Legacy Trust Has $18.90 Million Stock Position in Apple Inc. (NASDAQ:AAPL)

Legacy Trust trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 85,083 shares of the iPhone maker’s stock after selling 419 shares during the quarter. Apple accounts for approximately 4.6% of Legacy Trust’s investment portfolio, making the stock its largest holding. Legacy Trust’s holdings in Apple were worth $18,899,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Burkett Financial Services LLC boosted its position in Apple by 0.6% in the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock valued at $3,199,000 after buying an additional 93 shares during the last quarter. OneAscent Wealth Management LLC lifted its holdings in Apple by 4.6% in the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock valued at $2,337,000 after acquiring an additional 409 shares during the period. TruWealth Advisors LLC lifted its holdings in Apple by 2.8% in the first quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker’s stock valued at $42,045,000 after acquiring an additional 5,120 shares during the period. Allstate Corp raised its stake in shares of Apple by 3,368.2% during the 4th quarter. Allstate Corp now owns 451,489 shares of the iPhone maker’s stock worth $113,062,000 after buying an additional 438,471 shares during the period. Finally, Vinva Investment Management Ltd raised its stake in shares of Apple by 12.4% during the 4th quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker’s stock worth $192,700,000 after buying an additional 83,997 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Chris Kondo sold 4,486 shares of the firm’s 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. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kevan Parekh sold 4,570 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the sale, the chief financial officer directly owned 4,569 shares of the company’s stock, valued at approximately $941,214. This represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.

Apple Stock Up 0.2%

Shares of Apple stock opened at $209.11 on Wednesday. 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 business’s 50 day simple moving average is $203.79 and its 200-day simple moving average is $216.45. The stock has a market capitalization of $3.12 trillion, a price-to-earnings ratio of 32.57, a PEG ratio of 2.33 and a beta of 1.20. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10.

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 return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion for the quarter, compared to analysts’ expectations of $94.04 billion. During the same period in the prior year, the firm earned $1.53 EPS. The business’s quarterly 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 year.

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

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a dividend of $0.26 per share. This is a positive change from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date was Monday, May 12th. Apple’s dividend payout ratio (DPR) is presently 16.20%.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several recent research reports. Raymond James Financial reduced their price objective on Apple from $250.00 to $230.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. TD Cowen dropped their target price on Apple from $290.00 to $275.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Jefferies Financial Group upgraded Apple from an “underperform” rating to a “hold” rating and increased their price target for the stock from $170.62 to $188.32 in a report on Tuesday, July 1st. JPMorgan Chase & Co. decreased their target price on Apple from $245.00 to $230.00 and set an “overweight” rating on the stock in a research note on Thursday, June 26th. Finally, Scotiabank lowered Apple to a “market perform” rating in a research note on Friday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $235.27.

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.