City State Bank Sells 303 Shares of Apple Inc. (NASDAQ:AAPL)

City State Bank reduced its stake in Apple Inc. (NASDAQ:AAPL) by 0.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 58,870 shares of the iPhone maker’s stock after selling 303 shares during the quarter. Apple accounts for 4.3% of City State Bank’s investment portfolio, making the stock its largest position. City State Bank’s holdings in Apple were worth $13,077,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Radnor Capital Management LLC increased its stake in Apple by 2.3% during the 1st quarter. Radnor Capital Management LLC now owns 73,894 shares of the iPhone maker’s stock worth $16,414,000 after buying an additional 1,663 shares during the period. Impact Capital Partners LLC raised its holdings in shares of Apple by 7.5% in the 1st quarter. Impact Capital Partners LLC now owns 51,620 shares of the iPhone maker’s stock valued at $11,466,000 after purchasing an additional 3,581 shares in the last quarter. Disciplined Investments LLC raised its holdings in shares of Apple by 23.8% in the 1st quarter. Disciplined Investments LLC now owns 8,873 shares of the iPhone maker’s stock valued at $1,971,000 after purchasing an additional 1,707 shares in the last quarter. Tower Wealth Partners Inc. raised its holdings in shares of Apple by 11.0% in the 1st quarter. Tower Wealth Partners Inc. now owns 10,081 shares of the iPhone maker’s stock valued at $2,239,000 after purchasing an additional 995 shares in the last quarter. Finally, Fortress Financial Group LLC raised its stake in Apple by 0.8% during the 1st quarter. Fortress Financial Group LLC now owns 8,933 shares of the iPhone maker’s stock worth $1,984,000 after acquiring an additional 68 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Rosenblatt Securities lowered shares of Apple from a “buy” rating to a “neutral” rating and set a $217.00 price target on the stock. in a research note on Friday, May 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Apple from $245.00 to $230.00 and set an “overweight” rating on the stock in a research report on Thursday, June 26th. DA Davidson raised their price objective on shares of Apple from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Citigroup reissued a “buy” rating on shares of Apple in a research report on Tuesday, June 10th. Finally, 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 report on Wednesday, April 30th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Apple currently has an average rating of “Moderate Buy” and an average target price of $234.95.

Apple Stock Up 0.4%

AAPL stock opened at $213.36 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The company has a market cap of $3.19 trillion, a P/E ratio of 33.23, a P/E/G ratio of 2.38 and a beta of 1.20. The company’s 50-day moving average price is $203.35 and its 200 day moving average price is $218.66. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.03. The company had revenue of $95.36 billion during the quarter, compared to analysts’ expectations of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. The firm’s quarterly revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.53 earnings per share. On average, research analysts expect 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. Stockholders of record on Monday, May 12th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, May 12th. This is a positive change from Apple’s previous quarterly dividend of $0.25. Apple’s payout ratio is currently 16.20%.

Apple declared that its Board of Directors has authorized a stock 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 repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the completion of the sale, the chief financial officer owned 4,569 shares of the company’s stock, valued at $941,214. This represents a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Chris Kondo sold 4,486 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the sale, the insider directly owned 15,533 shares of the company’s stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

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.