Apple Inc. (NASDAQ:AAPL) is Bar Harbor Wealth Management’s 5th Largest Position

Bar Harbor Wealth Management cut its stake in shares of Apple Inc. (NASDAQ:AAPL) by 3.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 251,247 shares of the iPhone maker’s stock after selling 9,858 shares during the quarter. Apple makes up approximately 3.7% of Bar Harbor Wealth Management’s holdings, making the stock its 5th biggest position. Bar Harbor Wealth Management’s holdings in Apple were worth $55,809,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Drystone LLC purchased a new stake in shares of Apple during the 4th quarter worth approximately $25,000. Life Planning Partners Inc purchased a new stake in shares of Apple during the 4th quarter worth approximately $47,000. Conquis Financial LLC purchased a new stake in shares of Apple during the 4th quarter worth approximately $63,000. LSV Asset Management purchased a new stake in shares of Apple during the 4th quarter worth approximately $65,000. Finally, Pillar Financial Advisors LLC purchased a new stake in shares of Apple during the 4th quarter worth approximately $82,000. 67.73% of the stock is currently owned by institutional investors.

Insider Transactions at Apple

In related news, CFO Kevan Parekh sold 4,570 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer owned 4,569 shares of the company’s stock, valued at $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Chris Kondo sold 4,486 shares of the firm’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 sale, the insider directly owned 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

AAPL has been the topic of several recent research reports. JPMorgan Chase & Co. decreased their price objective on Apple from $245.00 to $230.00 and set an “overweight” rating on the stock in a report on Thursday, June 26th. TD Cowen decreased 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. Citigroup reaffirmed a “buy” rating on shares of Apple in a report on Tuesday, June 10th. Evercore ISI increased their price target on Apple to $250.00 and gave the company a “buy” rating in a report on Friday, June 6th. Finally, Monness Crespi & Hardt increased their price target on Apple to $245.00 and gave the company a “buy” rating in a report on Tuesday, June 10th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Apple has an average rating of “Moderate Buy” and a consensus price target of $235.27.

Apple Price Performance

AAPL opened at $210.16 on Thursday. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. 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 fifty day simple moving average is $204.07 and its 200-day simple moving average is $216.41. The company has a market capitalization of $3.14 trillion, a price-to-earnings ratio of 32.74, a PEG ratio of 2.34 and a beta of 1.20.

Apple (NASDAQ:AAPL) last posted its quarterly 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. 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 the consensus estimate of $94.04 billion. During the same quarter in the prior year, the company earned $1.53 EPS. The business’s revenue was up 5.1% compared to the same quarter last year. On average, equities research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a dividend of $0.26 per share. This is an increase 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 0.49%. Apple’s dividend payout ratio is presently 16.20%.

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.