Apple Inc. (NASDAQ:AAPL) is Somerset Trust Co’s 2nd Largest Position

Somerset Trust Co lessened its stake in Apple Inc. (NASDAQ:AAPLGet Rating) by 0.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,241 shares of the iPhone maker’s stock after selling 492 shares during the period. Apple makes up about 4.1% of Somerset Trust Co’s holdings, making the stock its 2nd biggest holding. Somerset Trust Co’s holdings in Apple were worth $9,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Apple by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock valued at $221,753,959,000 after purchasing an additional 8,734,393 shares in the last quarter. State Street Corp raised its holdings in Apple by 1.8% during the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after buying an additional 10,951,705 shares during the last quarter. Geode Capital Management LLC raised its holdings in Apple by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock valued at $46,812,958,000 after buying an additional 4,456,954 shares during the last quarter. Norges Bank bought a new stake in Apple during the 4th quarter valued at $25,228,507,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Apple by 1.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 80,739,774 shares of the iPhone maker’s stock valued at $14,097,970,000 after buying an additional 1,155,915 shares during the last quarter. Hedge funds and other institutional investors own 57.72% of the company’s stock.

Apple Stock Performance

Shares of AAPL stock opened at $150.70 on Friday. Apple Inc. has a one year low of $129.04 and a one year high of $182.94. The company’s 50-day moving average is $159.65 and its 200 day moving average is $156.09. The company has a market capitalization of $2.42 trillion, a price-to-earnings ratio of 24.87, a price-to-earnings-growth ratio of 1.97 and a beta of 1.23. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86.

Apple (NASDAQ:AAPLGet Rating) last announced 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 firm 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%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.30 EPS. Sell-side analysts expect that Apple Inc. will post 6.11 EPS for the current fiscal year.

Apple Dividend Announcement

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

Analyst Ratings Changes

A number of research firms recently commented on AAPL. Monness Crespi & Hardt began coverage on shares of Apple in a report on Thursday, September 8th. They set a “buy” rating and a $174.00 price target for the company. Evercore ISI upped their price target on shares of Apple from $180.00 to $185.00 in a report on Friday, July 29th. Rosenblatt Securities decreased their price objective on shares of Apple from $168.00 to $160.00 and set a “neutral” rating for the company in a report on Friday, July 29th. Oppenheimer restated an “outperform” rating and issued a $190.00 price objective on shares of Apple in a report on Wednesday, June 8th. Finally, Fundamental Research set a $177.07 price objective on shares of Apple and gave the stock a “buy” rating in a report on Thursday, August 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and an average target price of $181.52.

Insider Activity

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

About Apple

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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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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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