Glenview Trust co Buys 6,424 Shares of Apple Inc. (NASDAQ:AAPL)

Glenview Trust co raised its stake in shares of Apple Inc. (NASDAQ:AAPL) by 0.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,071,668 shares of the iPhone maker’s stock after purchasing an additional 6,424 shares during the period. Apple accounts for 5.0% of Glenview Trust co’s portfolio, making the stock its 2nd largest holding. Glenview Trust co’s holdings in Apple were worth $268,367,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Drystone LLC acquired a new position in Apple during the fourth quarter valued at approximately $25,000. SPX Gestao de Recursos Ltda acquired a new stake in shares of Apple in the third quarter worth $71,000. Pillar Financial Advisors LLC acquired a new stake in shares of Apple in the fourth quarter worth $82,000. Teachers Insurance & Annuity Association of America acquired a new stake in shares of Apple in the third quarter worth $77,000. Finally, Compass Planning Associates Inc acquired a new stake in shares of Apple in the fourth quarter worth $96,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Performance

Apple stock opened at $195.27 on Monday. The stock has a 50-day simple moving average of $205.04 and a 200 day simple moving average of $225.94. The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The stock has a market capitalization of $2.92 trillion, a price-to-earnings ratio of 31.00, a P/E/G ratio of 2.44 and a beta of 1.27.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.03. Apple had a return on equity of 160.83% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to analysts’ expectations of $94.04 billion. During the same period in the previous year, the business posted $1.53 earnings per share. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.53%. This is a boost from Apple’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. Apple’s payout ratio is currently 16.20%.

Apple announced that its Board of Directors has approved a share buyback program on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

AAPL has been the topic of several research analyst reports. Loop Capital lowered their price objective on shares of Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research note on Wednesday, April 30th. KeyCorp upgraded shares of Apple from an “underweight” rating to a “sector weight” rating in a research note on Monday, April 14th. Raymond James lowered their price objective on shares of Apple from $250.00 to $230.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. DA Davidson raised their target price on Apple from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Finally, Bank of America reduced their target price on Apple from $250.00 to $240.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus target price of $235.80.

Insider Activity at Apple

In related news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider now directly owns 15,533 shares in the company, valued at $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Timothy D. Cook sold 108,136 shares of Apple stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the sale, the chief executive officer now owns 3,280,295 shares of the company’s stock, valued at approximately $733,637,976.75. The trade was a 3.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock valued at $42,694,080 over the last ninety days. 0.06% of the stock is owned by insiders.

About Apple

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.