Apple Inc. (NASDAQ:AAPL) Stock Position Reduced by Comerica Bank

Comerica Bank cut its holdings in Apple Inc. (NASDAQ:AAPLGet Rating) by 2.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,688,458 shares of the iPhone maker’s stock after selling 71,707 shares during the quarter. Apple comprises approximately 3.3% of Comerica Bank’s holdings, making the stock its largest position. Comerica Bank’s holdings in Apple were worth $449,591,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in AAPL. Norges Bank acquired a new stake in Apple in the fourth quarter valued at approximately $25,228,507,000. State Street Corp lifted its stake in Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after acquiring an additional 10,951,705 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Apple in the fourth quarter valued at approximately $1,461,735,000. Capital Research Global Investors lifted its stake in Apple by 38.1% in the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock valued at $5,247,094,000 after acquiring an additional 8,154,171 shares during the last quarter. Finally, ProShare Advisors LLC lifted its stake in Apple by 41.8% in the fourth quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock valued at $3,705,275,000 after acquiring an additional 6,154,422 shares during the last quarter. 57.98% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Up 3.3 %

AAPL opened at $162.51 on Monday. The firm’s 50-day simple moving average is $144.31 and its 200-day simple moving average is $157.20. The firm has a market cap of $2.63 trillion, a price-to-earnings ratio of 26.38, a PEG ratio of 1.97 and a beta of 1.19. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. Apple Inc. has a twelve month low of $129.04 and a twelve month high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.06. The business had revenue of $82.96 billion for the quarter, compared to the consensus estimate of $82.97 billion. Apple had a net margin of 26.41% and a return on equity of 152.88%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 EPS. Equities research analysts anticipate that Apple Inc. will post 6.09 EPS for the current fiscal year.

Apple declared that its board has initiated a share repurchase plan on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 annualized dividend and a yield of 0.57%. Apple’s dividend payout ratio (DPR) is 14.94%.

Insider Buying and Selling

In related news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the transaction, the senior vice president now owns 452,334 shares in the company, valued at approximately $73,151,454.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Piper Sandler reduced their target price on shares of Apple from $200.00 to $195.00 in a research note on Friday, April 29th. Credit Suisse Group set a $166.00 price objective on shares of Apple in a research note on Friday. UBS Group set a $185.00 price objective on shares of Apple in a research note on Thursday, July 21st. Morgan Stanley reduced their price objective on shares of Apple from $185.00 to $180.00 and set an “overweight” rating for the company in a research note on Wednesday, July 20th. Finally, Deutsche Bank Rese… set a $175.00 price objective on shares of Apple in a research note on Friday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $179.04.

About Apple

(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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