Cambridge Trust Co. Trims Holdings in Apple Inc. (NASDAQ:AAPL)

Cambridge Trust Co. lowered its position in shares of Apple Inc. (NASDAQ:AAPL) by 3.2% in the first quarter, Holdings Channel reports. The firm owned 742,456 shares of the iPhone maker’s stock after selling 24,304 shares during the period. Apple accounts for 4.8% of Cambridge Trust Co.’s investment portfolio, making the stock its 2nd biggest holding. Cambridge Trust Co.’s holdings in Apple were worth $127,316,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of AAPL. Christopher J. Hasenberg Inc bought a new stake in shares of Apple in the 1st quarter valued at $35,000. Fidelis Capital Partners LLC increased its holdings in shares of Apple by 17.9% in the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after acquiring an additional 31,278 shares in the last quarter. A.P. Gilfoyle & Co. L.P. acquired a new stake in shares of Apple during the fourth quarter worth about $39,000. Gilfoyle & Co LLC lifted its holdings in shares of Apple by 168.0% during the 4th quarter. Gilfoyle & Co LLC now owns 268 shares of the iPhone maker’s stock valued at $52,000 after purchasing an additional 168 shares in the last quarter. Finally, University of Texas Texas AM Investment Managment Co. grew its position in shares of Apple by 657.1% in the 4th quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock valued at $82,000 after purchasing an additional 368 shares during the period. Institutional investors own 60.41% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Oppenheimer raised their target price on shares of Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, June 28th. Maxim Group boosted their price objective on shares of Apple from $195.00 to $203.00 and gave the company a “hold” rating in a research report on Friday, August 2nd. Erste Group Bank upgraded Apple from a “hold” rating to a “buy” rating in a report on Friday, June 14th. Raymond James boosted their price target on Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, The Goldman Sachs Group increased their price objective on Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $233.63.

Apple Price Performance

Shares of AAPL opened at $226.84 on Friday. The company’s 50-day moving average is $220.32 and its 200-day moving average is $194.40. 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 firm has a market capitalization of $3.48 trillion, a PE ratio of 35.28, a PEG ratio of 2.60 and a beta of 1.24. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.23.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 145.35%. The firm had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. During the same period in the prior year, the firm earned $1.26 EPS. The business’s revenue was up 4.9% on a year-over-year basis. Equities analysts forecast that Apple Inc. will post 6.61 EPS for the current year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a yield of 0.44%. Apple’s payout ratio is currently 15.55%.

Apple declared that its Board of Directors has authorized a stock buyback plan on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity at Apple

In other news, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction on Monday, August 5th. The stock was sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the completion of the sale, the senior vice president now owns 191,543 shares of the company’s stock, valued at $39,542,136.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the transaction, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at $39,542,136.92. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the completion of the sale, the director now directly owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. Insiders sold 188,884 shares of company stock worth $38,092,387 in the last ninety days. 0.06% of the stock is owned by company insiders.

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.