Apple Inc. (NASDAQ:AAPL) Position Trimmed by Citizens Business Bank

Citizens Business Bank lessened its holdings in Apple Inc. (NASDAQ:AAPLFree Report) by 2.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 74,252 shares of the iPhone maker’s stock after selling 1,772 shares during the quarter. Apple comprises 2.7% of Citizens Business Bank’s portfolio, making the stock its 5th largest position. Citizens Business Bank’s holdings in Apple were worth $12,733,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of AAPL. Wyrmwood Management LLC grew its holdings in Apple by 69.0% in the fourth quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after purchasing an additional 69 shares during the period. A.P. Gilfoyle & Co. L.P. purchased a new stake in Apple in the fourth quarter worth about $39,000. Gilfoyle & Co LLC grew its holdings in Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 118 shares during the period. University of Texas Texas AM Investment Managment Co. grew its holdings in Apple by 657.1% in the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after purchasing an additional 368 shares during the period. Finally, Clarity Asset Management Inc. purchased a new stake in shares of Apple during the fourth quarter valued at approximately $85,000. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $232.98 on Thursday. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $233.08. The company has a market capitalization of $3.57 trillion, a price-to-earnings ratio of 36.23, a PEG ratio of 2.77 and a beta of 1.24. The firm’s 50-day moving average is $200.96 and its 200 day moving average is $186.98.

Apple (NASDAQ:AAPLGet Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The firm had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. During the same period in the prior year, the firm posted $1.52 earnings per share. The firm’s quarterly revenue was down 4.3% compared to the same quarter last year. Research analysts predict that Apple Inc. will post 6.59 EPS for the current year.

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 issued a dividend of $0.25 per share. The ex-dividend date was Friday, May 10th. This is an increase from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a yield of 0.43%. Apple’s dividend payout ratio is 15.55%.

Apple declared that its board has initiated a stock buyback plan on Thursday, May 2nd that authorizes the company to buyback $110.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

AAPL has been the topic of a number of recent analyst reports. Canaccord Genuity Group increased their price target on shares of Apple from $200.00 to $215.00 and gave the company a “buy” rating in a report on Saturday, May 4th. Loop Capital cut their price target on shares of Apple from $185.00 to $170.00 and set a “hold” rating on the stock in a report on Monday, April 1st. Melius Research increased their price target on shares of Apple from $227.00 to $260.00 and gave the company a “buy” rating in a report on Monday, June 24th. Barclays reiterated an “underweight” rating and set a $164.00 price target on shares of Apple in a report on Tuesday, June 11th. Finally, Rosenblatt Securities upgraded shares of Apple from a “neutral” rating to a “buy” rating and increased their price target for the company from $196.00 to $260.00 in a report on Wednesday, June 26th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $218.43.

Check Out Our Latest Stock Analysis on Apple

Insider Buying and Selling

In related news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the sale, the director now directly owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Apple news, insider Chris Kondo sold 4,999 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total transaction of $951,809.60. Following the transaction, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the transaction, the director now directly owns 4,359,576 shares in the company, valued at $835,207,570.08. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Apple Profile

(Free Report)

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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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