Cornerstone Wealth Group LLC trimmed its position in Apple Inc. (NASDAQ:AAPL – Get Rating) by 11.4% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 137,975 shares of the iPhone maker’s stock after selling 17,705 shares during the period. Apple makes up 4.4% of Cornerstone Wealth Group LLC’s portfolio, making the stock its 3rd biggest holding. Cornerstone Wealth Group LLC’s holdings in Apple were worth $24,092,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently modified their holdings of the company. Daniels&Tansey LLP increased its stake in shares of Apple by 1.6% in the fourth quarter. Daniels&Tansey LLP now owns 3,858 shares of the iPhone maker’s stock valued at $685,000 after buying an additional 60 shares during the period. Donald L. Hagan LLC grew its stake in Apple by 0.3% during the first quarter. Donald L. Hagan LLC now owns 18,220 shares of the iPhone maker’s stock worth $3,181,000 after purchasing an additional 61 shares during the period. Goodwin Daniel L grew its stake in Apple by 0.5% during the first quarter. Goodwin Daniel L now owns 12,761 shares of the iPhone maker’s stock worth $2,230,000 after purchasing an additional 62 shares during the period. Opus Capital Group LLC grew its stake in Apple by 0.3% during the first quarter. Opus Capital Group LLC now owns 19,081 shares of the iPhone maker’s stock worth $3,332,000 after purchasing an additional 63 shares during the period. Finally, Hanlon Investment Management Inc. grew its stake in Apple by 0.7% during the fourth quarter. Hanlon Investment Management Inc. now owns 10,124 shares of the iPhone maker’s stock worth $1,798,000 after purchasing an additional 66 shares during the period. 57.98% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
AAPL has been the subject of several recent analyst reports. Bank of America decreased their target price on Apple from $215.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, May 19th. Evercore ISI decreased their target price on Apple from $210.00 to $180.00 and set an “outperform” rating for the company in a research note on Tuesday, June 28th. The Goldman Sachs Group set a $130.00 target price on Apple in a research note on Tuesday, July 19th. Oppenheimer reaffirmed an “outperform” rating and set a $190.00 target price on shares of Apple in a research note on Wednesday, June 8th. Finally, Fundamental Research cut their price target on Apple from $179.32 to $175.24 and set an “average” rating on the stock in a report on Friday, May 6th. Nine research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average target price of $182.73.
Insiders Place Their Bets
In other news, SVP Katherine L. Adams sold 25,000 shares of Apple stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the transaction, the senior vice president now directly owns 452,334 shares in the company, valued at $73,151,454.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.06% of the company’s stock.
Apple Stock Performance
NASDAQ:AAPL opened at $152.95 on Tuesday. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. The business has a fifty day simple moving average of $143.05 and a two-hundred day simple moving average of $157.67. Apple Inc. has a 1 year low of $129.04 and a 1 year high of $182.94. The company has a market capitalization of $2.48 trillion, a P/E ratio of 24.83, a P/E/G ratio of 2.00 and a beta of 1.19.
Apple (NASDAQ:AAPL – Get Rating) last released its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. Apple had a return on equity of 152.88% and a net margin of 26.41%. The business had revenue of $97.28 billion during the quarter, compared to the consensus estimate of $93.99 billion. During the same period last year, the business posted $1.40 earnings per share. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts expect that Apple Inc. will post 6.09 earnings per share for the current year.
Apple Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Shareholders of record on Monday, May 9th were given a $0.23 dividend. This is an increase from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date was Friday, May 6th. Apple’s dividend payout ratio (DPR) is currently 14.94%.
Apple declared that its Board of Directors has authorized a stock buyback plan on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
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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