Sandy Spring Bank holds a $91.98 million stake in Apple Inc. (NASDAQ:AAPL)


Sandy Spring Bank reduced its stake in shares of Apple Inc. (NASDAQ: AAPLGet a rating) by 0.3% in the 1st quarter, according to its latest communication to the SEC. The institutional investor held 526,776 shares of the iPhone maker after selling 1,342 shares during the period. Apple represents about 4.7% of Sandy Spring Bank’s investment portfolio, making the stock its third largest holding. Sandy Spring Bank’s holdings in Apple were worth $91,980,000 at the end of the last reporting period.

Several other institutional investors and hedge funds have also recently changed their stock holdings. Bailey Value Limited Partnership bought a new position in Apple in the fourth quarter worth approximately $10,654,000. Qube Research & Technologies Ltd increased its stake in Apple by 145.8% in the fourth quarter. Qube Research & Technologies Ltd now owns 643,206 shares of the iPhone maker worth $114,214,000 after buying an additional 381,507 shares in the last quarter. Mokosak Advisory Group LLC increased its stake in Apple by 1.9% in the fourth quarter. Mokosak Advisory Group LLC now owns 5,636 shares of the iPhone maker worth $1,001,000 after buying 107 additional shares in the last quarter. Pinnacle Associates Ltd. increased its stake in Apple by 3.9% in the fourth quarter. Pinnacle Associates Ltd. now owns 1,231,155 shares of the iPhone maker worth $218,616,000 after buying an additional 46,361 shares in the last quarter. Finally, Hengehold Capital Management LLC increased its stake in Apple by 4.2% in the fourth quarter. Hengehold Capital Management LLC now owns 21,296 shares of the iPhone maker worth $3,782,000 after buying 860 additional shares in the last quarter. Institutional investors hold 57.62% of the company’s shares.

A Wall Street analyst gives his opinion

The AAPL has been the subject of several analyst reports. Barclays cut its price target on Apple shares from $167.00 to $166.00 and set an “equal weight” rating on the stock in a Wednesday, July 13 report. Loop Capital cut its price target on Apple shares from $210.00 to $180.00 and set a “buy” rating on the stock in a Wednesday, May 25, report. Morgan Stanley cut its price target on Apple shares from $185.00 to $180.00 and set an “overweight” rating on the stock in a Wednesday, July 20, report. Itau BBA Securities began covering Apple shares in a Tuesday, July 26 report. They set an “underperforming” rating and a price target of $136.00 for the stock. Finally, Wedbush raised its price target on Apple shares from $200.00 to $220.00 and gave the company an “outperform” rating in a report on Wednesday. Two equity research analysts gave the stock a sell rating, seven issued a hold rating, twenty-four issued a buy rating and one gave the company a high buy rating. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $181.18.

Apple is trading down 1.5%

Shares of Apple broth opened at $171.52 on Friday. The company has a 50-day simple moving average of $151.13 and a two-hundred-day simple moving average of $157.49. The company has a market capitalization of $2.76 trillion, a P/E ratio of 28.30, a price-to-earnings growth ratio of 2.26 and a beta of 1.23. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The company has a debt ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86.

Apple (NASDAQ: AAPLGet a rating) last released its quarterly results on Thursday, July 28. The iPhone maker reported earnings per share of $1.20 for the quarter, beating the consensus estimate of $1.14 by $0.06. Apple had a net margin of 25.71% and a return on equity of 152.97%. The company posted revenue of $82.96 billion in the quarter, versus a consensus estimate of $82.97 billion. In the same quarter of the previous year, the company achieved EPS of $1.30. The company’s revenue for the quarter increased 1.9% year over year. As a group, stock analysts predict that Apple Inc. will post earnings per share of 6.1 for the current fiscal year.

Apple announces dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 11. Investors of record on Monday August 8 received a dividend of $0.23 per share. The ex-dividend date was Friday, August 5. This represents an annualized dividend of $0.92 and a dividend yield of 0.54%. Apple’s dividend payout ratio (DPR) is currently 15.18%.

Apple announced that its board approved a stock repurchase plan on Thursday, April 28 that allows the company to repurchase $90.00 billion worth of stock. This repurchase authorization allows the iPhone maker to purchase up to 3.5% of its shares through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider buying and selling

In related news, CFO Luca Maestri sold 96,735 shares of the company in a trade dated Wednesday, August 17. The shares were sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the completion of the transaction, the CFO now owns 110,673 shares of the company, valued at approximately $19,362,241.35. The transaction was disclosed in a legal filing with the SEC, accessible via the SEC website. In other Apple news, please Katherine L. Adams sold 25,000 shares in a trade dated Wednesday, August 3. The shares were 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 owns 427,334 shares of the company, valued at approximately $70,411,823.18. The transaction was disclosed in a legal filing with the SEC, accessible via this hyperlink. Also, CFO Luca Maestri sold 96,735 shares in a trade dated Wednesday, August 17. The shares were sold at an average price of $174.95, for a total transaction of $16,923,788.25. Following the completion of the sale, the CFO now owns 110,673 shares of the company, valued at approximately $19,362,241.35. Disclosure of this sale can be found here. Insiders own 0.06% of the shares of the company.

About Apple

(Get a rating)

Apple Inc designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories worldwide. It also sells various related services. Additionally, the company offers iPhone, a range of smartphones; Mac, a line of personal computers; iPad, a range of versatile tablets; AirPods Max, an over-ear wireless headset; and wearables, home and accessories including AirPods, Apple TV, Apple Watch, Beats products, HomePod and iPod touch.

See also

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Institutional ownership by quarter for Apple (NASDAQ:AAPL)



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