First Hawaiian Bank Decreases Stake in Apple Inc. (NASDAQ:AAPL)

First Hawaiian Bank lessened its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 11.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 123,649 shares of the iPhone maker’s stock after selling 15,589 shares during the period. Apple accounts for approximately 0.7% of First Hawaiian Bank’s investment portfolio, making the stock its 19th biggest position. First Hawaiian Bank’s holdings in Apple were worth $21,203,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Yeomans Consulting Group Inc. acquired a new stake in shares of Apple in the fourth quarter valued at approximately $1,713,000. Raleigh Capital Management Inc. grew its holdings in Apple by 11.8% in the 4th quarter. Raleigh Capital Management Inc. now owns 15,511 shares of the iPhone maker’s stock valued at $2,986,000 after buying an additional 1,643 shares in the last quarter. Headinvest LLC increased its stake in shares of Apple by 1.7% in the 3rd quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker’s stock worth $9,236,000 after acquiring an additional 872 shares during the last quarter. GLOBALT Investments LLC GA purchased a new position in shares of Apple during the 4th quarter worth $38,406,000. Finally, Barden Capital Management Inc. boosted its position in shares of Apple by 132.8% during the 4th quarter. Barden Capital Management Inc. now owns 32,636 shares of the iPhone maker’s stock valued at $6,283,000 after acquiring an additional 18,615 shares during the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AAPL shares. Needham & Company LLC restated a “buy” rating and set a $220.00 price objective on shares of Apple in a research report on Tuesday, June 11th. Citigroup cut their price target on shares of Apple from $220.00 to $210.00 and set a “buy” rating for the company in a report on Monday, April 29th. Tigress Financial upped their price objective on Apple from $240.00 to $245.00 and gave the company a “strong-buy” rating in a report on Thursday, May 30th. Canaccord Genuity Group raised their target price on Apple from $200.00 to $215.00 and gave the stock a “buy” rating in a research note on Saturday, May 4th. Finally, Sanford C. Bernstein raised Apple from a “market perform” rating to an “outperform” rating and set a $195.00 price target on the stock in a research note on Monday, April 29th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $208.06.

Insider Activity at Apple

In other Apple news, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the completion of the sale, the director now directly owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Deirdre O’brien sold 54,732 shares of the company’s 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 transaction, the senior vice president now owns 136,572 shares in the company, valued at approximately $23,068,376.52. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the completion of the transaction, the director now directly owns 4,359,576 shares in the company, valued at $835,207,570.08. The disclosure for this sale can be found here. Insiders have sold 346,270 shares of company stock valued at $60,880,196 over the last quarter. 0.06% of the stock is owned by insiders.

Apple Stock Performance

Shares of Apple stock opened at $209.68 on Friday. The business has a 50-day simple moving average of $187.25 and a 200-day simple moving average of $184.74. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04. Apple Inc. has a one year low of $164.07 and a one year high of $220.20. The company has a market cap of $3.22 trillion, a PE ratio of 32.61, a P/E/G ratio of 2.61 and a beta of 1.25.

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

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were paid a dividend of $0.25 per share. The ex-dividend date was Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.48%. This is an increase from Apple’s previous quarterly dividend of $0.24. Apple’s payout ratio is presently 15.55%.

Apple declared that its board has initiated a stock repurchase plan on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

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.