First Farmers & Merchants Bank Trust cut its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,626 shares of the iPhone maker’s stock after selling 623 shares during the period. Apple accounts for approximately 5.9% of First Farmers & Merchants Bank Trust’s investment portfolio, making the stock its 2nd largest holding. First Farmers & Merchants Bank Trust’s holdings in Apple were worth $5,522,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of AAPL. Dark Forest Capital Management LP acquired a new position in shares of Apple during the third quarter valued at $29,000. Joseph Group Capital Management acquired a new position in shares of Apple during the fourth quarter valued at $1,631,000. Shore Point Advisors LLC acquired a new position in shares of Apple during the fourth quarter valued at $41,000. St. James Investment Advisors LLC acquired a new position in shares of Apple during the fourth quarter valued at $57,000. Finally, Econ Financial Services Corp acquired a new position in shares of Apple during the fourth quarter valued at $58,000. 57.98% of the stock is currently owned by hedge funds and other institutional investors.
In other news, SVP Deirdre O’brien sold 29,198 shares of Apple stock in a transaction dated Monday, April 4th. The stock was sold at an average price of $177.77, for a total value of $5,190,528.46. Following the completion of the transaction, the senior vice president now directly owns 136,290 shares of the company’s stock, valued at approximately $24,228,273.30. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the transaction, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 168,099 shares of company stock valued at $29,376,711. 0.06% of the stock is owned by corporate insiders.
Apple (NASDAQ:AAPL – Get Rating) last announced its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.09. The business had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. Apple’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period last year, the company earned $1.40 EPS. As a group, equities research analysts expect that Apple Inc. will post 6.11 EPS for the current year.
Apple declared that its board has authorized a stock buyback program on Thursday, April 28th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were given a dividend of $0.23 per share. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 0.68%. The ex-dividend date was Friday, May 6th. Apple’s dividend payout ratio (DPR) is currently 14.94%.
Several brokerages recently weighed in on AAPL. Deutsche Bank Rese… set a $210.00 target price on Apple in a research note on Friday, April 8th. UBS Group set a $185.00 price target on Apple in a research report on Tuesday. Fundamental Research decreased their price target on Apple from $179.32 to $175.24 and set an “average” rating for the company in a research report on Friday, May 6th. Sanford C. Bernstein set a $170.00 price objective on Apple in a research note on Monday, May 2nd. Finally, Morgan Stanley cut their price target on Apple from $195.00 to $185.00 and set an “overweight” rating for the company in a research note on Tuesday, June 14th. Nine analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $186.55.
Apple Profile (Get Rating)
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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