Field & Main Bank reduced its position in Apple Inc. (NASDAQ: AAPL – Free report) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filed with the Securities and Exchange Commission (SEC). The company held 84,380 shares of the iPhone maker after selling 2,097 shares during the quarter. Apple accounts for about 8.3% of Field & Main Bank’s holdings, making it its largest position. Field & Main Bank’s holdings in Apple were worth $13,914,000 at the end of the last reporting period.
Other institutional investors have also recently changed their positions in the company. St. James Investment Advisors LLC raised its position in Apple shares by 98.3% during the fourth quarter. St. James Investment Advisors LLC now owns 236 shares of the iPhone maker valued at $31,000 after buying 117 more shares in the last quarter. HBC Financial Services PLLC increased its position in Apple shares by 21.7% during the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker valued at $49,000 after buying 80 more shares in the last quarter. Align Wealth Management LLC bought a new position in Apple stock during Q4 for $55,000. PayPay Securities Corp bought a new position in Apple stock during Q4 worth $60,000. Finally, LFA Lugano Financial Advisors SA bought a new position in Apple shares during the 4th quarter with a value of $93,000. Hedge funds and other institutional investors own 57.89% of the company’s shares.
Wall Street analysts predict growth
A number of research analysts have recently commented on the company. Citigroup assumed coverage for Apple in a research report Thursday, June 29. They have set a “buy” rating and a price target of $240.00 on the stock. Needham & Company LLC raised its price target on Apple from $170.00 to $195.00 and gave the stock a “buy” rating in a Friday, May 5 report. Tigress Financial raised its price target on Apple from $210.00 to $225.00 in a Friday, June 23 report. Piper Sandler lowered its price target on Apple from $195.00 to $180.00 and set an “overweight” rating on the stock in a Friday, May 5 report. Finally, DA Davidson moved Apple from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $193.00 to $185.00 in a Monday, June 5 report. Two equity research analysts gave the stock a sell rating, eight issued a hold rating and twenty-four gave the company’s stock a buy rating. Based on data from MarketBeat.com, Apple has an average rating of “Moderate Buy” and an average target price of $181.08.
Apple price performance
AAPL opened at $190.69 on Friday. The stock’s 50-day simple moving average is $181.79 and its 200-day simple moving average is $162.14. The company has a debt 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 has a market capitalization of $3 trillion, a price/earnings ratio of 32.38, a PEG ratio of 2.54 and a beta of 1.28.
Apple (NASDAQ: AAPL – Get a free report) last released its quarterly earnings data on Thursday, May 4. The iPhone maker reported earnings per share of $1.52 for the quarter, beating the consensus estimate of $1.44 by $0.08. Apple had a return on equity of 165.72% and a net margin of 24.49%. The company posted revenue of $94.84 billion in the quarter, versus $92.84 billion expected by analysts. In the same quarter last year, the company posted EPS of $1.52. The company’s revenue was down 2.5% year over year. As a group, analysts predict that Apple Inc. will post 6 earnings per share for the current year.
Apple increases its dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 18. Shareholders of record on Monday, May 15 received a dividend of $0.24. The ex-dividend date was Friday, May 12. This represents an annualized dividend of $0.96 and a yield of 0.50%. This is a boost from Apple’s previous quarterly dividend of $0.23. Apple’s dividend payout ratio (DPR) is 16.30%.
Apple announced that its board authorized a stock repurchase program on Thursday, May 4 that allows the company to repurchase $90.00 billion in stock. This repurchase authorization allows the iPhone maker to repurchase up to 3.4% of its shares through open market purchases. Share buyback programs often indicate that the company’s board of directors believe its shares are undervalued.
Insiders place their bets
In other Apple news, an insider chris kondo sold 4,092 shares in a trade that took place on Monday, May 8. The stock was sold at an average price of $173.26, for a total value of $708,979.92. Following the completion of the sale, the insider now owns 33,946 shares of the company, valued at approximately $5,881,483.96. The transaction was disclosed in an SEC filing, available at this link. Insiders of the company hold 0.06% of the shares of the company.
Apple Profile
Apple Inc designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories worldwide. The company offers iPhone, a range of smartphones; Mac, a line of personal computers; iPad, a range of versatile tablets; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats and HomePod products.
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