Apple Inc. (NASDAQ:AAPL) Position Lessened by Eastern Bank

Eastern Bank cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 2.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 410,032 shares of the iPhone maker’s stock after selling 9,511 shares during the period. Apple accounts for approximately 3.5% of Eastern Bank’s investment portfolio, making the stock its 4th biggest holding. Eastern Bank’s holdings in Apple were worth $86,361,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in AAPL. Christopher J. Hasenberg Inc purchased a new stake in Apple in the first quarter valued at approximately $35,000. Fidelis Capital Partners LLC increased its position in shares of Apple by 17.9% in the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock valued at $35,000 after buying an additional 31,278 shares in the last quarter. A.P. Gilfoyle & Co. L.P. purchased a new position in Apple during the fourth quarter valued at $39,000. University of Texas Texas AM Investment Managment Co. increased its stake in Apple by 657.1% during the 4th quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after buying an additional 368 shares in the last quarter. Finally, Clarity Asset Management Inc. acquired a new position in Apple in the 4th quarter valued at $85,000. Institutional investors and hedge funds own 60.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. KeyCorp reaffirmed a “hold” rating and issued a $247.61 price target on shares of Apple in a report on Wednesday, August 28th. Moffett Nathanson began coverage on Apple in a report on Monday, August 19th. They issued a “neutral” rating and a $211.00 price objective on the stock. Loop Capital raised Apple from a “hold” rating to a “buy” rating and upped their price objective for the stock from $170.00 to $300.00 in a research report on Monday, July 15th. Raymond James increased their price objective on shares of Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, UBS Group increased their price target on shares of Apple from $190.00 to $236.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $239.17.

Apple Stock Performance

NASDAQ:AAPL opened at $226.47 on Tuesday. The firm’s fifty day simple moving average is $222.25 and its 200-day simple moving average is $200.82. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.23. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29. The stock has a market cap of $3.47 trillion, a PE ratio of 35.22, a price-to-earnings-growth ratio of 2.62 and a beta of 1.24.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 147.15%. The company had revenue of $85.78 billion during the quarter, compared to analysts’ expectations of $84.43 billion. During the same quarter in the previous year, the business posted $1.26 earnings per share. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Analysts expect that Apple Inc. will post 6.7 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a yield of 0.44%. Apple’s dividend payout ratio (DPR) is presently 15.55%.

Insiders Place Their Bets

In other Apple news, insider Chris Kondo sold 5,178 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the completion of the sale, the insider now owns 24,125 shares of the company’s stock, valued at $5,223,062.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction on Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the sale, the senior vice president now owns 191,543 shares of the company’s stock, valued at approximately $39,542,136.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Chris Kondo sold 5,178 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $216.50, for a total value of $1,121,037.00. Following the completion of the transaction, the insider now directly owns 24,125 shares of the company’s stock, valued at approximately $5,223,062.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 113,884 shares of company stock valued at $23,723,887. Insiders own 0.06% of the company’s stock.

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.