Bank of America 13F: Cuts Apple (AAPL) Stake by $828M

Bank of America pared back its massive position in Apple Inc. (NASDAQ: AAPL) during the spring of 2026, according to its latest Form 13F filing with the SEC. The financial giant trimmed its holding by 2.33%, parting with 2,883,820 shares. Even after this reduction, Bank of America retained a colossal stake of 120,727,964 shares, valued at approximately $34.66 billion by the end of the reporting period on May 18, 2026.

How Bank of America Manages Its Colossal Apple Holding

As one of the world's premier investment managers and custodians, Bank of America oversees highly diversified institutional portfolios. For a fund of this scale, a minor adjustment of just over 2% is often a routine portfolio rebalancing measure rather than a major shift in investment thesis. The bank's cost basis for the position was $125.39 per share. By shaving off a small slice of its Apple holdings, the institution secured profits while keeping the vast majority of its capital active in the consumer electronics pioneer.

Apple Shares Trade Comfortably Above Key Moving Averages

On Friday, Apple stock was trading at $287.07. The Cupertino-based company's shares have fluctuated within a 52-week range of $243.42 to $348.15, putting the current price near the middle of that spectrum. The stock remains in a healthy long-term trend, trading just below its 50-day moving average of $325.08 but staying close to its 200-day moving average of $292.11. With a massive market capitalization of nearly $4.99 trillion, Apple remains one of the primary drivers of the broader technology sector.

Recent Earnings

Apple continues to generate immense financial results, posting revenue of $466.82 billion during its trailing twelve-month period. The technology firm achieved a net profit margin of 27.62% and a return on equity of 148.75%. Diluted earnings per share reached $8.72. Investors are keeping a close eye on the calendar as the company prepares to deliver its next quarterly financial results on November 2, 2026.

Dividend

For income-focused investors, Apple provides a steady dividend yield of 0.32%. The company maintains a conservative dividend payout ratio of 12.04%, which leaves ample cash on hand for research, development, and share repurchases. This low payout ratio suggests that the quarterly payout is highly secure and has plenty of room for future increases.

Executive and Director Sales at Cupertino

Corporate insiders have also adjusted their personal portfolios in recent months. On October 13, 2026, Senior Vice President, General Counsel, and Government Affairs Jennifer Newstead sold 2,399 shares at an average price of $345.00, generating a total value of $827,655 under a pre-arranged Rule 10b5-1 trading plan. Earlier in the year, on June 15, 2026, Principal Accounting Officer Ben Borders sold 124 shares at an average price of $296.42, a transaction valued at $36,756.08.

Wall Street Analysts Stand Firm on Apple's Outlook

Major investment banks have recently reviewed their expectations for the tech giant. On October 12, 2026, JP Morgan maintained an Overweight rating on the stock, raising its price target to $360.00. Morgan Stanley reiterated its Overweight rating on September 29, 2026, with a target of $360.00, though it had slightly adjusted its target to $355.00 on October 1, 2026. B of A Securities reiterated its Buy rating on September 23, 2026, keeping a target of $370.00, while TD Cowen reiterated its Buy rating with a high target of $400.00 on September 10, 2026. Across 39 analyst opinions, Apple holds a consensus buy recommendation with a mean price target of $329.38.

Inside Apple's Global Tech Footprint

Apple is a global powerhouse that designs, manufactures, and sells consumer devices like the iPhone, Mac, and iPad. Beyond hardware, the company has successfully expanded into high-margin services, including Apple Music, Apple Pay, and the App Store. Bank of America's decision to trim its position does little to diminish Apple's dominant role in the global technology ecosystem.

Looking Ahead for Apple Investors

Market observers will likely watch upcoming filings to see if other major institutions followed Bank of America's lead during the spring. It is worth noting that 13F filings are backward-looking reports that only show holdings as of the reporting date, meaning Bank of America's actual current position may have changed.