Security National Bank Decreases Stake in Apple Inc. (NASDAQ:AAPL)

Security National Bank lessened its stake in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 8.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 144,168 shares of the iPhone maker’s stock after selling 13,530 shares during the period. Apple makes up approximately 5.8% of Security National Bank’s portfolio, making the stock its 3rd biggest position. Security National Bank’s holdings in Apple were worth $25,173,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Elk River Wealth Management LLC grew its stake in shares of Apple by 49.0% in the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock worth $29,181,000 after purchasing an additional 54,989 shares during the last quarter. Piscataqua Savings Bank grew its stake in shares of Apple by 1.5% in the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock worth $8,302,000 after purchasing an additional 684 shares during the last quarter. Fountainhead AM LLC grew its stake in shares of Apple by 11.6% in the fourth quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock worth $7,732,000 after purchasing an additional 4,738 shares during the last quarter. Primoris Wealth Advisors LLC bought a new stake in shares of Apple in the fourth quarter worth $4,282,000. Finally, Red Door Wealth Management LLC lifted its holdings in Apple by 3.3% in the first quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock valued at $16,934,000 after buying an additional 3,087 shares during the period. Institutional investors own 57.98% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on AAPL shares. Bank of America dropped their target price on shares of Apple from $215.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, May 19th. Evercore ISI dropped their target price on shares of Apple from $210.00 to $180.00 and set an “outperform” rating on the stock in a report on Tuesday, June 28th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Apple from $200.00 to $175.00 in a report on Tuesday, June 14th. The Goldman Sachs Group set a $130.00 target price on shares of Apple in a report on Tuesday, July 19th. Finally, Credit Suisse Group set a $169.00 target price on shares of Apple in a report on Friday, April 29th. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $182.73.

Apple Stock Down 0.8 %

Apple stock opened at $154.09 on Monday. Apple Inc. has a twelve month low of $129.04 and a twelve month high of $182.94. The firm has a 50 day moving average price of $142.90 and a 200-day moving average price of $157.81. The company has a market capitalization of $2.49 trillion, a P/E ratio of 25.01, a P/E/G ratio of 2.00 and a beta of 1.19. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt-to-equity ratio of 1.53.

Apple (NASDAQ:AAPLGet Rating) last released its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The firm had revenue of $97.28 billion during the quarter, compared to the consensus estimate of $93.99 billion. During the same period in the prior year, the firm earned $1.40 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. As a group, equities analysts predict that Apple Inc. will post 6.09 EPS for the current year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a dividend of $0.23 per share. This is an increase from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date was Friday, May 6th. Apple’s dividend payout ratio is currently 14.94%.

Apple announced that its Board of Directors has approved a share buyback plan on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at Apple

In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the sale, the senior vice president now directly owns 452,334 shares in the company, valued at approximately $73,151,454.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.06% of the stock is currently owned by corporate insiders.

Apple Company 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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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