Apple Inc. (NASDAQ:AAPL) Holdings Reduced by Eastern Bank

Posted by Defense World Staff on Apr 18th, 2023

Eastern Bank reduced its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 449,494 shares of the iPhone maker’s stock after selling 6,392 shares during the period. Apple accounts for about 3.1% of Eastern Bank’s holdings, making the stock its 3rd biggest holding. Eastern Bank’s holdings in Apple were worth $58,403,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Horst & Graben Wealth Management LLC increased its position in Apple by 2.6% during the fourth quarter. Horst & Graben Wealth Management LLC now owns 37,628 shares of the iPhone maker’s stock worth $4,889,000 after purchasing an additional 953 shares during the last quarter. Verde Capital Management purchased a new position in Apple in the fourth quarter worth approximately $525,000. Schear Investment Advisers LLC purchased a new position in Apple in the fourth quarter worth approximately $3,903,000. Fulcrum Capital LLC grew its position in Apple by 0.6% in the fourth quarter. Fulcrum Capital LLC now owns 146,321 shares of the iPhone maker’s stock worth $19,011,000 after acquiring an additional 872 shares during the period. Finally, Osborne Partners Capital Management LLC grew its position in Apple by 0.8% in the fourth quarter. Osborne Partners Capital Management LLC now owns 300,328 shares of the iPhone maker’s stock worth $39,022,000 after acquiring an additional 2,459 shares during the period. 57.60% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Performance

Shares of AAPL opened at $165.23 on Tuesday. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.89 and a current ratio of 0.94. The stock has a market capitalization of $2.61 trillion, a P/E ratio of 28.05, a P/E/G ratio of 2.19 and a beta of 1.30. The company’s fifty day moving average is $155.46 and its two-hundred day moving average is $146.27. Apple Inc. has a 1 year low of $124.17 and a 1 year high of $176.15.

Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The iPhone maker reported $1.88 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.05). Apple had a net margin of 24.56% and a return on equity of 163.45%. The business had revenue of $117.15 billion during the quarter, compared to analysts’ expectations of $121.67 billion. During the same period in the prior year, the firm posted $2.10 EPS. Apple’s revenue for the quarter was down 5.5% compared to the same quarter last year. On average, sell-side analysts predict that Apple Inc. will post 6.03 earnings per share for the current year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 16th. Shareholders of record on Monday, February 13th were issued a $0.23 dividend. The ex-dividend date of this dividend was Friday, February 10th. This represents a $0.92 dividend on an annualized basis and a yield of 0.56%. This is an increase from Apple’s previous quarterly dividend of $0.17. Apple’s dividend payout ratio (DPR) is 15.62%.

Insider Buying and Selling at Apple

In other Apple news, CFO Luca Maestri sold 69,996 shares of the stock in a transaction dated Thursday, April 13th. The shares were sold at an average price of $165.25, for a total value of $11,566,839.00. Following the completion of the transaction, the chief financial officer now directly owns 107,661 shares of the company’s stock, valued at $17,790,980.25. The sale was disclosed in a filing with the SEC, which is available at this link. In other Apple news, COO Jeffrey E. Williams sold 77,817 shares of the company’s stock in a transaction on Tuesday, April 4th. The stock was sold at an average price of $166.11, for a total value of $12,926,181.87. Following the sale, the chief operating officer now owns 489,816 shares of the company’s stock, valued at $81,363,335.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Luca Maestri sold 69,996 shares of the company’s stock in a transaction on Thursday, April 13th. The shares were sold at an average price of $165.25, for a total value of $11,566,839.00. Following the completion of the sale, the chief financial officer now directly owns 107,661 shares in the company, valued at approximately $17,790,980.25. The disclosure for this sale can be found here. Over the last quarter, insiders sold 435,437 shares of company stock valued at $70,994,677. 0.06% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Bank of America upped their target price on shares of Apple from $158.00 to $168.00 and gave the company a “neutral” rating in a research report on Wednesday, April 5th. Sanford C. Bernstein set a $125.00 target price on Apple in a research report on Tuesday, January 24th. Fundamental Research reissued a “buy” rating and issued a $168.00 target price on shares of Apple in a research report on Tuesday, February 14th. StockNews.com started coverage on shares of Apple in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, National Bank Financial dropped their price objective on shares of Apple to $54.00 and set an “outperform” rating for the company in a report on Friday, January 20th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-six have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $169.38.

Apple Profile

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Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.