Orrstown Financial Services Inc. Grows Position in Apple Inc. $AAPL

Orrstown Financial Services Inc. grew its stake in shares of Apple Inc. (NASDAQ:AAPL) by 11.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 28,677 shares of the iPhone maker’s stock after buying an additional 3,019 shares during the period. Apple accounts for 1.2% of Orrstown Financial Services Inc.’s investment portfolio, making the stock its 11th biggest position. Orrstown Financial Services Inc.’s holdings in Apple were worth $5,884,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in AAPL. First National Bank of Hutchinson grew its position in shares of Apple by 24.6% in the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock valued at $8,845,000 after purchasing an additional 6,982 shares during the period. Eagle Capital Management LLC grew its position in shares of Apple by 0.5% in the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock valued at $13,544,000 after purchasing an additional 272 shares during the period. Brighton Jones LLC grew its position in shares of Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock valued at $134,554,000 after purchasing an additional 69,207 shares during the period. Revolve Wealth Partners LLC grew its position in shares of Apple by 4.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock valued at $16,742,000 after purchasing an additional 2,695 shares during the period. Finally, Highview Capital Management LLC DE grew its position in shares of Apple by 2.4% in the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker’s stock valued at $12,587,000 after purchasing an additional 1,155 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Activity

In other news, SVP Deirdre O’brien sold 34,821 shares of Apple 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 sale, the senior vice president directly owned 136,687 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AAPL. Phillip Securities cut Apple from a “hold” rating to a “moderate sell” rating and set a $200.00 target price on the stock. in a report on Thursday, September 11th. Moffett Nathanson upgraded Apple from a “sell” rating to a “neutral” rating and set a $225.00 target price on the stock in a report on Thursday, September 4th. HSBC set a $220.00 target price on Apple and gave the company a “hold” rating in a report on Monday, September 8th. Loop Capital reduced their target price on Apple from $230.00 to $226.00 and set a “hold” rating on the stock in a report on Thursday, August 21st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Apple in a report on Friday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Apple has an average rating of “Moderate Buy” and a consensus target price of $245.66.

Apple Trading Down 0.4%

Shares of AAPL opened at $254.43 on Tuesday. The stock’s 50-day moving average is $229.71 and its two-hundred day moving average is $213.51. The stock has a market cap of $3.78 trillion, a PE ratio of 38.61, a P/E/G ratio of 2.65 and a beta of 1.11. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. 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 (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company had revenue of $94.04 billion for the quarter, compared to analysts’ expectations of $88.64 billion. During the same quarter in the previous year, the firm posted $1.40 earnings per share. The firm’s quarterly revenue was up 9.6% on a year-over-year basis. Equities analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

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

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.