Apple Inc. (NASDAQ:AAPL) is Orrstown Financial Services Inc.’s 10th Largest Position

Orrstown Financial Services Inc. lifted its position in shares of Apple Inc. (NASDAQ:AAPL) by 147.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,235 shares of the iPhone maker’s stock after purchasing an additional 16,845 shares during the period. Apple accounts for about 1.9% of Orrstown Financial Services Inc.’s holdings, making the stock its 10th biggest position. Orrstown Financial Services Inc.’s holdings in Apple were worth $6,579,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. High Net Worth Advisory Group LLC raised its stake in shares of Apple by 1.7% during the 3rd quarter. High Net Worth Advisory Group LLC now owns 64,015 shares of the iPhone maker’s stock worth $14,916,000 after purchasing an additional 1,066 shares during the period. Granite Investment Partners LLC raised its position in Apple by 2.7% in the second quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock worth $60,958,000 after acquiring an additional 7,606 shares during the period. Truist Financial Corp boosted its stake in Apple by 1.8% in the second quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock valued at $1,473,224,000 after acquiring an additional 126,210 shares during the last quarter. Sterling Investment Counsel LLC grew its position in shares of Apple by 3.8% during the 3rd quarter. Sterling Investment Counsel LLC now owns 69,824 shares of the iPhone maker’s stock valued at $16,269,000 after acquiring an additional 2,565 shares during the period. Finally, EP Wealth Advisors LLC increased its stake in shares of Apple by 5.2% during the 2nd 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 last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Apple Stock Down 1.3 %

Shares of AAPL opened at $255.59 on Friday. Apple Inc. has a 1 year low of $164.07 and a 1 year high of $260.10. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.87 and a quick ratio of 0.83. The stock has a 50 day simple moving average of $237.41 and a two-hundred day simple moving average of $227.79. The firm has a market cap of $3.86 trillion, a P/E ratio of 42.04, a P/E/G ratio of 2.41 and a beta of 1.23.

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

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend was Friday, November 8th. Apple’s dividend payout ratio (DPR) is presently 16.45%.

Insider Transactions at Apple

In related news, insider Chris Kondo sold 4,130 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the sale, the insider now directly owns 15,419 shares of the company’s stock, valued at $3,528,946.53. This trade represents a 21.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy D. Cook sold 223,986 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total value of $50,275,897.56. Following the transaction, the chief executive officer now directly owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. The trade was a 6.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 508,170 shares of company stock worth $117,004,745. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on AAPL. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price objective on shares of Apple in a research note on Tuesday, December 10th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $265.00 price target on shares of Apple in a research report on Tuesday, September 10th. KeyCorp lowered Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price objective for the company. in a report on Friday, October 25th. Maxim Group boosted their price objective on Apple from $203.00 to $215.00 and gave the company a “hold” rating in a research note on Friday, November 1st. Finally, Rosenblatt Securities increased their target price on shares of Apple from $261.00 to $262.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $237.47.

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.