Apple Inc. (NASDAQ:AAPL) Shares Sold by Chemung Canal Trust Co.
Chemung Canal Trust Co. cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 2.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 66,115 shares of the iPhone maker’s stock after selling 1,607 shares during the period. Apple accounts for approximately 2.2% of Chemung Canal Trust Co.’s investment portfolio, making the stock its 13th largest position. Chemung Canal Trust Co.’s holdings in Apple were worth $9,522,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of AAPL. Norges Bank acquired a new stake in shares of Apple during the fourth quarter worth $5,625,709,000. Franklin Resources Inc. increased its stake in shares of Apple by 4.8% in the fourth quarter. Franklin Resources Inc. now owns 25,455,705 shares of the iPhone maker’s stock worth $2,948,422,000 after buying an additional 1,156,639 shares in the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of Apple by 2.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 17,637,648 shares of the iPhone maker’s stock worth $2,533,825,000 after buying an additional 471,057 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Apple by 1.2% in the first quarter. Fisher Asset Management LLC now owns 11,638,395 shares of the iPhone maker’s stock worth $1,671,972,000 after buying an additional 140,368 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in shares of Apple by 23.2% in the first quarter. Canada Pension Plan Investment Board now owns 9,289,482 shares of the iPhone maker’s stock worth $1,334,527,000 after buying an additional 1,749,797 shares in the last quarter. 61.13% of the stock is currently owned by hedge funds and other institutional investors.
Apple Inc. (NASDAQ:AAPL) traded up 1.6616% on Friday, hitting $157.9008. 15,652,905 shares of the company were exchanged. The firm’s 50 day moving average is $149.58 and its 200 day moving average is $144.00. The company has a market capitalization of $815.59 billion, a P/E ratio of 17.9270 and a beta of 1.31. Apple Inc. has a 52 week low of $102.53 and a 52 week high of $161.83. Apple also was the recipient of unusually large options trading activity on Tuesday. Investors purchased 139,415 put options on the company. This is an increase of 119% compared to the average volume of 63,733 put options.
Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10. Apple had a net margin of 20.87% and a return on equity of 35.40%. The firm had revenue of $45.41 billion for the quarter, compared to the consensus estimate of $44.94 billion. During the same period in the prior year, the firm posted $1.42 earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. On average, equities research analysts forecast that Apple Inc. will post $9.02 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Monday, August 14th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.62%. The ex-dividend date is Thursday, August 10th. Apple’s payout ratio is 28.64%.
Apple declared that its board has authorized a stock buyback program on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 6.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
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AAPL has been the topic of several recent research reports. Drexel Hamilton reissued a “buy” rating and set a $202.00 price objective on shares of Apple in a report on Thursday, July 6th. Instinet reissued a “buy” rating and set a $165.00 price objective on shares of Apple in a report on Wednesday, July 5th. Royal Bank Of Canada reissued an “outperform” rating and set a $168.00 price objective on shares of Apple in a report on Tuesday, June 6th. Credit Suisse Group reissued an “outperform” rating and set a $170.00 price objective on shares of Apple in a report on Tuesday, July 25th. Finally, Macquarie raised their price objective on Apple from $170.00 to $180.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. Twelve analysts have rated the stock with a hold rating, forty-two have issued a buy rating and one has given a strong buy rating to the company. Apple has an average rating of “Buy” and an average target price of $167.35.
In other Apple news, SVP Johny Srouji sold 10,000 shares of the stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $153.20, for a total transaction of $1,532,000.00. Following the transaction, the senior vice president now directly owns 96,738 shares of the company’s stock, valued at $14,820,261.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Daniel J. Riccio sold 11,949 shares of the stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $155.27, for a total transaction of $1,855,321.23. Following the transaction, the insider now directly owns 23,998 shares in the company, valued at $3,726,169.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 299,911 shares of company stock worth $46,557,634. Insiders own 0.08% of the company’s stock.
Apple Company Profile
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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