Apple Inc. (NASDAQ:AAPL) Position Reduced by Virginia National Bank

Virginia National Bank cut its position in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 11.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,308 shares of the iPhone maker’s stock after selling 1,317 shares during the quarter. Apple accounts for 2.2% of Virginia National Bank’s portfolio, making the stock its 14th largest position. Virginia National Bank’s holdings in Apple were worth $1,409,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Cardinal Capital Management Inc. lifted its position in shares of Apple by 5,525.0% in the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock worth $39,000 after purchasing an additional 221 shares in the last quarter. Shore Point Advisors LLC acquired a new position in Apple in the fourth quarter worth approximately $41,000. CFS Investment Advisory Services LLC increased its holdings in Apple by 18,263.5% in the first quarter. CFS Investment Advisory Services LLC now owns 7,457,053 shares of the iPhone maker’s stock worth $47,000 after buying an additional 7,416,445 shares during the last quarter. Spence Asset Management acquired a new position in Apple in the second quarter worth approximately $49,000. Finally, HBC Financial Services PLLC increased its holdings in Apple by 21.7% in the first quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock worth $49,000 after buying an additional 80 shares during the last quarter. 57.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on AAPL shares. Rosenblatt Securities dropped their price objective on Apple from $168.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, July 29th. UBS Group set a $185.00 price objective on Apple in a report on Wednesday, September 14th. Wells Fargo & Company lowered their price target on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Itau BBA Securities initiated coverage on Apple in a report on Tuesday, July 26th. They set an “underperform” rating and a $136.00 price target on the stock. Finally, Credit Suisse Group set a $201.00 price target on Apple in a report on Thursday, September 8th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $181.52.

Insider Buying and Selling

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

Apple Stock Down 1.1 %

Shares of NASDAQ AAPL opened at $150.70 on Monday. The business has a fifty day moving average of $159.65 and a two-hundred day moving average of $156.02. 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 Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The stock has a market cap of $2.42 trillion, a PE ratio of 24.87, a PEG ratio of 1.95 and a beta of 1.23.

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. Apple had a return on equity of 152.97% and a net margin of 25.71%. The business had revenue of $82.96 billion during the quarter, compared to analysts’ expectations of $82.97 billion. During the same period in the previous year, the business posted $1.30 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, equities research analysts expect that Apple Inc. will post 6.11 earnings per share for the current fiscal year.

Apple Dividend Announcement

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

Apple Profile

(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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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