Baker Boyer National Bank Sells 6,265 Shares of Apple Inc. (NASDAQ:AAPL)

Baker Boyer National Bank trimmed its position in shares of Apple Inc. (NASDAQ:AAPL) by 22.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,738 shares of the iPhone maker’s stock after selling 6,265 shares during the period. Apple comprises 1.3% of Baker Boyer National Bank’s holdings, making the stock its 12th biggest holding. Baker Boyer National Bank’s holdings in Apple were worth $3,728,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in AAPL. Vanguard Group Inc. lifted its position in Apple by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after acquiring an additional 18,067,216 shares during the last quarter. Morgan Stanley raised its holdings in shares of Apple by 1.0% in the third quarter. Morgan Stanley now owns 206,732,960 shares of the iPhone maker’s stock worth $35,394,751,000 after buying an additional 2,018,010 shares during the last quarter. Norges Bank purchased a new position in shares of Apple in the fourth quarter worth $33,912,466,000. International Assets Investment Management LLC raised its holdings in shares of Apple by 14,395.4% in the fourth quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock worth $136,119,470,000 after buying an additional 70,212,651 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Apple by 3.6% in the fourth quarter. Wellington Management Group LLP now owns 60,651,275 shares of the iPhone maker’s stock worth $11,677,190,000 after buying an additional 2,096,360 shares during the last quarter. 60.41% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Timothy D. Cook sold 99,183 shares of Apple stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $170.03, for a total value of $16,864,085.49. Following the completion of the transaction, the chief executive officer now owns 3,377,407 shares in the company, valued at $574,260,512.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the sale, the chief executive officer now owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the sale, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. Insiders sold 346,270 shares of company stock worth $60,880,196 over the last 90 days. 0.06% of the stock is owned by insiders.

Analysts Set New Price Targets

AAPL has been the subject of a number of research analyst reports. DA Davidson raised shares of Apple from a “neutral” rating to a “buy” rating and raised their price target for the stock from $200.00 to $230.00 in a report on Tuesday, June 11th. Bank of America reiterated a “buy” rating and issued a $230.00 price objective on shares of Apple in a research note on Wednesday. Oppenheimer increased their price objective on shares of Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday. Rosenblatt Securities upgraded shares of Apple from a “neutral” rating to a “buy” rating and raised their price target for the company from $196.00 to $260.00 in a research report on Wednesday. Finally, Wedbush raised their price target on shares of Apple from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, May 24th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus target price of $215.71.

Apple Price Performance

Shares of AAPL opened at $210.62 on Friday. Apple Inc. has a 1-year low of $164.07 and a 1-year high of $220.20. The stock has a market cap of $3.23 trillion, a PE ratio of 32.76, a P/E/G ratio of 2.59 and a beta of 1.25. The firm has a 50-day simple moving average of $192.13 and a two-hundred day simple moving average of $185.46. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. The firm had revenue of $90.75 billion during the quarter, compared to analysts’ expectations of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.52 earnings per share. As a group, analysts forecast that Apple Inc. will post 6.59 EPS for the current year.

Apple announced that its board has approved a stock repurchase plan on Thursday, May 2nd that allows the company to repurchase $110.00 billion in shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a yield of 0.47%. This is an increase from Apple’s previous quarterly dividend of $0.24. Apple’s payout ratio is currently 15.55%.

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.