Iowa State Bank lessened its stake in Apple Inc. (NASDAQ:AAPL) by 2.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,618 shares of the iPhone maker’s stock after selling 968 shares during the quarter. Apple accounts for about 3.0% of Iowa State Bank’s investment portfolio, making the stock its 2nd biggest holding. Iowa State Bank’s holdings in Apple were worth $6,282,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently added to or reduced their stakes in AAPL. Hefty Wealth Partners boosted its holdings in shares of Apple by 27.6% in the second quarter. Hefty Wealth Partners now owns 804 shares of the iPhone maker’s stock valued at $115,000 after buying an additional 174 shares during the period. American Beacon Advisors Inc. acquired a new position in shares of Apple in the first quarter valued at approximately $117,000. State of Alaska Department of Revenue acquired a new position in shares of Apple in the second quarter valued at approximately $149,000. Portfolio Solutions LLC acquired a new position in shares of Apple in the first quarter valued at approximately $169,000. Finally, Fox Run Management L.L.C. acquired a new position in shares of Apple in the first quarter valued at approximately $201,000. Institutional investors own 60.36% of the company’s stock.
Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Tuesday, August 1st. The iPhone maker reported $1.67 EPS for the quarter, topping the consensus estimate of $1.57 by $0.10. Apple had a return on equity of 35.40% and a net margin of 20.87%. The firm had revenue of $45.41 billion for the quarter, compared to the consensus estimate of $44.94 billion. During the same quarter last year, the company earned $1.42 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year.
TRADEMARK VIOLATION WARNING: This article was first reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are reading this article on another publication, it was illegally copied and reposted in violation of international copyright and trademark legislation. The original version of this article can be read at https://sportsperspectives.com/2017/10/13/iowa-state-bank-has-6-28-million-stake-in-apple-inc-aapl.html.
Several research analysts have recently weighed in on AAPL shares. Morgan Stanley upped their price target on shares of Apple from $177.00 to $182.00 and gave the company an “overweight” rating in a report on Monday, July 17th. Needham & Company LLC reiterated a “buy” rating and issued a $175.00 price target (up previously from $165.00) on shares of Apple in a report on Wednesday, August 2nd. They noted that the move was a valuation call. Cleveland Research upgraded shares of Apple from a “neutral” rating to a “buy” rating and set a $197.00 target price for the company in a report on Tuesday, August 29th. Bank of America Corporation restated a “buy” rating and set a $180.00 target price (up previously from $175.00) on shares of Apple in a report on Wednesday, August 2nd. Finally, Canaccord Genuity restated a “buy” rating and set a $180.00 target price on shares of Apple in a report on Monday, July 10th. Nine analysts have rated the stock with a hold rating and forty-five have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $189.73.
In related news, SVP D Bruce Sewell sold 31,625 shares of Apple stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $158.13, for a total transaction of $5,000,861.25. Following the sale, the senior vice president now owns 112,430 shares of the company’s stock, valued at approximately $17,778,555.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Craig Federighi sold 63,163 shares of Apple stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $158.07, for a total value of $9,984,175.41. Following the sale, the insider now directly owns 359,988 shares in the company, valued at approximately $56,903,303.16. The disclosure for this sale can be found here. Insiders sold 541,177 shares of company stock worth $85,864,804 in the last ninety days. Corporate insiders own 0.08% of the company’s stock.
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.
Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL).
Receive News & Ratings for Apple Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple Inc. and related companies with MarketBeat.com's FREE daily email newsletter.