Berkshire Bank Has $16.32 Million Stake in Apple Inc. $AAPL

Berkshire Bank cut its position in Apple Inc. (NASDAQ:AAPL) by 1.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 79,518 shares of the iPhone maker’s stock after selling 1,148 shares during the quarter. Apple makes up approximately 3.7% of Berkshire Bank’s investment portfolio, making the stock its 6th largest holding. Berkshire Bank’s holdings in Apple were worth $16,315,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Burkett Financial Services LLC increased its holdings in Apple by 0.6% in the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock worth $3,199,000 after buying an additional 93 shares during the period. Avid Wealth Partners LLC boosted its position in Apple by 28.3% in the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker’s stock worth $935,000 after purchasing an additional 930 shares in the last quarter. Bell & Brown Wealth Advisors LLC boosted its position in Apple by 0.4% in the 1st quarter. Bell & Brown Wealth Advisors LLC now owns 62,001 shares of the iPhone maker’s stock worth $13,772,000 after purchasing an additional 240 shares in the last quarter. OneAscent Wealth Management LLC boosted its position in Apple by 4.6% in the 4th quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock worth $2,337,000 after purchasing an additional 409 shares in the last quarter. Finally, Andina Capital Management LLC boosted its position in Apple by 209.2% in the 1st quarter. Andina Capital Management LLC now owns 6,786 shares of the iPhone maker’s stock worth $1,507,000 after purchasing an additional 4,591 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Apple Stock Performance

NASDAQ AAPL opened at $254.43 on Wednesday. The business’s 50-day moving average price is $226.20 and its 200 day moving average price is $212.51. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The company has a market capitalization of $3.78 trillion, a PE ratio of 38.61, a price-to-earnings-growth ratio of 2.66 and a beta of 1.11. 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 (NASDAQ:AAPL) last released its 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 firm had revenue of $94.04 billion for the quarter, compared to the consensus estimate 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 in the prior year, the business posted $1.40 earnings per share. On average, research analysts predict that Apple Inc. will post 7.28 earnings per share 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 paid a dividend of $0.26 per share. The ex-dividend date was Monday, August 11th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple’s dividend payout ratio is currently 15.78%.

Insider Buying and Selling

In other Apple news, SVP Deirdre O’brien sold 34,821 shares of the company’s stock in a transaction dated 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 in the company, valued at $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on AAPL. JPMorgan Chase & Co. upped their price objective on Apple from $255.00 to $280.00 and gave the stock an “overweight” rating in a research report on Friday, September 19th. Wedbush set a $310.00 price objective on Apple and gave the stock an “outperform” rating in a research report on Monday. Raymond James Financial reiterated an “outperform” rating and set a $240.00 target price (up previously from $230.00) on shares of Apple in a research report on Friday, August 1st. Barclays increased their target price on Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a research report on Friday, August 1st. Finally, Sanford C. Bernstein started coverage on Apple in a research report on Monday, September 15th. They set an “outperform” rating and a $290.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $244.03.

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.