Orrstown Financial Services Inc. decreased its position in Apple Inc. (NASDAQ:AAPL) by 31.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,944 shares of the iPhone maker’s stock after selling 5,447 shares during the period. Apple comprises about 1.9% of Orrstown Financial Services Inc.’s portfolio, making the stock its 6th largest position. Orrstown Financial Services Inc.’s holdings in Apple were worth $1,720,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank acquired a new position in Apple during the fourth quarter worth $5,625,709,000. Asset Management One Co. Ltd. raised its position in Apple by 966.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,457,769 shares of the iPhone maker’s stock worth $1,096,072,000 after buying an additional 8,571,027 shares during the last quarter. Glenview Capital Management LLC acquired a new position in Apple during the fourth quarter worth $365,191,000. Canada Pension Plan Investment Board raised its position in Apple by 23.2% in the first quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock worth $1,334,527,000 after buying an additional 1,749,797 shares during the last quarter. Finally, Flinton Capital Management LLC acquired a new position in Apple during the fourth quarter worth $169,077,000. 61.13% of the stock is currently owned by institutional investors and hedge funds.
Shares of Apple Inc. (NASDAQ AAPL) traded up 0.61% during trading on Wednesday, reaching $161.06. 26,131,530 shares of the company were exchanged. The firm has a 50-day moving average price of $148.85 and a 200-day moving average price of $143.79. The stock has a market capitalization of $832.65 billion, a P/E ratio of 18.29 and a beta of 1.31. Apple Inc. has a 1-year low of $102.53 and a 1-year high of $161.83. Apple also saw unusually large options trading activity on Tuesday. Stock traders purchased 139,415 put options on the company. This represents an increase of 119% compared to the average volume of 63,733 put options.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The business had revenue of $45.41 billion for the quarter, compared to analyst estimates of $44.94 billion. During the same period last year, the business earned $1.42 EPS. The company’s revenue was up 7.2% on a year-over-year basis. Equities research analysts predict that Apple Inc. will post $9.02 earnings per share for the current fiscal year.
Apple announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 2nd that authorizes the company to repurchase $50.00 billion in shares. This repurchase authorization authorizes 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 leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 14th will be issued a $0.63 dividend. The ex-dividend date is Thursday, August 10th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.56%. Apple’s payout ratio is 28.64%.
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AAPL has been the topic of a number of recent analyst reports. Royal Bank Of Canada boosted their target price on Apple from $157.00 to $168.00 and gave the stock an “outperform” rating in a report on Monday, May 22nd. Rosenblatt Securities set a $120.00 target price on Apple and gave the stock a “hold” rating in a report on Wednesday, May 3rd. Canaccord Genuity reaffirmed a “buy” rating and issued a $180.00 price objective on shares of Apple in a report on Monday, July 10th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and issued a $170.00 price objective (up from $164.00) on shares of Apple in a report on Friday, May 12th. Finally, Morgan Stanley increased their target price on Apple from $177.00 to $182.00 and gave the stock an “overweight” rating in a report on Monday, July 17th. Thirteen equities research analysts have rated the stock with a hold rating, forty-one have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $167.32.
In related news, Director Arthur D. Levinson sold 35,000 shares of Apple stock in a transaction on Monday, August 7th. The shares were sold at an average price of $157.58, for a total transaction of $5,515,300.00. Following the sale, the director now directly owns 1,168,283 shares in the company, valued at approximately $184,098,035.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Daniel J. Riccio sold 11,949 shares of Apple stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $142.86, for a total transaction of $1,707,034.14. The disclosure for this sale can be found here. Insiders have sold a total of 299,911 shares of company stock worth $46,557,634 over the last quarter. 0.08% of the stock is owned by company insiders.
Apple Company Profile
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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