Penobscot Wealth Management Has $2.72 Million Stock Holdings in Apple Inc. $AAPL

Penobscot Wealth Management increased its position in shares of Apple Inc. (NASDAQ:AAPL) by 0.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,243 shares of the iPhone maker’s stock after acquiring an additional 56 shares during the quarter. Apple comprises about 1.1% of Penobscot Wealth Management’s investment portfolio, making the stock its 19th largest position. Penobscot Wealth Management’s holdings in Apple were worth $2,720,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Life Planning Partners Inc acquired a new position in Apple in the fourth quarter valued at about $47,000. Conquis Financial LLC acquired a new position in Apple in the fourth quarter valued at about $63,000. LSV Asset Management acquired a new position in Apple in the fourth quarter valued at about $65,000. Pillar Financial Advisors LLC acquired a new position in Apple in the fourth quarter valued at about $82,000. Finally, Compass Planning Associates Inc acquired a new position in Apple in the fourth quarter valued at about $96,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Barclays raised their price target on Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a research report on Friday, August 1st. Monness Crespi & Hardt raised their price target on Apple from $245.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, August 1st. TD Cowen dropped their price target on Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Bank of America raised their price target on Apple from $240.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Finally, Loop Capital dropped their price target on Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen 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 a consensus price target of $237.60.

Apple Stock Performance

NASDAQ:AAPL opened at $230.89 on Tuesday. The stock has a market cap of $3.43 trillion, a P/E ratio of 35.04, a PEG ratio of 2.42 and a beta of 1.16. The stock has a 50 day simple moving average of $210.28 and a 200 day simple moving average of $212.94. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.14. The business had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%. The firm’s revenue for the quarter was up 9.6% compared to the same quarter last year. During the same period last year, the firm posted $1.40 EPS. Research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s dividend payout ratio (DPR) is presently 15.78%.

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

Insiders Place Their Bets

In related 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 transaction of $7,772,047.20. Following the completion of the sale, the senior vice president directly owned 136,687 shares of the company’s stock, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.06% of the company’s stock.

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.