Chemung Canal Trust Co. Sells 21,521 Shares of Apple Inc. (NASDAQ:AAPL)

Chemung Canal Trust Co. decreased its holdings in Apple Inc. (NASDAQ:AAPLFree Report) by 33.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,776 shares of the iPhone maker’s stock after selling 21,521 shares during the period. Apple comprises approximately 1.4% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 23rd biggest holding. Chemung Canal Trust Co.’s holdings in Apple were worth $7,335,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Apple by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after acquiring an additional 18,067,216 shares during the period. Morgan Stanley increased its stake in shares of Apple by 1.0% during the third quarter. Morgan Stanley now owns 206,732,960 shares of the iPhone maker’s stock worth $35,394,751,000 after purchasing an additional 2,018,010 shares during the period. Norges Bank acquired a new stake in Apple during the 4th quarter worth approximately $33,912,466,000. International Assets Investment Management LLC boosted its stake in Apple by 14,395.4% in the 4th quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock valued at $136,119,470,000 after purchasing an additional 70,212,651 shares during the period. Finally, Wellington Management Group LLP grew its holdings in Apple by 3.6% in the 4th quarter. Wellington Management Group LLP now owns 60,651,275 shares of the iPhone maker’s stock valued at $11,677,190,000 after buying an additional 2,096,360 shares in the last quarter. 60.41% of the stock is owned by institutional investors and hedge funds.

Apple Stock Performance

Shares of AAPL stock opened at $227.82 on Tuesday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99. Apple Inc. has a one year low of $164.07 and a one year high of $227.85. The business’s 50 day simple moving average is $198.52 and its 200 day simple moving average is $186.41. The stock has a market capitalization of $3.49 trillion, a PE ratio of 35.43, a PEG ratio of 2.75 and a beta of 1.24.

Apple (NASDAQ:AAPLGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The company had revenue of $90.75 billion for the quarter, compared to analyst estimates of $90.37 billion. During the same period in the prior year, the firm posted $1.52 EPS. The company’s quarterly revenue was down 4.3% on a year-over-year basis. As a group, research analysts forecast that Apple Inc. will post 6.59 earnings per share for the current year.

Apple announced that its board has approved a stock buyback plan on Thursday, May 2nd that permits the company to buyback $110.00 billion in shares. This buyback authorization permits the iPhone maker to buy up to 3.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.44%. This is an increase from Apple’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, May 10th. Apple’s payout ratio is currently 15.55%.

Insider Activity

In other Apple news, CFO Luca Maestri sold 53,194 shares of Apple stock in a transaction that occurred on Thursday, April 11th. The stock was sold at an average price of $174.12, for a total value of $9,262,139.28. Following the completion of the sale, the chief financial officer now directly owns 107,788 shares in the company, valued at $18,768,046.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Apple news, COO Jeffrey E. Williams sold 59,162 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were sold at an average price of $172.22, for a total value of $10,188,879.64. Following the completion of the sale, the chief operating officer now directly owns 489,944 shares in the company, valued at $84,378,155.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Luca Maestri sold 53,194 shares of the stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $174.12, for a total transaction of $9,262,139.28. Following the transaction, the chief financial officer now directly owns 107,788 shares in the company, valued at approximately $18,768,046.56. The disclosure for this sale can be found here. Insiders have sold 192,355 shares of company stock valued at $34,771,329 in the last ninety days. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. DA Davidson raised shares of Apple from a “neutral” rating to a “buy” rating and boosted their target price for the company from $200.00 to $230.00 in a research report on Tuesday, June 11th. Evercore ISI reissued a “buy” rating and issued a $250.00 price objective on shares of Apple in a report on Thursday, July 4th. Maxim Group raised their target price on shares of Apple from $178.00 to $195.00 and gave the stock a “hold” rating in a report on Tuesday, June 25th. Erste Group Bank upgraded Apple from a “hold” rating to a “buy” rating in a research note on Friday, June 14th. Finally, Barclays restated an “underweight” rating and set a $164.00 price objective on shares of Apple in a research note on Tuesday, June 11th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Apple has an average rating of “Moderate Buy” and a consensus target price of $215.71.

Read Our Latest Stock Report on Apple

Apple Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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