Apple Inc. (NASDAQ:AAPL) Position Cut by Somerset Trust Co

Somerset Trust Co trimmed its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,106 shares of the iPhone maker’s stock after selling 573 shares during the period. Apple makes up about 4.8% of Somerset Trust Co’s holdings, making the stock its 2nd largest holding. Somerset Trust Co’s holdings in Apple were worth $12,840,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. China Universal Asset Management Co. Ltd. increased its stake in Apple by 127.4% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 75,479 shares of the iPhone maker’s stock worth $12,943,000 after buying an additional 42,282 shares during the period. Smart Money Group LLC increased its position in shares of Apple by 28.5% during the first quarter. Smart Money Group LLC now owns 6,309 shares of the iPhone maker’s stock worth $1,075,000 after acquiring an additional 1,400 shares during the period. Mutual Advisors LLC increased its position in shares of Apple by 7.0% during the first quarter. Mutual Advisors LLC now owns 674,326 shares of the iPhone maker’s stock worth $115,633,000 after acquiring an additional 44,374 shares during the period. Integrity Financial Corp WA raised its stake in shares of Apple by 5.8% in the first quarter. Integrity Financial Corp WA now owns 29,400 shares of the iPhone maker’s stock valued at $5,041,000 after acquiring an additional 1,622 shares in the last quarter. Finally, Patron Partners LLC boosted its holdings in Apple by 0.6% in the first quarter. Patron Partners LLC now owns 48,158 shares of the iPhone maker’s stock valued at $8,258,000 after purchasing an additional 265 shares during the period. 60.41% of the stock is owned by institutional investors and hedge funds.

Apple Trading Up 0.9 %

NASDAQ AAPL opened at $235.06 on Wednesday. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $237.49. The firm has a 50-day moving average price of $228.43 and a 200 day moving average price of $219.01. The stock has a market capitalization of $3.55 trillion, a P/E ratio of 38.66, a P/E/G ratio of 2.25 and a beta of 1.24. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51.

Apple (NASDAQ:AAPL) last issued its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. Apple had a return on equity of 152.94% and a net margin of 23.97%. The business had revenue of $94.93 billion during the quarter, compared to the consensus estimate of $94.52 billion. During the same period in the prior year, the business posted $1.46 EPS. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts expect that Apple Inc. will post 7.43 EPS for the current year.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date was Friday, November 8th. Apple’s dividend payout ratio (DPR) is currently 16.45%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on AAPL shares. Piper Sandler reaffirmed a “neutral” rating and issued a $225.00 price target on shares of Apple in a research report on Wednesday, October 9th. Barclays reduced their target price on shares of Apple from $186.00 to $184.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Citigroup boosted their price target on shares of Apple to $185.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Tigress Financial raised their price objective on shares of Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a report on Wednesday, August 28th. Finally, Wedbush reiterated an “outperform” rating and set a $285.00 target price on shares of Apple in a research note on Monday, September 9th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Apple currently has a consensus rating of “Moderate Buy” and a consensus target price of $235.25.

Insiders Place Their Bets

In other news, COO Jeffrey E. Williams sold 59,730 shares of Apple stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the completion of the sale, the chief operating officer now directly owns 489,944 shares in the company, valued at approximately $111,148,695.84. This trade represents a 10.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Katherine L. Adams sold 61,019 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $226.20, for a total value of $13,802,497.80. Following the sale, the senior vice president now directly owns 187,043 shares in the company, valued at $42,309,126.60. This trade represents a 24.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 408,170 shares of company stock worth $92,007,745. Corporate insiders own 0.06% of the company’s stock.

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.