Trust Co. of Virginia VA Cuts Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Trust Co. of Virginia VA lessened its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 4.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 193,389 shares of the iPhone maker’s stock after selling 9,779 shares during the quarter. Apple makes up about 3.6% of Trust Co. of Virginia VA’s holdings, making the stock its 4th largest position. Trust Co. of Virginia VA’s holdings in Apple were worth $33,768,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. State Street Corp lifted its holdings in shares of Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after purchasing an additional 10,951,705 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Apple by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock worth $46,812,958,000 after acquiring an additional 4,456,954 shares during the period. Norges Bank bought a new stake in Apple during the fourth quarter worth $25,228,507,000. Charles Schwab Investment Management Inc. lifted its holdings in Apple by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock worth $14,131,710,000 after acquiring an additional 1,273,148 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Apple by 5.1% during the fourth quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker’s stock worth $11,361,302,000 after acquiring an additional 3,096,696 shares during the period. Institutional investors own 57.98% of the company’s stock.

Apple Price Performance

NASDAQ:AAPL opened at $150.17 on Monday. The firm has a market capitalization of $2.43 trillion, a price-to-earnings ratio of 24.38, a P/E/G ratio of 1.95 and a beta of 1.19. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The stock has a fifty day moving average of $142.54 and a 200 day moving average of $158.69. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93.

Apple (NASDAQ:AAPL – Get Rating) last posted its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.43 by $0.09. The company had revenue of $97.28 billion during the quarter, compared to analyst estimates of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned $1.40 earnings per share. On average, research analysts expect that Apple Inc. will post 6.09 EPS for the current fiscal year.

Apple announced that its Board of Directors has initiated a stock buyback program on Thursday, April 28th that permits the company to buyback $90.00 billion in shares. This buyback authorization permits the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were paid a dividend of $0.23 per share. The ex-dividend date was Friday, May 6th. This represents a $0.92 annualized dividend and a yield of 0.61%. This is a positive change from Apple’s previous quarterly dividend of $0.22. Apple’s payout ratio is 14.94%.

Insiders Place Their Bets

In other Apple news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the completion of the sale, the senior vice president now owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on AAPL. JPMorgan Chase & Co. set a $200.00 price target on Apple in a report on Friday, July 1st. Deutsche Bank Aktiengesellschaft dropped their price target on Apple from $200.00 to $175.00 in a report on Tuesday, June 14th. Barclays dropped their price target on Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 13th. Credit Suisse Group set a $169.00 price target on Apple in a report on Friday, April 29th. Finally, Fundamental Research decreased their target price on Apple from $179.32 to $175.24 and set an “average” rating for the company in a research report on Friday, May 6th. Nine investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and an average target price of $183.49.

Apple Profile

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Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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