German American Bancorp Inc. Sells 9,990 Shares of Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Jun 15th, 2023

German American Bancorp Inc. decreased its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 206,639 shares of the iPhone maker’s stock after selling 9,990 shares during the quarter. Apple comprises 4.2% of German American Bancorp Inc.’s holdings, making the stock its 7th largest holding. German American Bancorp Inc.’s holdings in Apple were worth $26,849,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of AAPL. Gateway Wealth Partners LLC bought a new position in Apple in the 4th quarter valued at $23,047,000. Chartwell Investment Partners LLC lifted its position in shares of Apple by 8.0% during the 4th quarter. Chartwell Investment Partners LLC now owns 571,943 shares of the iPhone maker’s stock valued at $74,313,000 after buying an additional 42,476 shares during the last quarter. Retirement Group LLC lifted its position in shares of Apple by 113.5% during the 4th quarter. Retirement Group LLC now owns 7,098 shares of the iPhone maker’s stock valued at $922,000 after buying an additional 3,774 shares during the last quarter. TD Capital Management LLC lifted its position in shares of Apple by 0.5% during the 4th quarter. TD Capital Management LLC now owns 20,085 shares of the iPhone maker’s stock valued at $2,610,000 after buying an additional 107 shares during the last quarter. Finally, Applied Finance Capital Management LLC purchased a new position in shares of Apple during the 4th quarter valued at $20,387,000. Institutional investors own 57.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AAPL. StockNews.com began coverage on Apple in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Credit Suisse Group upped their price target on Apple from $188.00 to $200.00 in a research report on Tuesday, June 6th. 58.com reaffirmed a “maintains” rating on shares of Apple in a research report on Monday, June 5th. Bank of America increased their price objective on Apple from $176.00 to $190.00 in a report on Monday, June 5th. Finally, Canaccord Genuity Group increased their price objective on Apple from $180.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, May 5th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $177.40.

Apple Price Performance

NASDAQ:AAPL opened at $183.95 on Thursday. The business’s 50-day moving average is $171.77 and its 200 day moving average is $154.62. The company has a current ratio of 0.94, a quick ratio of 0.88 and a debt-to-equity ratio of 1.56. Apple Inc. has a 12 month low of $124.17 and a 12 month high of $184.95. The company has a market capitalization of $2.89 trillion, a P/E ratio of 31.23, a P/E/G ratio of 2.42 and a beta of 1.29.

Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.08. The company had revenue of $94.84 billion for the quarter, compared to analysts’ expectations of $92.84 billion. Apple had a return on equity of 165.72% and a net margin of 24.49%. Apple’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.52 earnings per share. On average, equities research analysts forecast that Apple Inc. will post 5.99 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Shareholders of record on Monday, May 15th were issued a dividend of $0.24 per share. The ex-dividend date was Friday, May 12th. This represents a $0.96 dividend on an annualized basis and a yield of 0.52%. This is a positive change from Apple’s previous quarterly dividend of $0.23. Apple’s dividend payout ratio is currently 16.30%.

Apple announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 4th that permits the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 3.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, insider Chris Kondo sold 4,092 shares of the stock in a transaction on Monday, May 8th. The stock was sold at an average price of $173.26, for a total transaction of $708,979.92. Following the completion of the sale, the insider now owns 33,946 shares in the company, valued at approximately $5,881,483.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Deirdre O’brien sold 43,622 shares of the firm’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $165.41, for a total value of $7,215,515.02. Following the transaction, the senior vice president now directly owns 136,444 shares of the company’s stock, valued at approximately $22,569,202.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Chris Kondo sold 4,092 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $173.26, for a total transaction of $708,979.92. Following the completion of the transaction, the insider now directly owns 33,946 shares in the company, valued at $5,881,483.96. The disclosure for this sale can be found here. Insiders sold a total of 439,529 shares of company stock worth $71,703,657 over the last 90 days. Company insiders own 0.06% of the company’s stock.

Apple Profile

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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.