Arbor Trust Wealth Advisors LLC Has $7.81 Million Stake in Apple Inc. $AAPL

Arbor Trust Wealth Advisors LLC trimmed its position in Apple Inc. (NASDAQ:AAPL) by 3.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 35,168 shares of the iPhone maker’s stock after selling 1,264 shares during the quarter. Apple makes up 3.7% of Arbor Trust Wealth Advisors LLC’s holdings, making the stock its 6th largest position. Arbor Trust Wealth Advisors LLC’s holdings in Apple were worth $7,812,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of AAPL. Vanguard Group Inc. lifted its position in shares of Apple by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker’s stock worth $349,532,608,000 after buying an additional 49,168,843 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Apple by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 340,164,913 shares of the iPhone maker’s stock valued at $84,999,145,000 after buying an additional 6,307,413 shares during the last quarter. Norges Bank bought a new stake in shares of Apple in the 4th quarter valued at about $46,868,648,000. Northern Trust Corp increased its position in Apple by 13.3% during the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker’s stock valued at $42,918,365,000 after purchasing an additional 20,079,472 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Apple by 14.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 104,706,358 shares of the iPhone maker’s stock worth $26,220,566,000 after buying an additional 13,137,968 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Apple

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of Apple stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the completion of the transaction, the senior vice president directly owned 136,687 shares in the company, valued at $30,508,538.40. The trade was a 20.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

AAPL has been the topic of several recent analyst reports. Citigroup boosted their target price on shares of Apple from $240.00 to $245.00 and gave the company a “buy” rating in a report on Friday, August 1st. Scotiabank downgraded shares of Apple to a “market perform” rating in a research report on Friday, May 2nd. DA Davidson reaffirmed a “buy” rating and issued a $250.00 target price on shares of Apple in a research report on Friday, August 1st. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $217.00 price target on shares of Apple in a research report on Tuesday, July 29th. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $240.00 target price (up previously from $230.00) on shares of Apple in a report on Friday, August 1st. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $237.60.

Apple Trading Down 0.5%

Shares of AAPL opened at $231.59 on Monday. The stock has a fifty day moving average of $209.69 and a two-hundred day moving average of $212.97. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The company has a market capitalization of $3.44 trillion, a PE ratio of 35.14, a price-to-earnings-growth ratio of 2.42 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.14. The company had revenue of $94.04 billion during the quarter, compared to the consensus estimate of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company’s quarterly revenue was up 9.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.40 EPS. As a group, analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple declared that its board has initiated a stock buyback program on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple’s payout ratio is 15.78%.

Apple 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.