Hemenway Trust Co LLC Reduces Holdings in Apple Inc. (NASDAQ:AAPL)

Hemenway Trust Co LLC trimmed its position in Apple Inc. (NASDAQ:AAPL) by 1.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 320,237 shares of the iPhone maker’s stock after selling 5,765 shares during the quarter. Apple makes up 4.3% of Hemenway Trust Co LLC’s holdings, making the stock its largest position. Hemenway Trust Co LLC’s holdings in Apple were worth $39,117,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of AAPL. Beaumont Asset Management L.L.C. boosted its position in shares of Apple by 3.3% during the 1st quarter. Beaumont Asset Management L.L.C. now owns 2,355 shares of the iPhone maker’s stock worth $287,000 after acquiring an additional 75 shares in the last quarter. Hardy Reed LLC boosted its position in shares of Apple by 0.3% during the 1st quarter. Hardy Reed LLC now owns 23,382 shares of the iPhone maker’s stock worth $2,856,000 after acquiring an additional 79 shares in the last quarter. Red Cedar Capital LLC boosted its position in shares of Apple by 0.5% during the 4th quarter. Red Cedar Capital LLC now owns 16,056 shares of the iPhone maker’s stock worth $2,130,000 after acquiring an additional 80 shares in the last quarter. Groesbeck Investment Management Corp NJ boosted its position in shares of Apple by 0.6% during the 1st quarter. Groesbeck Investment Management Corp NJ now owns 13,904 shares of the iPhone maker’s stock worth $1,698,000 after acquiring an additional 80 shares in the last quarter. Finally, Firestone Capital Management boosted its position in shares of Apple by 0.5% during the 1st quarter. Firestone Capital Management now owns 18,782 shares of the iPhone maker’s stock worth $2,294,000 after acquiring an additional 87 shares in the last quarter. 56.20% of the stock is currently owned by institutional investors.

A number of analysts have weighed in on the stock. Jefferies Financial Group raised their target price on shares of Apple from $160.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, April 29th. Sanford C. Bernstein set a $132.00 target price on shares of Apple and gave the company a “neutral” rating in a research report on Tuesday, May 11th. The Goldman Sachs Group restated a “neutral” rating and issued a $130.00 target price on shares of Apple in a research report on Tuesday, June 8th. Morgan Stanley raised their target price on shares of Apple from $162.00 to $166.00 and gave the company an “overweight” rating in a research report on Thursday, July 15th. Finally, Canaccord Genuity raised their target price on shares of Apple from $155.00 to $165.00 and gave the company a “buy” rating in a research report on Wednesday, May 5th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-six have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $149.63.

In other Apple news, CFO Luca Maestri sold 121,072 shares of Apple stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $132.81, for a total value of $16,079,572.32. Following the completion of the sale, the chief financial officer now directly owns 143,961 shares of the company’s stock, valued at $19,119,460.41. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Katherine L. Adams sold 17,000 shares of Apple stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $132.80, for a total transaction of $2,257,600.00. Following the completion of the sale, the senior vice president now directly owns 333,044 shares of the company’s stock, valued at $44,228,243.20. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

Shares of NASDAQ AAPL opened at $145.40 on Thursday. Apple Inc. has a twelve month low of $89.14 and a twelve month high of $150.00. The business’s fifty day moving average price is $133.11. The company has a market capitalization of $2.43 trillion, a P/E ratio of 32.64, a PEG ratio of 2.22 and a beta of 1.21. The company has a debt-to-equity ratio of 1.57, a current ratio of 1.14 and a quick ratio of 1.09.

Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, April 27th. The iPhone maker reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.41. Apple had a net margin of 23.45% and a return on equity of 111.80%. The business had revenue of $89.58 billion during the quarter, compared to the consensus estimate of $76.84 billion. During the same quarter last year, the firm earned $0.64 earnings per share. Apple’s quarterly revenue was up 53.6% on a year-over-year basis. As a group, analysts anticipate that Apple Inc. will post 5.19 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, May 13th. Shareholders of record on Monday, May 10th were paid a $0.22 dividend. This is an increase from Apple’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 0.61%. The ex-dividend date was Friday, May 7th. Apple’s payout ratio is 26.83%.

Apple Company Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, iPod touch, and other Apple-branded and third-party accessories.

Further Reading: Google Finance Portfolio Workaround

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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