Adirondack Trust Co. Sells 2,825 Shares of Apple Inc. (NASDAQ:AAPL)

Adirondack Trust Co. lowered its stake in Apple Inc. (NASDAQ:AAPL) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,990 shares of the iPhone maker’s stock after selling 2,825 shares during the period. Apple makes up approximately 5.8% of Adirondack Trust Co.’s portfolio, making the stock its 2nd biggest holding. Adirondack Trust Co.’s holdings in Apple were worth $13,193,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AAPL. Wyrmwood Management LLC grew its holdings in Apple by 69.0% during the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after acquiring an additional 69 shares during the period. Gilfoyle & Co LLC grew its holdings in Apple by 118.0% during the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after acquiring an additional 118 shares during the period. A.P. Gilfoyle & Co. L.P. purchased a new stake in Apple during the fourth quarter worth $39,000. University of Texas Texas AM Investment Managment Co. boosted its position in Apple by 657.1% during the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after purchasing an additional 368 shares in the last quarter. Finally, Clarity Asset Management Inc. purchased a new stake in Apple during the fourth quarter worth $85,000. Institutional investors and hedge funds own 60.41% of the company’s stock.

Insider Activity

In other news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the sale, the director now owns 4,359,576 shares in the company, valued at $835,207,570.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the sale, the director now owns 4,359,576 shares in the company, valued at $835,207,570.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy D. Cook sold 99,183 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $170.03, for a total value of $16,864,085.49. Following the completion of the sale, the chief executive officer now owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The disclosure for this sale can be found here. Over the last quarter, insiders sold 346,270 shares of company stock worth $60,880,196. 0.06% of the stock is currently owned by corporate insiders.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $214.29 on Wednesday. The firm has a market capitalization of $3.29 trillion, a PE ratio of 33.33, a P/E/G ratio of 2.59 and a beta of 1.25. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99. The business has a 50-day moving average of $185.62 and a two-hundred day moving average of $184.36. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $220.20.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping the consensus estimate of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The company had revenue of $90.75 billion during the quarter, compared to analyst estimates of $90.37 billion. During the same period in the prior year, the firm posted $1.52 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. As a group, research analysts forecast that Apple Inc. will post 6.58 earnings per share for the current year.

Apple announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 2nd that allows the company to buyback $110.00 billion in shares. This buyback authorization allows the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were paid a $0.25 dividend. The ex-dividend date was Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.47%. This is a positive change from Apple’s previous quarterly dividend of $0.24. Apple’s dividend payout ratio (DPR) is 15.55%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. Erste Group Bank upgraded Apple from a “hold” rating to a “buy” rating in a research report on Friday, June 14th. Tigress Financial boosted their target price on Apple from $240.00 to $245.00 and gave the stock a “strong-buy” rating in a research report on Thursday, May 30th. Rosenblatt Securities reiterated a “neutral” rating and set a $196.00 target price on shares of Apple in a research report on Tuesday, June 11th. DA Davidson upgraded Apple from a “neutral” rating to a “buy” rating and upped their price objective for the company from $200.00 to $230.00 in a research report on Tuesday, June 11th. Finally, Itau BBA Securities upgraded Apple from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $162.00 to $188.00 in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $208.06.

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.