First National Bank of Hutchinson Grows Holdings in Apple Inc. (NASDAQ:AAPL)

First National Bank of Hutchinson raised its holdings in Apple Inc. (NASDAQ:AAPLGet Rating) by 2.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 33,893 shares of the iPhone maker’s stock after buying an additional 877 shares during the period. Apple comprises about 3.4% of First National Bank of Hutchinson’s holdings, making the stock its 5th largest position. First National Bank of Hutchinson’s holdings in Apple were worth $5,918,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Elk River Wealth Management LLC lifted its position in shares of Apple by 49.0% during the first quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock valued at $29,181,000 after purchasing an additional 54,989 shares in the last quarter. Piscataqua Savings Bank lifted its position in shares of Apple by 1.5% during the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock valued at $8,302,000 after purchasing an additional 684 shares in the last quarter. Fountainhead AM LLC lifted its position in shares of Apple by 11.6% during the fourth quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock valued at $7,732,000 after purchasing an additional 4,738 shares in the last quarter. Primoris Wealth Advisors LLC bought a new position in shares of Apple during the fourth quarter valued at about $4,282,000. Finally, Red Door Wealth Management LLC lifted its position in shares of Apple by 3.3% during the first quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock valued at $16,934,000 after purchasing an additional 3,087 shares in the last quarter. 57.98% of the stock is owned by institutional investors.

Apple Trading Down 0.8 %

Shares of Apple stock opened at $154.09 on Friday. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94. The firm has a market cap of $2.49 trillion, a PE ratio of 25.01, a PEG ratio of 1.98 and a beta of 1.19. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. The company has a 50 day simple moving average of $142.90 and a two-hundred day simple moving average of $158.03.

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, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $93.99 billion. During the same period in the previous year, the business posted $1.40 earnings per share. Apple’s revenue for the quarter was up 8.6% on a year-over-year basis. Analysts expect that Apple Inc. will post 6.09 earnings per share for the current fiscal year.

Apple declared that its Board of Directors has approved a stock repurchase program on Thursday, April 28th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend 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 payout ratio is presently 14.94%.

Insider Transactions at Apple

In other news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 452,334 shares in the company, valued at approximately $73,151,454.48. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Loop Capital decreased their price objective on shares of Apple from $210.00 to $180.00 and set a “buy” rating for the company in a report on Wednesday, May 25th. KeyCorp decreased their price objective on shares of Apple from $191.00 to $173.00 and set an “overweight” rating for the company in a report on Tuesday, July 12th. Oppenheimer restated an “outperform” rating and set a $190.00 price objective on shares of Apple in a report on Wednesday, June 8th. Sanford C. Bernstein set a $170.00 price objective on shares of Apple in a report on Monday, May 2nd. Finally, Rosenblatt Securities decreased their price objective on shares of Apple from $184.00 to $168.00 and set a “neutral” rating for the company in a report on Monday, May 2nd. Nine research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Apple presently has an average rating of “Moderate Buy” and a consensus price target of $182.73.

About Apple

(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.

Further Reading

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