Exchange Bank Sells 179 Shares of Apple Inc. (NASDAQ:AAPL)

Exchange Bank decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,155 shares of the iPhone maker’s stock after selling 179 shares during the quarter. Apple comprises approximately 5.2% of Exchange Bank’s investment portfolio, making the stock its 2nd biggest holding. Exchange Bank’s holdings in Apple were worth $6,141,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Apple in the 4th quarter valued at approximately $33,912,466,000. Vanguard Group Inc. raised its holdings in Apple by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock worth $253,766,929,000 after purchasing an additional 18,067,216 shares during the period. Swedbank AB acquired a new stake in Apple in the first quarter worth $3,026,492,000. Global Assets Advisory LLC boosted its position in shares of Apple by 23,076.4% during the first quarter. Global Assets Advisory LLC now owns 9,240,214 shares of the iPhone maker’s stock worth $1,584,512,000 after purchasing an additional 9,200,345 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Apple by 158.3% in the 1st quarter. Canada Pension Plan Investment Board now owns 11,532,438 shares of the iPhone maker’s stock valued at $1,977,582,000 after buying an additional 7,067,379 shares during the period. Institutional investors and hedge funds own 60.41% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the transaction, the senior vice president now directly owns 191,543 shares in the company, valued at $39,542,136.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Apple news, SVP Katherine L. Adams sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the sale, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chris Kondo sold 8,706 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total value of $1,958,850.00. Following the sale, the insider now owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 113,884 shares of company stock worth $23,723,887. Insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of AAPL opened at $229.79 on Friday. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $237.23. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99. The business has a 50-day moving average of $221.05 and a 200-day moving average of $195.24. The company has a market capitalization of $3.52 trillion, a price-to-earnings ratio of 35.74, a price-to-earnings-growth ratio of 2.60 and a beta of 1.24.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. The firm had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. Apple had a return on equity of 145.35% and a net margin of 26.44%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.26 EPS. As a group, equities research analysts anticipate that Apple Inc. will post 6.61 earnings per share for the current year.

Apple declared that its board has authorized a stock buyback plan on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.44%. The ex-dividend date was Monday, August 12th. Apple’s payout ratio is currently 15.55%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Sanford C. Bernstein raised their price target on Apple from $195.00 to $240.00 and gave the stock an “outperform” rating in a research report on Friday, June 21st. Piper Sandler Companies reiterated a “neutral” rating and set a $225.00 price objective (up from $190.00) on shares of Apple in a report on Tuesday, July 9th. Maxim Group upped their target price on Apple from $195.00 to $203.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Tigress Financial raised their target price on shares of Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Finally, Barclays lowered their price objective on shares of Apple from $187.00 to $186.00 and set an “underweight” rating on the stock in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Apple currently has a consensus rating of “Moderate Buy” and a consensus price target of $237.30.

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.