Independence Bank of Kentucky Decreases Position in Apple Inc. (NASDAQ:AAPL)

Independence Bank of Kentucky reduced its stake in Apple Inc. (NASDAQ:AAPL) by 4.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,083 shares of the iPhone maker’s stock after selling 972 shares during the quarter. Apple comprises approximately 5.5% of Independence Bank of Kentucky’s portfolio, making the stock its biggest holding. Independence Bank of Kentucky’s holdings in Apple were worth $8,421,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Hummer Financial Advisory Services Inc increased its stake in shares of Apple by 2.1% in the second quarter. Hummer Financial Advisory Services Inc now owns 1,467 shares of the iPhone maker’s stock worth $535,000 after buying an additional 30 shares during the period. Seven Post Investment Office LP grew its holdings in Apple by 0.7% in the 1st quarter. Seven Post Investment Office LP now owns 5,568 shares of the iPhone maker’s stock worth $1,416,000 after acquiring an additional 36 shares during the last quarter. Brendel Financial Advisors LLC increased its position in shares of Apple by 4.2% in the first quarter. Brendel Financial Advisors LLC now owns 942 shares of the iPhone maker’s stock valued at $240,000 after acquiring an additional 38 shares during the period. Advisory Research Inc. raised its stake in shares of Apple by 2.9% during the first quarter. Advisory Research Inc. now owns 1,371 shares of the iPhone maker’s stock valued at $349,000 after acquiring an additional 38 shares during the last quarter. Finally, HighMark Wealth Management LLC boosted its holdings in shares of Apple by 2.6% during the first quarter. HighMark Wealth Management LLC now owns 1,552 shares of the iPhone maker’s stock worth $395,000 after purchasing an additional 39 shares during the period. Institutional investors and hedge funds own 62.04% of the company’s stock.

AAPL stock opened at $381.37 on Thursday. The company has a market capitalization of $1,652.98 billion, a PE ratio of 29.91, a price-to-earnings-growth ratio of 2.75 and a beta of 1.18. The company’s fifty day moving average price is $341.08 and its 200-day moving average price is $303.35. Apple Inc. has a one year low of $192.58 and a one year high of $381.50. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.46 and a current ratio of 1.50.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, April 30th. The iPhone maker reported $2.55 EPS for the quarter, topping the consensus estimate of $2.26 by $0.29. The business had revenue of $58.31 billion for the quarter, compared to analysts’ expectations of $54.64 billion. Apple had a net margin of 21.35% and a return on equity of 64.49%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.46 EPS. On average, research analysts predict that Apple Inc. will post 12.32 EPS for the current fiscal year.

In related news, insider Chris Kondo sold 4,491 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $305.62, for a total value of $1,372,539.42. Following the sale, the insider now owns 7,370 shares in the company, valued at $2,252,419.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Deirdre O’brien sold 9,137 shares of the company’s stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $285.12, for a total transaction of $2,605,141.44. The disclosure for this sale can be found here. 0.05% of the stock is currently owned by insiders.

A number of equities analysts recently issued reports on the stock. Deutsche Bank increased their price target on shares of Apple from $380.00 to $400.00 and gave the stock a “buy” rating in a research note on Wednesday. Monness Crespi & Hardt started coverage on Apple in a research note on Tuesday, June 23rd. They set a “buy” rating and a $370.00 target price on the stock. Citigroup boosted their price target on Apple from $310.00 to $400.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Nomura upped their price target on Apple from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Finally, DA Davidson reduced their price objective on Apple from $370.00 to $355.00 and set a “buy” rating for the company in a report on Friday, May 1st. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $329.38.

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.

See Also: Buy Rating

Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

Receive News & Ratings for Apple Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Apple and related companies with MarketBeat.com's FREE daily email newsletter.