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

Adirondack Trust Co. lowered its stake in Apple Inc. (NASDAQ:AAPL) by 0.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,392 shares of the iPhone maker’s stock after selling 380 shares during the quarter. Apple accounts for 6.5% of Adirondack Trust Co.’s portfolio, making the stock its 2nd largest position. Adirondack Trust Co.’s holdings in Apple were worth $16,867,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Granite Investment Partners LLC lifted its position in Apple by 2.7% during the second quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock valued at $60,958,000 after purchasing an additional 7,606 shares during the last quarter. Truist Financial Corp lifted its stake in shares of Apple by 1.8% during the 2nd quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock worth $1,473,224,000 after acquiring an additional 126,210 shares during the last quarter. EP Wealth Advisors LLC increased its stake in Apple by 5.2% in the second quarter. EP Wealth Advisors LLC now owns 1,928,110 shares of the iPhone maker’s stock worth $406,099,000 after purchasing an additional 95,235 shares during the period. Bellwether Advisors LLC lifted its holdings in Apple by 387.3% during the 2nd quarter. Bellwether Advisors LLC now owns 24,349 shares of the iPhone maker’s stock valued at $5,128,000 after buying an additional 19,352 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Apple by 34.9% in the third quarter. GAMMA Investing LLC now owns 200,214 shares of the iPhone maker’s stock valued at $46,650,000 after purchasing an additional 51,842 shares during the period. 60.41% of the stock is currently owned by hedge funds and other institutional investors.

Apple Price Performance

Apple stock opened at $235.06 on Wednesday. The company’s 50 day moving average price is $228.43 and its two-hundred day moving average price is $219.01. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.49. The stock has a market cap of $3.55 trillion, a P/E ratio of 38.66, a P/E/G ratio of 2.25 and a beta of 1.24.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.04. The company had revenue of $94.93 billion for the quarter, compared to analyst estimates of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.46 earnings per share. On average, equities analysts predict that Apple Inc. will post 7.43 earnings per share for the current year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date was Friday, November 8th. Apple’s payout ratio is currently 16.45%.

Insiders Place Their Bets

In related news, COO Jeffrey E. Williams sold 59,730 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the completion of the sale, the chief operating officer now directly owns 489,944 shares in the company, valued at $111,148,695.84. This represents a 10.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Chris Kondo sold 4,130 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $228.87, for a total transaction of $945,233.10. Following the completion of the transaction, the insider now owns 15,419 shares in the company, valued at $3,528,946.53. The trade was a 21.13 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 408,170 shares of company stock valued at $92,007,745. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on AAPL shares. Needham & Company LLC restated a “buy” rating and issued a $260.00 price target on shares of Apple in a report on Friday, November 1st. Maxim Group lifted their price target on Apple from $203.00 to $215.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $265.00 price objective on shares of Apple in a report on Tuesday, September 10th. Loop Capital dropped their target price on Apple from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Monday, November 4th. Finally, The Goldman Sachs Group upped their price objective on shares of Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Apple has a consensus rating of “Moderate Buy” and a consensus target price of $235.25.

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.