Apple Inc. (NASDAQ:AAPL) Stock Holdings Cut by Somerset Trust Co

Somerset Trust Co decreased its position in shares of Apple Inc. (NASDAQ:AAPL) by 2.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 53,960 shares of the iPhone maker’s stock after selling 1,146 shares during the period. Apple makes up about 5.1% of Somerset Trust Co’s investment portfolio, making the stock its 2nd largest position. Somerset Trust Co’s holdings in Apple were worth $13,513,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. State Street Corp increased its position in Apple by 10.6% during the third quarter. State Street Corp now owns 584,010,284 shares of the iPhone maker’s stock valued at $136,074,372,000 after acquiring an additional 55,935,105 shares during the last quarter. FMR LLC grew its holdings in shares of Apple by 5.3% in the third quarter. FMR LLC now owns 363,859,362 shares of the iPhone maker’s stock worth $84,779,231,000 after purchasing an additional 18,224,005 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Apple by 6.5% in the third quarter. Geode Capital Management LLC now owns 333,857,500 shares of the iPhone maker’s stock worth $77,542,863,000 after purchasing an additional 20,483,787 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Apple by 6.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 94,942,731 shares of the iPhone maker’s stock worth $22,121,656,000 after purchasing an additional 5,893,741 shares during the last quarter. Finally, International Assets Investment Management LLC grew its holdings in shares of Apple by 20,372.7% in the third quarter. International Assets Investment Management LLC now owns 94,347,510 shares of the iPhone maker’s stock worth $219,829,700,000 after purchasing an additional 93,886,664 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. KeyCorp restated an “underweight” rating and issued a $200.00 price target on shares of Apple in a report on Friday, January 31st. Monness Crespi & Hardt upped their price target on shares of Apple to $245.00 and gave the stock a “buy” rating in a report on Wednesday, January 22nd. Wells Fargo & Company upped their price target on shares of Apple to $275.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Redburn Partners set a $230.00 price target on shares of Apple in a report on Friday, January 31st. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $262.00 target price on shares of Apple in a report on Monday, January 27th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $243.88.

Insider Buying and Selling at Apple

In other Apple news, COO Jeffrey E. Williams sold 100,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $249.97, for a total transaction of $24,997,000.00. Following the sale, the chief operating officer now directly owns 389,944 shares in the company, valued at $97,474,301.68. This represents a 20.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.06% of the stock is currently owned by corporate insiders.

Apple Stock Performance

Shares of NASDAQ AAPL opened at $238.03 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26. The stock has a market cap of $3.58 trillion, a price-to-earnings ratio of 37.78, a PEG ratio of 2.44 and a beta of 1.20. The company has a 50 day simple moving average of $239.26 and a two-hundred day simple moving average of $233.85. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $260.10.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, January 30th. The iPhone maker reported $2.40 EPS for the quarter, topping the consensus estimate of $2.36 by $0.04. Apple had a net margin of 24.30% and a return on equity of 160.83%. As a group, analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 13th. Stockholders of record on Monday, February 10th were given a dividend of $0.25 per share. The ex-dividend date was Monday, February 10th. This represents a $1.00 annualized dividend and a dividend yield of 0.42%. Apple’s payout ratio is 15.87%.

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.