Huntington National Bank Sells 35,008 Shares of Apple Inc. (NASDAQ:AAPL)

Huntington National Bank cut its holdings in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,695,810 shares of the iPhone maker’s stock after selling 35,008 shares during the period. Apple makes up approximately 4.2% of Huntington National Bank’s portfolio, making the stock its biggest position. Huntington National Bank’s holdings in Apple were worth $372,561,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Ramsey Quantitative Systems bought a new stake in Apple in the 2nd quarter valued at about $55,000. Morgan Dempsey Capital Management LLC bought a new stake in Apple in the 3rd quarter valued at about $55,000. HBC Financial Services PLLC boosted its stake in Apple by 21.7% during the 1st quarter. HBC Financial Services PLLC now owns 448 shares of the iPhone maker’s stock valued at $49,000 after purchasing an additional 80 shares during the last quarter. Newfound Research LLC acquired a new position in Apple during the 3rd quarter valued at about $67,000. Finally, Emerson Wealth LLC boosted its stake in Apple by 27.0% during the 2nd quarter. Emerson Wealth LLC now owns 518 shares of the iPhone maker’s stock valued at $71,000 after purchasing an additional 110 shares during the last quarter. 57.60% of the stock is owned by institutional investors.

Apple Stock Down 0.3 %

NASDAQ:AAPL opened at $147.41 on Wednesday. The stock has a 50-day simple moving average of $140.96 and a 200 day simple moving average of $146.73. Apple Inc. has a 52-week low of $124.17 and a 52-week high of $179.61. The company has a debt-to-equity ratio of 1.76, a quick ratio of 0.89 and a current ratio of 0.94. The company has a market cap of $2.33 trillion, a PE ratio of 25.03, a PEG ratio of 1.94 and a beta of 1.28.

Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The iPhone maker reported $1.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.93 by ($0.05). The business had revenue of $117.15 billion during the quarter, compared to the consensus estimate of $121.67 billion. Apple had a net margin of 24.56% and a return on equity of 163.45%. The company’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.10 EPS. On average, sell-side analysts expect that Apple Inc. will post 6.05 EPS for the current fiscal year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, February 16th. Shareholders of record on Monday, February 13th were given a dividend of $0.23 per share. The ex-dividend date was Friday, February 10th. This represents a $0.92 annualized dividend and a dividend yield of 0.62%. This is an increase from Apple’s previous quarterly dividend of $0.17. Apple’s dividend payout ratio is currently 15.62%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AAPL. National Bank Financial cut their price target on Apple to $54.00 and set an “outperform” rating for the company in a research note on Friday, January 20th. Morgan Stanley cut their target price on Apple from $177.00 to $175.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 8th. JPMorgan Chase & Co. dropped their price objective on Apple from $180.00 to $175.00 and set an “overweight” rating on the stock in a research note on Friday, February 3rd. Deutsche Bank Aktiengesellschaft set a $160.00 price objective on Apple in a research note on Friday, February 3rd. Finally, Rosenblatt Securities upped their price objective on Apple from $165.00 to $173.00 and gave the company a “buy” rating in a research note on Friday, February 3rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $165.15.

About Apple

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Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other varieties of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.