Mechanics Bank Trust Department trimmed its stake in Apple Inc. (NASDAQ:AAPL – Free Report) by 2.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 161,861 shares of the iPhone maker’s stock after selling 4,906 shares during the period. Apple comprises about 5.0% of Mechanics Bank Trust Department’s investment portfolio, making the stock its 2nd biggest position. Mechanics Bank Trust Department’s holdings in Apple were worth $31,396,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently bought and sold shares of AAPL. Atlantic Private Wealth LLC acquired a new stake in Apple in the 1st quarter worth $30,000. St. James Investment Advisors LLC grew its position in Apple by 98.3% in the 4th quarter. St. James Investment Advisors LLC now owns 236 shares of the iPhone maker’s stock worth $31,000 after purchasing an additional 117 shares during the last quarter. Summit Wealth Group LLC boosted its position in shares of Apple by 16,252.3% during the 1st quarter. Summit Wealth Group LLC now owns 6,992,420 shares of the iPhone maker’s stock valued at $42,000 after acquiring an additional 6,949,659 shares in the last quarter. HBC Financial Services PLLC boosted its position in shares of Apple by 21.7% during the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after acquiring an additional 80 shares in the last quarter. Finally, LFA Lugano Financial Advisors SA acquired a new stake in shares of Apple during the 4th quarter valued at about $93,000. 58.51% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several analysts have recently weighed in on AAPL shares. Wells Fargo & Company lifted their target price on shares of Apple from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Monday, July 24th. Rosenblatt Securities reiterated a “neutral” rating and set a $198.00 target price on shares of Apple in a research report on Tuesday, September 12th. The Goldman Sachs Group decreased their target price on shares of Apple from $222.00 to $216.00 and set a “buy” rating on the stock in a research report on Wednesday, September 13th. Evercore ISI reissued an “outperform” rating and set a $210.00 price target on shares of Apple in a report on Tuesday. Finally, KeyCorp reissued an “overweight” rating and set a $200.00 price target on shares of Apple in a report on Thursday, September 14th. Ten equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $199.41.
Apple Trading Down 0.9 %
AAPL opened at $173.93 on Friday. The company has a debt-to-equity ratio of 1.63, a current ratio of 0.98 and a quick ratio of 0.92. The company has a market cap of $2.72 trillion, a price-to-earnings ratio of 29.23, a price-to-earnings-growth ratio of 2.61 and a beta of 1.27. The firm has a 50 day simple moving average of $184.02 and a 200 day simple moving average of $176.06. Apple Inc. has a fifty-two week low of $124.17 and a fifty-two week high of $198.23.
Apple (NASDAQ:AAPL – Get Free Report) last posted its quarterly earnings results on Thursday, August 3rd. The iPhone maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.07. The business had revenue of $81.80 billion during the quarter, compared to the consensus estimate of $81.79 billion. Apple had a net margin of 24.68% and a return on equity of 164.92%. Apple’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.20 earnings per share. On average, sell-side analysts anticipate that Apple Inc. will post 6.05 earnings per share for the current year.
Apple Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Monday, August 14th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date was Friday, August 11th. Apple’s dividend payout ratio is currently 16.13%.
Insider Activity at Apple
In related news, SVP Deirdre O’brien sold 15,419 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $178.56, for a total transaction of $2,753,216.64. Following the completion of the transaction, the senior vice president now owns 136,445 shares in the company, valued at $24,363,619.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.06% of the company’s stock.
Apple Profile
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.
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