Apple Inc. (NASDAQ:AAPL) Shares Acquired by Orrstown Financial Services Inc.

Orrstown Financial Services Inc. boosted its stake in Apple Inc. (NASDAQ:AAPL) by 2.8% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 12,891 shares of the iPhone maker’s stock after purchasing an additional 350 shares during the period. Apple comprises approximately 1.2% of Orrstown Financial Services Inc.’s portfolio, making the stock its 10th largest position. Orrstown Financial Services Inc.’s holdings in Apple were worth $2,211,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in AAPL. Norges Bank acquired a new stake in Apple in the 4th quarter valued at approximately $33,912,466,000. International Assets Investment Management LLC increased its holdings in Apple by 14,395.4% in the 4th quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock valued at $136,119,470,000 after purchasing an additional 70,212,651 shares during the last quarter. Vanguard Group Inc. boosted its position in Apple by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after buying an additional 18,067,216 shares during the period. Cerity Partners LLC boosted its position in Apple by 130.1% in the 4th quarter. Cerity Partners LLC now owns 9,430,190 shares of the iPhone maker’s stock valued at $1,815,594,000 after buying an additional 5,331,439 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc purchased a new position in Apple in the 4th quarter valued at approximately $560,388,000. Institutional investors and hedge funds own 60.41% of the company’s stock.

Insider Buying and Selling

In related news, CEO Timothy D. Cook sold 99,183 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the transaction, the chief executive officer now owns 3,377,407 shares of the company’s stock, valued at $574,260,512.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Deirdre O’brien sold 54,732 shares of the stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total value of $9,244,782.12. Following the completion of the sale, the senior vice president now owns 136,572 shares of the company’s stock, valued at $23,068,376.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy D. Cook sold 99,183 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the sale, the chief executive officer now directly owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The disclosure for this sale can be found here. Over the last quarter, insiders sold 346,270 shares of company stock valued at $60,880,196. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on AAPL. Morgan Stanley reissued an “overweight” rating and issued a $216.00 price target on shares of Apple in a research report on Tuesday, June 11th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price target on shares of Apple in a research report on Tuesday, June 11th. Rosenblatt Securities reissued a “neutral” rating and issued a $196.00 price target on shares of Apple in a research report on Tuesday, June 11th. Monness Crespi & Hardt reissued a “buy” rating and issued a $205.00 price target on shares of Apple in a research report on Thursday, June 6th. Finally, Bank of America reissued a “buy” rating and issued a $230.00 price target on shares of Apple in a research report on Wednesday, June 12th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $208.06.

Apple Stock Performance

Shares of AAPL opened at $214.29 on Thursday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04. The company has a market capitalization of $3.29 trillion, a price-to-earnings ratio of 33.33, a PEG ratio of 2.64 and a beta of 1.25. The company’s 50 day simple moving average is $186.55 and its 200 day simple moving average is $184.57. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $220.20.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping the consensus estimate of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The firm had revenue of $90.75 billion during the quarter, compared to analyst estimates of $90.37 billion. During the same quarter in the prior year, the business posted $1.52 earnings per share. Apple’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, sell-side analysts predict that Apple Inc. will post 6.58 EPS for the current year.

Apple announced that its board has initiated a stock repurchase program on Thursday, May 2nd that allows the company to repurchase $110.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were given a dividend of $0.25 per share. This is a positive change from Apple’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, May 10th. This represents a $1.00 annualized dividend and a yield of 0.47%. Apple’s dividend payout ratio is 15.55%.

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.