Orrstown Financial Services Inc. Sells 4,515 Shares of Apple Inc. (NASDAQ:AAPL)

Orrstown Financial Services Inc. decreased its holdings in Apple Inc. (NASDAQ:AAPL) by 55.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,598 shares of the iPhone maker’s stock after selling 4,515 shares during the period. Orrstown Financial Services Inc.’s holdings in Apple were worth $712,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of AAPL. Weather Gauge Advisory LLC increased its position in shares of Apple by 0.4% in the 2nd quarter. Weather Gauge Advisory LLC now owns 15,905 shares of the iPhone maker’s stock valued at $3,148,000 after acquiring an additional 60 shares during the period. Insight 2811 Inc. boosted its holdings in Apple by 1.4% in the second quarter. Insight 2811 Inc. now owns 4,695 shares of the iPhone maker’s stock valued at $960,000 after purchasing an additional 63 shares during the last quarter. Gradient Capital Advisors LLC boosted its holdings in Apple by 0.3% in the fourth quarter. Gradient Capital Advisors LLC now owns 25,288 shares of the iPhone maker’s stock valued at $3,989,000 after purchasing an additional 69 shares during the last quarter. New Potomac Partners LLC boosted its holdings in Apple by 0.5% in the fourth quarter. New Potomac Partners LLC now owns 14,501 shares of the iPhone maker’s stock valued at $2,287,000 after purchasing an additional 70 shares during the last quarter. Finally, Connecticut Wealth Management LLC boosted its holdings in Apple by 1.0% in the fourth quarter. Connecticut Wealth Management LLC now owns 7,209 shares of the iPhone maker’s stock valued at $1,137,000 after purchasing an additional 70 shares during the last quarter. 58.66% of the stock is owned by institutional investors.

Shares of AAPL stock traded down $5.59 during mid-day trading on Friday, hitting $202.84. 12,751,431 shares of the stock were exchanged, compared to its average volume of 18,020,892. Apple Inc. has a 52-week low of $142.00 and a 52-week high of $233.47. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.26 and a current ratio of 1.32. The stock’s fifty day moving average price is $202.42. The company has a market capitalization of $960.61 billion, a P/E ratio of 17.03, a PEG ratio of 1.77 and a beta of 1.23.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Tuesday, July 30th. The iPhone maker reported $2.18 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.08. Apple had a net margin of 22.12% and a return on equity of 51.29%. The firm had revenue of $53.81 billion during the quarter, compared to the consensus estimate of $53.39 billion. During the same quarter in the prior year, the firm earned $2.34 EPS. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, equities research analysts anticipate that Apple Inc. will post 11.54 EPS for the current fiscal year.

Apple declared that its board has authorized a stock repurchase program on Tuesday, April 30th that authorizes the company to buyback $75.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 12th will be given a dividend of $0.77 per share. The ex-dividend date is Friday, August 9th. This represents a $3.08 annualized dividend and a dividend yield of 1.52%. Apple’s dividend payout ratio (DPR) is presently 25.86%.

Several equities research analysts have commented on AAPL shares. HSBC set a $174.00 price target on shares of Apple and gave the company a “sell” rating in a report on Monday, May 20th. Argus upped their price target on shares of Apple to $250.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Loop Capital upped their price target on shares of Apple to $200.00 and gave the company a “hold” rating in a report on Wednesday. Cowen upped their price target on shares of Apple from $220.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Piper Jaffray Companies upped their price target on shares of Apple from $230.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday. Four investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. Apple has an average rating of “Hold” and a consensus target price of $217.49.

Apple Profile

Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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