Apple Inc. (NASDAQ:AAPL) is Stewart & Patten Co. LLC’s 2nd Largest Position

Stewart & Patten Co. LLC decreased its holdings in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 5.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 214,813 shares of the iPhone maker’s stock after selling 13,487 shares during the quarter. Apple comprises about 6.0% of Stewart & Patten Co. LLC’s portfolio, making the stock its 2nd biggest holding. Stewart & Patten Co. LLC’s holdings in Apple were worth $37,508,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of AAPL. Cardinal Capital Management Inc. grew its holdings in shares of Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after purchasing an additional 221 shares during the period. Shore Point Advisors LLC purchased a new stake in shares of Apple in the fourth quarter valued at about $41,000. St. James Investment Advisors LLC acquired a new position in Apple in the fourth quarter valued at about $57,000. Econ Financial Services Corp acquired a new position in Apple in the fourth quarter valued at about $58,000. Finally, Castle Financial & Retirement Planning Associates Inc. acquired a new position in Apple in the fourth quarter valued at about $116,000. Hedge funds and other institutional investors own 57.98% of the company’s stock.

Insider Activity at Apple

In related news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total value of $4,043,000.00. Following the transaction, the senior vice president now directly owns 452,334 shares in the company, valued at approximately $73,151,454.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.06% of the stock is currently owned by insiders.

Apple Stock Performance

Shares of AAPL opened at $154.09 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. The firm has a market cap of $2.49 trillion, a PE ratio of 25.01, a price-to-earnings-growth ratio of 1.98 and a beta of 1.19. The company’s 50 day simple moving average is $142.90 and its 200-day simple moving average is $158.03. Apple Inc. has a 12-month low of $129.04 and a 12-month high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last announced its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The business had revenue of $97.28 billion for the quarter, compared to analyst estimates of $93.99 billion. During the same period last year, the firm posted $1.40 earnings per share. The company’s revenue for the quarter was up 8.6% compared to the same quarter last year. As a group, equities analysts predict that Apple Inc. will post 6.09 EPS for the current year.

Apple announced that its board has approved a share repurchase plan on Thursday, April 28th that allows the company to repurchase $90.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Investors of record on Monday, May 9th were given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.60%. This is a positive change from Apple’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, May 6th. Apple’s dividend payout ratio (DPR) is 14.94%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Morgan Stanley decreased their target price on shares of Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a research report on Wednesday. Loop Capital decreased their target price on shares of Apple from $210.00 to $180.00 and set a “buy” rating on the stock in a research report on Wednesday, May 25th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Apple from $200.00 to $175.00 in a research report on Tuesday, June 14th. Barclays reduced their price target on shares of Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 13th. Finally, Fundamental Research reduced their price target on shares of Apple from $179.32 to $175.24 and set an “average” rating on the stock in a research report on Friday, May 6th. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $182.73.

Apple Company Profile

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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