Apple Inc. (AAPL) Position Lowered by WASHINGTON TRUST Co
WASHINGTON TRUST Co lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 2.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 319,245 shares of the iPhone maker’s stock after selling 9,099 shares during the period. Apple comprises about 2.9% of WASHINGTON TRUST Co’s holdings, making the stock its 3rd largest position. WASHINGTON TRUST Co’s holdings in Apple were worth $45,863,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Stonehearth Capital Management LLC boosted its position in Apple by 0.8% in the first quarter. Stonehearth Capital Management LLC now owns 2,378 shares of the iPhone maker’s stock valued at $342,000 after buying an additional 20 shares during the last quarter. Sippican Capital Advisors boosted its position in Apple by 0.5% in the first quarter. Sippican Capital Advisors now owns 4,912 shares of the iPhone maker’s stock valued at $706,000 after buying an additional 26 shares during the last quarter. Cordasco Financial Network boosted its position in Apple by 1.0% in the first quarter. Cordasco Financial Network now owns 3,184 shares of the iPhone maker’s stock valued at $457,000 after buying an additional 31 shares during the last quarter. Wall Street Access Asset Management LLC boosted its position in Apple by 0.3% in the fourth quarter. Wall Street Access Asset Management LLC now owns 18,345 shares of the iPhone maker’s stock valued at $2,124,000 after buying an additional 50 shares during the last quarter. Finally, Newman Dignan & Sheerar Inc. boosted its position in Apple by 0.4% in the first quarter. Newman Dignan & Sheerar Inc. now owns 24,371 shares of the iPhone maker’s stock valued at $3,501,000 after buying an additional 108 shares during the last quarter. 60.43% of the stock is owned by hedge funds and other institutional investors.
Shares of Apple Inc. (NASDAQ:AAPL) traded up 0.78% during mid-day trading on Monday, reaching $161.11. 7,067,580 shares of the company traded hands. The company’s 50 day moving average is $153.93 and its 200 day moving average is $146.76. The stock has a market capitalization of $832.17 billion, a price-to-earnings ratio of 18.29 and a beta of 1.31. Apple Inc. has a 52-week low of $102.53 and a 52-week high of $162.51.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The firm had revenue of $45.41 billion for the quarter, compared to the consensus estimate of $44.94 billion. During the same quarter in the previous year, the company posted $1.42 earnings per share. The business’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities analysts forecast that Apple Inc. will post $9.02 earnings per share for the current year.
Apple declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 2nd that permits the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to reacquire up to 6.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Monday, August 14th were paid a $0.63 dividend. The ex-dividend date was Thursday, August 10th. This represents a $2.52 dividend on an annualized basis and a yield of 1.58%. Apple’s dividend payout ratio (DPR) is currently 28.64%.
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Several analysts recently issued reports on the stock. UBS AG set a $165.00 target price on shares of Apple and gave the company a “buy” rating in a research report on Wednesday, May 3rd. FBN Securities boosted their target price on shares of Apple from $155.00 to $160.00 and gave the company an “outperform” rating in a research report on Thursday, May 4th. Deutsche Bank AG restated a “hold” rating and set a $130.00 target price on shares of Apple in a research report on Tuesday, June 6th. Credit Suisse Group restated an “outperform” rating and set a $170.00 target price on shares of Apple in a research report on Tuesday, June 6th. Finally, BMO Capital Markets restated an “outperform” rating and set a $170.00 target price on shares of Apple in a research report on Tuesday, July 25th. Eleven equities research analysts have rated the stock with a hold rating, forty-three have given a buy rating and one has issued a strong buy rating to the stock. Apple has an average rating of “Buy” and an average price target of $167.73.
In other Apple news, insider Daniel J. Riccio sold 11,949 shares of the business’s stock in a transaction dated Thursday, July 6th. The stock was sold at an average price of $142.86, for a total value of $1,707,034.14. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Johny Srouji sold 10,469 shares of the business’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $162.20, for a total value of $1,698,071.80. Following the completion of the transaction, the senior vice president now owns 76,250 shares in the company, valued at approximately $12,367,750. The disclosure for this sale can be found here. Insiders sold 185,140 shares of company stock worth $29,045,404 in the last 90 days. Corporate insiders own 0.08% of the company’s stock.
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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