Apple Inc. (NASDAQ:AAPL) is Trust Co. of Oklahoma’s 2nd Largest Position

Posted by Defense World Staff on Jul 7th, 2023

Trust Co. of Oklahoma decreased its position in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 6.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 94,026 shares of the iPhone maker’s stock after selling 6,492 shares during the period. Apple makes up approximately 6.1% of Trust Co. of Oklahoma’s investment portfolio, making the stock its 2nd biggest position. Trust Co. of Oklahoma’s holdings in Apple were worth $15,505,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AAPL. St. James Investment Advisors LLC grew its position in Apple by 98.3% in the fourth quarter. St. James Investment Advisors LLC now owns 236 shares of the iPhone maker’s stock worth $31,000 after acquiring an additional 117 shares in the last quarter. Cheyne Capital Management UK LLP grew its position in Apple by 200.0% in the third quarter. Cheyne Capital Management UK LLP now owns 275 shares of the iPhone maker’s stock worth $212,000 after acquiring an additional 550 shares in the last quarter. Align Wealth Management LLC purchased a new position in Apple in the fourth quarter worth about $55,000. HBC Financial Services PLLC grew its position in Apple by 21.7% in the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after acquiring an additional 80 shares in the last quarter. Finally, PayPay Securities Corp purchased a new position in Apple in the fourth quarter worth about $60,000. Hedge funds and other institutional investors own 57.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AAPL shares. Evercore ISI raised their price objective on shares of Apple from $190.00 to $210.00 and gave the stock an “outperform” rating in a research note on Monday, June 5th. Morgan Stanley raised their price objective on shares of Apple from $185.00 to $190.00 in a research note on Friday, June 2nd. Rosenblatt Securities raised their price objective on shares of Apple from $173.00 to $198.00 and gave the stock a “buy” rating in a research note on Friday, May 5th. Citigroup started coverage on shares of Apple in a research note on Thursday, June 29th. They issued a “buy” rating and a $240.00 price objective for the company. Finally, Fundamental Research set a $183.86 price objective on shares of Apple and gave the stock a “buy” rating in a research note on Wednesday, May 17th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $180.52.

Insider Activity at Apple

In related news, insider Chris Kondo sold 4,092 shares of the business’s stock in a transaction on Monday, May 8th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Luca Maestri sold 69,996 shares of the business’s stock in a transaction on Thursday, April 13th. The shares were sold at an average price of $165.25, for a total transaction of $11,566,839.00. Following the completion of the transaction, the chief financial officer now directly owns 107,661 shares in the company, valued at $17,790,980.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chris Kondo sold 4,092 shares of the business’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $173.26, for a total transaction of $708,979.92. Following the transaction, the insider now owns 33,946 shares of the company’s stock, valued at $5,881,483.96. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Apple Price Performance

Shares of AAPL opened at $191.81 on Friday. The firm has a market capitalization of $3.02 trillion, a PE ratio of 32.57, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.94 and a quick ratio of 0.88. Apple Inc. has a 1-year low of $124.17 and a 1-year high of $194.48. The company’s fifty day moving average price is $179.31 and its 200-day moving average price is $159.54.

Apple (NASDAQ:AAPL – Free Report) last announced its quarterly earnings data on Thursday, May 4th. The iPhone maker reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.44 by $0.08. The firm had revenue of $94.84 billion for the quarter, compared to analyst estimates of $92.84 billion. Apple had a net margin of 24.49% and a return on equity of 165.72%. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.52 earnings per share. On average, equities research analysts predict that Apple Inc. will post 6 EPS for the current year.

Apple Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Monday, May 15th were issued a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, May 12th. This is a positive change from Apple’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.50%. Apple’s payout ratio is 16.30%.

Apple declared that its Board of Directors has authorized a share repurchase program on Thursday, May 4th that permits the company to repurchase $90.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 3.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Apple Profile

(Free Report)

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.