First United Bank & Trust Reduces Holdings in Apple Inc. $AAPL

First United Bank & Trust trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 2.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,653 shares of the iPhone maker’s stock after selling 897 shares during the period. Apple comprises about 2.7% of First United Bank & Trust’s holdings, making the stock its 7th largest position. First United Bank & Trust’s holdings in Apple were worth $7,725,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. First National Bank of Hutchinson raised its holdings 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 last quarter. Eagle Capital Management LLC raised its holdings 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 last quarter. Brighton Jones LLC raised its holdings 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 last quarter. Revolve Wealth Partners LLC raised its holdings 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 last quarter. Finally, Highview Capital Management LLC DE raised its holdings 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 last quarter. 67.73% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Kevan Parekh sold 4,199 shares of the business’s stock in a transaction that occurred on Thursday, October 16th. The shares were sold at an average price of $247.39, for a total transaction of $1,038,790.61. Following the completion of the transaction, the chief financial officer owned 8,765 shares of the company’s stock, valued at approximately $2,168,373.35. The trade was a 32.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Deirdre O’brien sold 43,013 shares of Apple stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the sale, the senior vice president owned 136,687 shares of the company’s stock, valued at approximately $35,181,866.93. The trade was a 23.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 259,121 shares of company stock worth $65,358,981 in the last three months. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

AAPL has been the subject of several analyst reports. The Goldman Sachs Group reiterated a “buy” rating and issued a $266.00 target price on shares of Apple in a report on Tuesday, August 26th. CLSA upgraded shares of Apple to a “strong-buy” rating in a report on Sunday, October 5th. JPMorgan Chase & Co. raised their price objective on shares of Apple from $255.00 to $280.00 and gave the stock an “overweight” rating in a report on Friday, September 19th. Jefferies Financial Group downgraded shares of Apple from a “hold” rating to an “underperform” rating and decreased their price objective for the stock from $205.82 to $205.16 in a report on Friday, October 3rd. Finally, Evercore ISI set a $290.00 price objective on shares of Apple and gave the stock an “outperform” rating in a report on Friday, September 26th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $248.29.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $252.29 on Friday. The company has a 50 day moving average of $241.13 and a 200 day moving average of $216.81. The stock has a market cap of $3.74 trillion, a P/E ratio of 38.28, a P/E/G ratio of 2.46 and a beta of 1.09. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. 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 issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating the consensus estimate of $1.43 by $0.14. The company had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. Apple’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.40 earnings per share. As a group, sell-side analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

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

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.