Independence Bank of Kentucky trimmed its holdings in Apple Inc. (NASDAQ:AAPL) by 7.0% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 26,532 shares of the iPhone maker’s stock after selling 2,009 shares during the quarter. Apple comprises approximately 5.0% of Independence Bank of Kentucky’s portfolio, making the stock its biggest position. Independence Bank of Kentucky’s holdings in Apple were worth $7,791,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AAPL. Valmark Advisers Inc. boosted its position in Apple by 3.7% in the fourth quarter. Valmark Advisers Inc. now owns 25,103 shares of the iPhone maker’s stock worth $7,371,000 after purchasing an additional 896 shares during the last quarter. Savant Capital LLC boosted its position in Apple by 3.0% in the fourth quarter. Savant Capital LLC now owns 52,394 shares of the iPhone maker’s stock worth $15,386,000 after purchasing an additional 1,532 shares during the last quarter. Nottingham Advisors Inc. boosted its position in Apple by 26.5% in the fourth quarter. Nottingham Advisors Inc. now owns 5,199 shares of the iPhone maker’s stock worth $1,527,000 after purchasing an additional 1,090 shares during the last quarter. Sargent Investment Group LLC boosted its position in Apple by 1.7% in the fourth quarter. Sargent Investment Group LLC now owns 40,396 shares of the iPhone maker’s stock worth $11,862,000 after purchasing an additional 660 shares during the last quarter. Finally, Veritas Investment Management LLP boosted its position in Apple by 12.0% in the fourth quarter. Veritas Investment Management LLP now owns 6,712 shares of the iPhone maker’s stock worth $1,969,000 after purchasing an additional 720 shares during the last quarter. Institutional investors own 60.28% of the company’s stock.
In related news, Director Arthur D. Levinson sold 1,429 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $304.11, for a total transaction of $434,573.19. Following the completion of the transaction, the director now owns 1,134,712 shares in the company, valued at approximately $345,077,266.32. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.05% of the stock is owned by insiders.
AAPL opened at $324.87 on Friday. The business has a fifty day moving average of $310.05 and a 200 day moving average of $254.32. Apple Inc. has a 52-week low of $169.38 and a 52-week high of $327.85. The company has a quick ratio of 1.56, a current ratio of 1.60 and a debt-to-equity ratio of 1.04. The stock has a market cap of $1,425.66 billion, a P/E ratio of 25.66, a PEG ratio of 2.23 and a beta of 1.29.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, January 28th. The iPhone maker reported $4.99 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.54 by $0.45. Apple had a return on equity of 60.19% and a net margin of 21.49%. The company had revenue of $91.80 billion during the quarter, compared to analysts’ expectations of $88.41 billion. During the same quarter in the previous year, the business earned $4.18 EPS. Apple’s revenue was up 8.9% compared to the same quarter last year. Equities analysts anticipate that Apple Inc. will post 13.75 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 13th. Investors of record on Monday, February 10th were issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date was Friday, February 7th. Apple’s payout ratio is currently 25.90%.
Several brokerages have issued reports on AAPL. Sanford C. Bernstein reissued a “hold” rating and issued a $300.00 target price on shares of Apple in a research report on Wednesday, January 29th. Cowen raised their target price on Apple from $325.00 to $350.00 and gave the stock an “outperform” rating in a research report on Friday, January 24th. Piper Sandler raised their target price on Apple from $305.00 to $343.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Morgan Stanley raised their target price on Apple from $296.00 to $368.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Zacks Investment Research cut Apple from a “buy” rating to a “hold” rating and set a $373.00 target price on the stock. in a research report on Thursday, January 30th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and twenty-seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $314.55.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
Read More: Are sell-side analysts objective?
Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.