1ST Source Bank Sells 2,635 Shares of Apple Inc. (NASDAQ:AAPL)

1ST Source Bank decreased its stake in Apple Inc. (NASDAQ:AAPL) by 1.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 162,513 shares of the iPhone maker’s stock after selling 2,635 shares during the period. Apple accounts for approximately 2.3% of 1ST Source Bank’s holdings, making the stock its 6th largest position. 1ST Source Bank’s holdings in Apple were worth $40,697,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Signaturefd LLC raised its stake in shares of Apple by 2.2% during the 4th quarter. Signaturefd LLC now owns 551,748 shares of the iPhone maker’s stock worth $138,169,000 after purchasing an additional 11,912 shares in the last quarter. Parallel Advisors LLC increased its holdings in Apple by 1.2% during the fourth quarter. Parallel Advisors LLC now owns 854,070 shares of the iPhone maker’s stock worth $213,876,000 after buying an additional 10,484 shares during the last quarter. Cibc World Markets Corp raised its position in Apple by 12.9% during the fourth quarter. Cibc World Markets Corp now owns 3,208,608 shares of the iPhone maker’s stock worth $803,500,000 after acquiring an additional 366,332 shares in the last quarter. SouthState Corp lifted its stake in Apple by 16.0% in the fourth quarter. SouthState Corp now owns 340,745 shares of the iPhone maker’s stock valued at $85,329,000 after acquiring an additional 46,906 shares during the last quarter. Finally, Yardley Wealth Management LLC grew its position in shares of Apple by 59.7% in the 4th quarter. Yardley Wealth Management LLC now owns 2,717 shares of the iPhone maker’s stock valued at $663,000 after acquiring an additional 1,016 shares during the period. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Price Performance

Shares of AAPL opened at $195.27 on Tuesday. The firm has a fifty day simple moving average of $204.64 and a two-hundred day simple moving average of $225.71. The firm has a market cap of $2.92 trillion, a PE ratio of 31.00, a P/E/G ratio of 2.44 and a beta of 1.27. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 160.83%. The firm had revenue of $95.36 billion for the quarter, compared to analysts’ expectations of $94.04 billion. During the same quarter in the prior year, the business earned $1.53 EPS. The business’s quarterly revenue was up 5.1% on a year-over-year basis. On average, equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple announced that its board has initiated a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

Apple Increases Dividend

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

Insider Buying and Selling

In related news, CEO Timothy D. Cook sold 108,136 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total transaction of $24,184,616.40. Following the sale, the chief executive officer now owns 3,280,295 shares of the company’s stock, valued at $733,637,976.75. This represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the transaction, the chief financial officer now owns 4,569 shares of the company’s stock, valued at approximately $941,214. This represents a 50.01% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,507 shares of company stock valued at $42,694,080. Company insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on AAPL shares. Jefferies Financial Group restated an “underperform” rating and issued a $170.62 price target (up previously from $167.88) on shares of Apple in a research note on Friday, May 2nd. Needham & Company LLC reissued a “buy” rating and issued a $225.00 price objective on shares of Apple in a research report on Friday, May 2nd. Rosenblatt Securities downgraded shares of Apple from a “buy” rating to a “neutral” rating and set a $217.00 target price for the company. in a report on Friday, May 2nd. Argus upgraded shares of Apple to a “strong-buy” rating in a research note on Friday, January 31st. Finally, Raymond James cut their price objective on shares of Apple from $250.00 to $230.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.80.

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.