0.5% during the 4th quarter. Red Cedar Capital LLC now owns 16,056 shares of the iPhone maker’s stock valued at $2,130,000 after acquiring an additional 80 shares during the period. Groesbeck Investment Management Corp NJ grew its position in shares of Apple by 0.6% during the 1st quarter. Groesbeck Investment Management Corp NJ now owns 13,904 shares of the iPhone maker’s stock valued at $1,698,000 after acquiring an additional 80 shares during the period. Finally, Wilkins Investment Counsel Inc. grew its position in shares of Apple by 4.6% during the 4th quarter. Wilkins Investment Counsel Inc. now owns 1,882 shares of the iPhone maker’s stock valued at $250,000 after acquiring an additional 82 shares during the period. 56.33% of the stock is currently owned by institutional investors.
A number of research firms have recently commented on AAPL. The Goldman Sachs Group restated a “neutral” rating and set a $130.00 target price on shares of Apple in a research report on Tuesday. Robert W. Baird lifted their price objective on Apple from $155.00 to $160.00 and gave the stock an “outperform” rating in a report on Thursday, April 29th. Wedbush lifted their price objective on Apple from $175.00 to $185.00 and gave the stock an “outperform” rating in a report on Thursday, April 29th. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $165.00 price objective on shares of Apple in a report on Wednesday, May 5th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Apple from $160.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, April 29th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-six have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $148.91.
Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, April 27th. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.41. The company had revenue of $89.58 billion for the quarter, compared to analyst estimates of $76.84 billion. Apple had a return on equity of 111.80% and a net margin of 23.45%. The firm’s quarterly revenue was up 53.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.64 earnings per share. On average, analysts predict that Apple Inc. will post 5.17 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 13th. Shareholders of record on Monday, May 10th were given a $0.22 dividend. This is a positive change from Apple’s previous quarterly dividend of $0.21. The ex-dividend date was Friday, May 7th. This represents a $0.88 dividend on an annualized basis and a yield of 0.70%. Apple’s payout ratio is presently 26.83%.
In other Apple news, COO Jeffrey E. Williams sold 133,867 shares of the business’s stock in a transaction that occurred on Monday, April 5th. The stock was sold at an average price of $125.74, for a total value of $16,832,436.58. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Luca Maestri sold 121,072 shares of the business’s stock in a transaction that occurred on Monday, May 3rd. The shares were sold at an average price of $132.81, for a total value of $16,079,572.32. Following the completion of the sale, the chief financial officer now directly owns 143,961 shares in the company, valued at approximately $19,119,460.41. The disclosure for this sale can be found here. In the last three months, insiders sold 290,155 shares of company stock worth $37,610,735. 0.06% of the stock is owned by corporate insiders.
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. 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, HomePod, iPod touch, and other Apple-branded and third-party accessories.
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