First National Bank of Hutchinson Trims Stock Position in Apple Inc. (NASDAQ:AAPL)

First National Bank of Hutchinson reduced its stake in shares of Apple Inc. (NASDAQ:AAPL) by 3.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 28,341 shares of the iPhone maker’s stock after selling 949 shares during the period. Apple accounts for approximately 3.8% of First National Bank of Hutchinson’s investment portfolio, making the stock its 7th biggest position. First National Bank of Hutchinson’s holdings in Apple were worth $5,969,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AAPL. Foresight Capital Management Advisors Inc. raised its position in Apple by 0.3% during the second quarter. Foresight Capital Management Advisors Inc. now owns 19,005 shares of the iPhone maker’s stock valued at $4,003,000 after purchasing an additional 55 shares in the last quarter. Altus Wealth Management LLC lifted its holdings in shares of Apple by 0.6% in the 2nd quarter. Altus Wealth Management LLC now owns 9,508 shares of the iPhone maker’s stock worth $2,002,000 after acquiring an additional 55 shares during the last quarter. Hoese & Co LLP lifted its holdings in shares of Apple by 6.7% in the 2nd quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock worth $175,000 after acquiring an additional 57 shares during the last quarter. Stableford Capital II LLC boosted its stake in shares of Apple by 0.3% in the 1st quarter. Stableford Capital II LLC now owns 17,156 shares of the iPhone maker’s stock valued at $2,942,000 after purchasing an additional 59 shares in the last quarter. Finally, Whitcomb & Hess Inc. grew its holdings in shares of Apple by 1.7% during the 2nd quarter. Whitcomb & Hess Inc. now owns 3,540 shares of the iPhone maker’s stock valued at $746,000 after purchasing an additional 59 shares during the last quarter. 60.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on AAPL shares. Morgan Stanley restated an “overweight” rating and set a $273.00 price target on shares of Apple in a research report on Tuesday, September 10th. Piper Sandler Companies restated a “neutral” rating and set a $225.00 price target (up from $190.00) on shares of Apple in a research report on Tuesday, July 9th. Cfra boosted their price objective on Apple from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. New Street Research restated a “neutral” rating and issued a $225.00 target price on shares of Apple in a report on Wednesday. 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 report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $238.76.

Insider Activity

In other news, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $206.44, for a total value of $20,644,000.00. Following the completion of the sale, the senior vice president now directly owns 191,543 shares in the company, valued at $39,542,136.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Apple news, insider Chris Kondo sold 8,706 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the sale, the insider now directly owns 15,419 shares in the company, valued at approximately $3,469,275. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Katherine L. Adams sold 100,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the transaction, the senior vice president now owns 191,543 shares in the company, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. Insiders have sold a total of 113,884 shares of company stock valued at $23,723,887 over the last ninety days. 0.06% of the stock is currently owned by corporate insiders.

Apple Stock Performance

Shares of AAPL stock opened at $227.79 on Friday. The company has a market capitalization of $3.49 trillion, a price-to-earnings ratio of 35.43, a price-to-earnings-growth ratio of 2.66 and a beta of 1.24. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. Apple Inc. has a one year low of $164.07 and a one year high of $237.23. The company’s 50-day moving average is $222.19 and its 200 day moving average is $202.16.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, beating 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 firm had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. During the same quarter in the prior year, the company posted $1.26 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. Sell-side analysts expect that Apple Inc. will post 6.7 EPS for the current fiscal year.

Apple Announces Dividend

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