Apple Inc. (NASDAQ:AAPL) is Adirondack Trust Co.’s 2nd Largest Position

Adirondack Trust Co. lowered its stake in Apple Inc. (NASDAQ:AAPL) by 0.4% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 72,724 shares of the iPhone maker’s stock after selling 266 shares during the quarter. Apple comprises approximately 5.2% of Adirondack Trust Co.’s holdings, making the stock its 2nd largest holding. Adirondack Trust Co.’s holdings in Apple were worth $12,471,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Apple by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock worth $253,766,929,000 after buying an additional 18,067,216 shares during the last quarter. Morgan Stanley raised its position in Apple by 1.0% in the 3rd quarter. Morgan Stanley now owns 206,732,960 shares of the iPhone maker’s stock worth $35,394,751,000 after purchasing an additional 2,018,010 shares during the period. Norges Bank bought a new stake in Apple in the fourth quarter worth about $33,912,466,000. International Assets Investment Management LLC boosted its position in shares of Apple by 14,395.4% during the fourth 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 buying an additional 70,212,651 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Apple by 3.6% during the fourth quarter. Wellington Management Group LLP now owns 60,651,275 shares of the iPhone maker’s stock valued at $11,677,190,000 after buying an additional 2,096,360 shares during the last quarter. Institutional investors own 60.41% of the company’s stock.

Apple Stock Down 1.0 %

AAPL stock opened at $207.49 on Friday. The stock has a market capitalization of $3.18 trillion, a PE ratio of 32.27, a price-to-earnings-growth ratio of 2.61 and a beta of 1.25. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $220.20. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. The firm has a 50 day moving average of $187.87 and a 200 day moving average of $184.87.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data 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 business had revenue of $90.75 billion during the quarter, compared to the consensus estimate of $90.37 billion. During the same period in the previous year, the firm posted $1.52 earnings per share. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. Sell-side analysts forecast that Apple Inc. will post 6.58 earnings per share for the current year.

Apple declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Apple Increases Dividend

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

Insider Buying and Selling

In related news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the transaction, the director now owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The sale was disclosed in a filing with the SEC, which is available through this link. In other Apple news, insider Chris Kondo sold 4,999 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the sale, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the transaction, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. Insiders sold 346,270 shares of company stock valued at $60,880,196 over the last quarter. 0.06% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on AAPL shares. Tigress Financial boosted 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. Morgan Stanley restated an “overweight” rating and issued a $216.00 price target on shares of Apple in a report on Tuesday, June 11th. Itau BBA Securities raised shares of Apple from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $162.00 to $188.00 in a research note on Friday, May 3rd. Sanford C. Bernstein boosted their price objective on shares of Apple from $195.00 to $240.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Wedbush lifted their price target on shares of Apple from $250.00 to $275.00 and gave the company an “outperform” rating in a research note on Friday, May 24th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $209.38.

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.