Horizon Bancorp Inc. IN Decreases Position in Apple Inc. (NASDAQ:AAPL)

Horizon Bancorp Inc. IN trimmed its position in shares of Apple Inc. (NASDAQ:AAPL) by 11.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,413 shares of the iPhone maker’s stock after selling 557 shares during the quarter. Apple makes up 0.6% of Horizon Bancorp Inc. IN’s portfolio, making the stock its 18th biggest holding. Horizon Bancorp Inc. IN’s holdings in Apple were worth $980,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of AAPL. Life Planning Partners Inc purchased a new stake in shares of Apple in the fourth quarter valued at $47,000. Conquis Financial LLC purchased a new stake in shares of Apple in the fourth quarter valued at $63,000. LSV Asset Management purchased a new stake in shares of Apple in the fourth quarter valued at $65,000. Pillar Financial Advisors LLC purchased a new stake in shares of Apple in the fourth quarter valued at $82,000. Finally, Compass Planning Associates Inc purchased a new stake in shares of Apple in the fourth quarter valued at $96,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Trading Down 0.2%

Shares of AAPL stock opened at $202.92 on Wednesday. The stock has a 50-day simple moving average of $205.58 and a 200 day simple moving average of $213.24. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The stock has a market capitalization of $3.01 trillion, a P/E ratio of 30.79, a P/E/G ratio of 2.14 and a beta of 1.16. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%. The business had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. During the same quarter last year, the business posted $1.40 earnings per share. The company’s quarterly revenue was up 9.6% on a year-over-year basis. On average, sell-side analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Monday, August 11th. Apple’s payout ratio is presently 15.78%.

Apple declared that its Board of Directors has initiated a share buyback program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. China Renaissance assumed coverage on Apple in a research note on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 target price for the company. Wedbush reiterated an “outperform” rating and issued a $270.00 target price on shares of Apple in a research note on Wednesday, July 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 research note on Friday, May 2nd. KeyCorp upgraded Apple from an “underweight” rating to a “sector weight” rating in a research note on Monday, April 14th. Finally, Citigroup upped their target price on Apple from $240.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $237.25.

Insider Activity

In related news, insider Chris Kondo sold 4,486 shares of Apple stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.06% of the stock is owned by insiders.

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.