Legacy Private Trust Co. Sells 4,653 Shares of Apple Inc. (NASDAQ:AAPL)

Legacy Private Trust Co. lessened its stake in Apple Inc. (NASDAQ:AAPL) by 2.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 187,738 shares of the iPhone maker’s stock after selling 4,653 shares during the period. Apple accounts for about 2.9% of Legacy Private Trust Co.’s holdings, making the stock its 5th biggest position. Legacy Private Trust Co.’s holdings in Apple were worth $41,702,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Drystone LLC purchased a new stake in Apple in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc purchased a new stake in Apple in the 4th quarter valued at approximately $47,000. Conquis Financial LLC purchased a new stake in Apple in the 4th quarter valued at approximately $63,000. LSV Asset Management purchased a new stake in Apple in the 4th quarter valued at approximately $65,000. Finally, Pillar Financial Advisors LLC purchased a new stake in Apple in the 4th quarter valued at approximately $82,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Down 0.6%

Shares of Apple stock opened at $200.30 on Wednesday. The company has a fifty day moving average price of $202.29 and a 200 day moving average price of $220.98. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The stock has a market cap of $2.99 trillion, a price-to-earnings ratio of 31.20, a price-to-earnings-growth ratio of 2.25 and a beta of 1.22.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 167.24%. The firm had revenue of $95.36 billion during the quarter, compared to analysts’ expectations of $94.04 billion. During the same period in the prior year, the company earned $1.53 EPS. The firm’s revenue was up 5.1% on a year-over-year basis. Equities research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a $0.26 dividend. This is a boost from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date of this dividend was Monday, May 12th. Apple’s dividend payout ratio is presently 16.20%.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. TD Cowen lowered their price objective on Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Monness Crespi & Hardt boosted their price target on Apple to $245.00 and gave the stock a “buy” rating in a research note on Tuesday, June 10th. Needham & Company LLC reissued a “hold” rating on shares of Apple in a research note on Tuesday, June 10th. JPMorgan Chase & Co. decreased their price target on Apple from $270.00 to $245.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Finally, Wedbush reissued an “outperform” rating and set a $270.00 price target on shares of Apple in a research note on Tuesday, June 10th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $234.86.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the transaction, the insider now directly owns 15,533 shares of the company’s stock, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Katherine L. Adams sold 38,822 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.67, for a total transaction of $8,683,316.74. Following the completion of the transaction, the senior vice president now directly owns 179,158 shares of the company’s stock, valued at approximately $40,072,269.86. The trade was a 17.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,507 shares of company stock valued at $42,694,080 in the last ninety days. Insiders own 0.06% of the company’s stock.

Apple Company 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.