Apple Inc. (NASDAQ:AAPL) is First Farmers & Merchants Bank Trust’s 2nd Largest Position

First Farmers & Merchants Bank Trust trimmed its stake in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 0.3% in the 2nd quarter, Holdings Channel reports. The firm owned 31,526 shares of the iPhone maker’s stock after selling 100 shares during the period. Apple accounts for approximately 5.3% of First Farmers & Merchants Bank Trust’s holdings, making the stock its 2nd biggest position. First Farmers & Merchants Bank Trust’s holdings in Apple were worth $4,310,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in AAPL. Cardinal Capital Management Inc. grew its position in 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 buying an additional 221 shares during the period. Shore Point Advisors LLC bought a new stake in Apple during the fourth quarter valued at approximately $41,000. CFS Investment Advisory Services LLC grew its position in Apple by 18,263.5% during the first quarter. CFS Investment Advisory Services LLC now owns 7,457,053 shares of the iPhone maker’s stock valued at $47,000 after buying an additional 7,416,445 shares during the period. HBC Financial Services PLLC grew its position in Apple by 21.7% during the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after buying an additional 80 shares during the period. Finally, Emerson Wealth LLC grew its position in 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 buying an additional 320 shares during the period. 57.72% of the stock is owned by hedge funds and other institutional investors.

Apple Price Performance

Apple stock opened at $150.70 on Friday. The company has a market cap of $2.42 trillion, a price-to-earnings ratio of 24.87, a PEG ratio of 1.97 and a beta of 1.23. The firm’s fifty day moving average is $159.65 and its 200 day moving average is $156.09. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last released its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.06. The company had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. Apple’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.30 earnings per share. Sell-side analysts forecast that Apple Inc. will post 6.11 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 11th. Stockholders of record on Monday, August 8th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 0.61%. The ex-dividend date was Friday, August 5th. Apple’s dividend payout ratio is currently 15.18%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AAPL. UBS Group set a $185.00 target price on shares of Apple in a research report on Wednesday. Wedbush upped their price target on shares of Apple from $200.00 to $220.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 17th. set a $175.00 price target on shares of Apple in a research report on Friday, July 29th. Morgan Stanley dropped their price target on shares of Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a research report on Wednesday, July 20th. Finally, Bank of America dropped their price target on shares of Apple from $200.00 to $185.00 in a research report on Tuesday, July 26th. Two analysts have rated the stock with a sell rating, six have given a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Apple presently has a consensus rating of “Moderate Buy” and an average price target of $181.52.

Insider Activity

In other news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total value of $4,119,250.00. Following the sale, the senior vice president now owns 427,334 shares of the company’s stock, valued at $70,411,823.18. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Luca Maestri sold 96,735 shares of the stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $174.95, for a total value of $16,923,788.25. Following the sale, the chief financial officer now owns 110,673 shares of the company’s stock, valued at $19,362,241.35. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the completion of the transaction, the senior vice president now owns 427,334 shares in the company, valued at $70,411,823.18. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

About Apple

(Get Rating)

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.

Further Reading

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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