Apple Inc. $AAPL Stake Lessened by City State Bank

City State Bank cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.4% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 58,647 shares of the iPhone maker’s stock after selling 223 shares during the period. Apple makes up about 3.8% of City State Bank’s portfolio, making the stock its 2nd largest holding. City State Bank’s holdings in Apple were worth $12,033,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of AAPL. Baker Boyer National Bank lifted its position in shares of Apple by 0.3% during the 2nd quarter. Baker Boyer National Bank now owns 18,011 shares of the iPhone maker’s stock valued at $3,695,000 after buying an additional 47 shares in the last quarter. Salus Financial Advisors LLC raised its position in Apple by 3.9% during the first quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker’s stock worth $291,000 after acquiring an additional 49 shares during the period. Red Tortoise LLC raised its position in Apple by 0.9% during the second quarter. Red Tortoise LLC now owns 5,717 shares of the iPhone maker’s stock worth $1,173,000 after acquiring an additional 49 shares during the period. SigFig Wealth Management LLC lifted its holdings in Apple by 2.8% during the second quarter. SigFig Wealth Management LLC now owns 1,830 shares of the iPhone maker’s stock valued at $368,000 after purchasing an additional 50 shares in the last quarter. Finally, Shariaportfolio Inc. grew its position in shares of Apple by 1.3% in the second quarter. Shariaportfolio Inc. now owns 3,999 shares of the iPhone maker’s stock valued at $820,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Activity

In other news, SVP Katherine L. Adams sold 47,125 shares of the stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $256.79, for a total value of $12,101,228.75. Following the completion of the sale, the senior vice president owned 179,158 shares of the company’s stock, valued at $46,005,982.82. This represents a 20.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Chris Kondo sold 3,752 shares of Apple stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $271.23, for a total transaction of $1,017,654.96. Following the sale, the insider directly owned 15,098 shares in the company, valued at approximately $4,095,030.54. The trade was a 19.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 228,052 shares of company stock valued at $58,604,588 in the last quarter. Insiders own 0.06% of the company’s stock.

Apple Price Performance

NASDAQ:AAPL opened at $276.97 on Wednesday. Apple Inc. has a one year low of $169.21 and a one year high of $280.38. The stock has a market cap of $4.09 trillion, a PE ratio of 42.03, a P/E/G ratio of 2.62 and a beta of 1.09. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The stock has a 50 day moving average price of $261.05 and a 200 day moving average price of $230.47.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.11. Apple had a return on equity of 170.91% and a net margin of 24.30%.The company had revenue of $102.47 billion for the quarter, compared to analyst estimates of $101.65 billion. During the same quarter in the previous year, the company posted $1.64 earnings per share. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities research analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 13th. Investors of record on Monday, November 10th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, November 10th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. Apple’s dividend payout ratio is currently 13.92%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on AAPL shares. Wells Fargo & Company set a $300.00 price target on shares of Apple and gave the stock an “overweight” rating in a research report on Friday, October 31st. Jefferies Financial Group upgraded Apple from an “underperform” rating to a “hold” rating and boosted their price objective for the stock from $203.07 to $246.99 in a research note on Friday, October 31st. CLSA upgraded Apple to a “strong-buy” rating in a research report on Sunday, October 5th. Cowen reaffirmed a “buy” rating on shares of Apple in a research note on Monday, October 27th. Finally, Rosenblatt Securities increased their price objective on Apple from $241.00 to $250.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Three analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and an average price target of $278.22.

Apple 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.