Orrstown Financial Services Inc. Takes $2.42 Million Position in Apple Inc. (NASDAQ:AAPL)

Orrstown Financial Services Inc. purchased a new stake in Apple Inc. (NASDAQ:AAPL) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 12,541 shares of the iPhone maker’s stock, valued at approximately $2,415,000. Apple accounts for approximately 1.9% of Orrstown Financial Services Inc.’s holdings, making the stock its 5th largest position.

Several other hedge funds have also made changes to their positions in the company. Handelsinvest Investeringsforvaltning grew its stake in shares of Apple by 65.2% in the 4th quarter. Handelsinvest Investeringsforvaltning now owns 49,679 shares of the iPhone maker’s stock valued at $9,565,000 after buying an additional 19,612 shares during the period. Leverty Financial Group LLC boosted its position in shares of Apple by 2.3% during the 4th quarter. Leverty Financial Group LLC now owns 4,431 shares of the iPhone maker’s stock worth $853,000 after purchasing an additional 101 shares during the period. Amplius Wealth Advisors LLC boosted its position in shares of Apple by 7.9% during the 4th quarter. Amplius Wealth Advisors LLC now owns 59,657 shares of the iPhone maker’s stock worth $11,486,000 after purchasing an additional 4,388 shares during the period. Raymond James Trust N.A. boosted its position in shares of Apple by 1.8% during the 4th quarter. Raymond James Trust N.A. now owns 741,160 shares of the iPhone maker’s stock worth $142,696,000 after purchasing an additional 13,337 shares during the period. Finally, Stewardship Advisors LLC boosted its position in shares of Apple by 4.1% during the 4th quarter. Stewardship Advisors LLC now owns 6,830 shares of the iPhone maker’s stock worth $1,315,000 after purchasing an additional 272 shares during the period. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on AAPL shares. Piper Sandler Companies cut shares of Apple to a “neutral” rating and lowered their price objective for the stock from $220.00 to $205.00 in a research report on Thursday, January 4th. Wedbush reiterated an “outperform” rating and set a $250.00 target price on shares of Apple in a report on Thursday, March 21st. Piper Sandler reduced their target price on shares of Apple from $205.00 to $190.00 and set a “neutral” rating on the stock in a report on Friday, February 2nd. DA Davidson initiated coverage on shares of Apple in a report on Wednesday, January 3rd. They set a “neutral” rating and a $166.00 target price on the stock. Finally, JPMorgan Chase & Co. reduced their target price on shares of Apple from $225.00 to $215.00 and set an “overweight” rating on the stock in a report on Friday, February 2nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $205.27.

Insider Activity

In related news, Director Arthur D. Levinson sold 100,000 shares of the business’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $180.94, for a total transaction of $18,094,000.00. Following the sale, the director now owns 4,434,576 shares of the company’s stock, valued at $802,392,181.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.06% of the company’s stock.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $173.31 on Thursday. The company’s fifty day moving average price is $181.68 and its 200 day moving average price is $182.73. Apple Inc. has a 12 month low of $155.98 and a 12 month high of $199.62. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.07 and a quick ratio of 1.02. The firm has a market capitalization of $2.68 trillion, a P/E ratio of 27.00, a P/E/G ratio of 2.06 and a beta of 1.29.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, February 1st. The iPhone maker reported $2.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.09. The company had revenue of $119.60 billion for the quarter, compared to the consensus estimate of $117.99 billion. Apple had a net margin of 26.16% and a return on equity of 156.04%. Apple’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period last year, the firm posted $1.88 EPS. As a group, sell-side analysts predict that Apple Inc. will post 6.55 earnings per share for the current fiscal year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Monday, February 12th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Friday, February 9th. Apple’s payout ratio is 14.95%.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. 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, and HomePod.