Bar Harbor Trust Services reduced its stake in Apple Inc. (NASDAQ: AAPL – Get a rating) by 31.3% in the 1st quarter, HoldingsChannel reports. The institutional investor held 30,249 shares of the iPhone maker after selling 13,804 shares during the quarter. Apple represents about 1.6% of Bar Harbor Trust Services’ investment portfolio, making the stock its 22nd largest holding. Bar Harbor Trust Services’ holdings in Apple were worth $5,282,000 when it last filed with the SEC.
A number of other hedge funds and other institutional investors also bought and sold shares of AAPL. Cardinal Capital Management Inc. increased its position in Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker valued at $39,000 after acquiring 221 additional shares in the last quarter. Shore Point Advisors LLC acquired a new stake in Apple in the fourth quarter worth approximately $41,000. St. James Investment Advisors LLC acquired a new stake in Apple in the fourth quarter valued at around $57,000. Econ Financial Services Corp acquired a new stake in Apple in the fourth quarter worth about $58,000. Finally, Castle Financial & Retirement Planning Associates Inc. acquired a new stake in Apple in the fourth quarter valued at approximately $116,000. Hedge funds and other institutional investors hold 57.98% of the company’s shares.
A number of analysts have weighed in on the stock recently. Goldman Sachs Group set a price target of $157.00 on Apple shares in a Friday, June 3 research report. UBS Group set a price target of $185.00 on Apple shares in a research report on Tuesday, June 21. Barclays set a price target of $167.00 on Apple shares in a research report on Tuesday, June 7. Credit Suisse Group set a price target of $169.00 on Apple shares in a research report on Friday, April 29. Finally, Deutsche Bank Rese… set a price target of $210.00 on Apple shares in a Friday, April 8 report. Nine research analysts gave the stock a hold rating, twenty-four gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat, Apple currently has an average rating of “Moderate Buy” and a consensus target price of $185.64.
In related news, SVP Deirdre O’brien sold 8,000 Apple shares in a trade dated Monday, April 18. The stock was sold at an average price of $164.91, for a total transaction of $1,319,280.00. Following the transaction, the senior vice president now directly owns 136,290 shares of the company, valued at $22,475,583.90. The transaction was disclosed in an SEC filing, which is available via this hyperlink. Also, please Katherine L. Adams sold 25,000 Apple shares in a trade dated Wednesday, May 4. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the transaction, the senior vice president now directly owns 452,334 shares of the company, valued at $73,151,454.48. Disclosure of this sale can be found here. 0.06% of the shares are held by insiders.
Shares of NASDAQAAPL opened at $138.93 on Monday. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The company’s 50-day simple moving average is $145.41 and its 200-day simple moving average is $160.86. The company has a quick ratio of 0.88, a current ratio of 0.93 and a debt ratio of 1.53. The stock has a market capitalization of $2.25 trillion, a P/E ratio of 22.55, a P/E/G ratio of 1.82 and a beta of 1.19.
Apple (NASDAQ: AAPL – Get a rating) last released its quarterly earnings data on Thursday, April 28. The iPhone maker reported earnings per share of $1.52 for the quarter, beating consensus analyst estimates of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The company posted revenue of $97.28 billion for the quarter, versus $93.99 billion expected by analysts. In the same period a year earlier, the company had earned earnings per share of $1.40. The company’s revenue increased 8.6% year over year. On average, sell-side analysts expect Apple Inc. to post earnings per share of 6.1 for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12. Investors of record on Monday, May 9 received a dividend of $0.23 per share. This is a positive change from Apple’s previous quarterly dividend of $0.22. This represents a dividend of $0.92 on an annualized basis and a yield of 0.66%. The ex-dividend date was Friday, May 6. Apple’s payout ratio is currently 14.94%.
Apple said its board launched a stock repurchase program on Thursday, April 28 that allows the company to repurchase $90.00 billion in outstanding stock. This repurchase authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Stock buyback programs usually indicate that the management of the company believes that its shares are undervalued.
Apple Profile (Get a rating)
Apple Inc designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories worldwide. It also sells various related services. Additionally, the company offers iPhone, a range of smartphones; Mac, a line of personal computers; iPad, a range of versatile tablets; AirPods Max, an over-ear wireless headset; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats products, HomePod and iPod touch.
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