Apple Inc. $AAPL Holdings Trimmed by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its position in shares of Apple Inc. (NASDAQ:AAPL) by 0.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,212,466 shares of the iPhone maker’s stock after selling 137,776 shares during the period. Apple accounts for 2.2% of PNC Financial Services Group Inc.’s investment portfolio, making the stock its 3rd biggest holding. PNC Financial Services Group Inc. owned 0.13% of Apple worth $4,267,665,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Life Planning Partners Inc purchased a new position in shares of Apple during the 4th quarter valued at $47,000. Elite Financial Inc. purchased a new position in shares of Apple during the 1st quarter valued at $58,000. Conquis Financial LLC purchased a new position in shares of Apple during the 4th quarter valued at $63,000. LSV Asset Management purchased a new position in shares of Apple during the 4th quarter valued at $65,000. Finally, Pillar Financial Advisors LLC purchased a new position in shares of Apple during the 4th quarter valued at $82,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Deirdre O’brien sold 34,821 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares in the company, valued at approximately $30,508,538.40. The trade was a 20.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.06% of the company’s stock.

Apple Stock Down 0.0%

AAPL stock opened at $239.69 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The company has a 50-day moving average of $219.28 and a two-hundred day moving average of $212.86. The stock has a market capitalization of $3.56 trillion, a price-to-earnings ratio of 36.37, a price-to-earnings-growth ratio of 2.50 and a beta of 1.11.

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

Apple Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Evercore ISI restated an “outperform” rating and set a $250.00 price target on shares of Apple in a report on Wednesday, August 13th. JPMorgan Chase & Co. upped their price objective on shares of Apple from $250.00 to $255.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Jefferies Financial Group upgraded shares of Apple from an “underperform” rating to a “hold” rating in a report on Friday, July 18th. Loop Capital decreased their price objective on shares of Apple from $230.00 to $226.00 and set a “hold” rating for the company in a report on Thursday, August 21st. Finally, Moffett Nathanson upgraded shares of Apple from a “sell” rating to a “neutral” rating and set a $225.00 price objective for the company in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Apple presently has an average rating of “Moderate Buy” and a consensus price target of $239.05.

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.