Keybank National Association OH decreased its position in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,684,780 shares of the iPhone maker’s stock after selling 116,202 shares during the quarter. Apple comprises about 4.9% of Keybank National Association OH’s investment portfolio, making the stock its 3rd largest holding. Keybank National Association OH’s holdings in Apple were worth $1,167,229,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of AAPL. Cardinal Capital Management Inc. boosted its holdings in shares of Apple by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after acquiring an additional 221 shares during the period. Shore Point Advisors LLC acquired a new position in shares of Apple during the fourth quarter valued at $41,000. St. James Investment Advisors LLC acquired a new position in shares of Apple during the fourth quarter valued at $57,000. Emerson Wealth LLC boosted its holdings in shares of Apple by 363.6% during the first quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after acquiring an additional 320 shares during the period. Finally, Econ Financial Services Corp boosted its holdings in shares of Apple by 29.1% during the first quarter. Econ Financial Services Corp now owns 421 shares of the iPhone maker’s stock valued at $74,000 after acquiring an additional 95 shares during the period. Institutional investors and hedge funds own 57.98% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on the stock. set a $175.00 price target on shares of Apple in a report on Friday, July 29th. Credit Suisse Group set a $166.00 price objective on shares of Apple in a report on Friday, July 29th. Citigroup upped their price objective on shares of Apple from $175.00 to $185.00 and gave the stock a “buy” rating in a report on Friday, July 29th. Barclays reduced their price objective on shares of Apple from $167.00 to $166.00 and set an “equal weight” rating for the company in a report on Wednesday, July 13th. Finally, Itau BBA Securities started coverage on shares of Apple in a report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price objective for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $179.27.
Apple Trading Down 0.2 %
Apple (NASDAQ:AAPL – Get Rating) last announced its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, beating the consensus estimate of $1.14 by $0.06. The business had revenue of $82.96 billion during the quarter, compared to analysts’ expectations of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.30 EPS. On average, research analysts predict that Apple Inc. will post 6.1 earnings per share for the current fiscal year.
Apple Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be paid a $0.23 dividend. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.55%. Apple’s payout ratio is 15.18%.
Apple announced that its Board of Directors has initiated a share repurchase program on Thursday, April 28th that authorizes the company to buyback $90.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.
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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