Cornerstone Wealth Management LLC Increases Position in Apple Inc. (NASDAQ:AAPL)

Cornerstone Wealth Management LLC lifted its position in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 4.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 362,911 shares of the iPhone maker’s stock after purchasing an additional 16,141 shares during the quarter. Apple accounts for 5.5% of Cornerstone Wealth Management LLC’s portfolio, making the stock its largest position. Cornerstone Wealth Management LLC’s holdings in Apple were worth $49,617,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AAPL. Mokosak Advisory Group LLC lifted its position in Apple by 1.2% during the 1st quarter. Mokosak Advisory Group LLC now owns 5,702 shares of the iPhone maker’s stock worth $996,000 after acquiring an additional 66 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in shares of Apple by 6.7% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 1,046 shares of the iPhone maker’s stock valued at $143,000 after buying an additional 66 shares during the period. Lake Point Wealth Management lifted its holdings in shares of Apple by 1.7% in the 2nd quarter. Lake Point Wealth Management now owns 4,025 shares of the iPhone maker’s stock valued at $550,000 after buying an additional 67 shares during the period. Cardinal Point Wealth Management Partners LLC lifted its holdings in shares of Apple by 0.4% in the 2nd quarter. Cardinal Point Wealth Management Partners LLC now owns 16,455 shares of the iPhone maker’s stock valued at $2,250,000 after buying an additional 68 shares during the period. Finally, Silver Lake Advisory LLC lifted its holdings in shares of Apple by 1.4% in the 2nd quarter. Silver Lake Advisory LLC now owns 4,875 shares of the iPhone maker’s stock valued at $667,000 after buying an additional 69 shares during the period. 57.72% of the stock is owned by institutional investors.

Apple Price Performance

Shares of Apple stock opened at $151.07 on Friday. Apple Inc. has a twelve month low of $129.04 and a twelve month high of $182.94. The stock has a market capitalization of $2.40 trillion, a P/E ratio of 24.73, a PEG ratio of 1.92 and a beta of 1.25. The company has a current ratio of 0.88, a quick ratio of 0.85 and a debt-to-equity ratio of 1.95. The business’s fifty day moving average price is $146.62 and its 200 day moving average price is $149.67.

Apple (NASDAQ:AAPLGet Rating) last issued its earnings results on Thursday, October 27th. The iPhone maker reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.02. Apple had a return on equity of 160.90% and a net margin of 25.31%. The firm had revenue of $90.15 billion for the quarter, compared to analysts’ expectations of $88.77 billion. During the same quarter last year, the firm earned $1.24 earnings per share. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, research analysts anticipate that Apple Inc. will post 6.26 earnings per share for the current year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 10th. Investors of record on Monday, November 7th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date was Friday, November 4th. Apple’s payout ratio is currently 15.06%.

Insider Activity at Apple

In other Apple news, SVP Deirdre O’brien sold 176,299 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $142.16, for a total transaction of $25,062,665.84. Following the transaction, the senior vice president now owns 136,290 shares in the company, valued at $19,374,986.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Apple news, insider Chris Kondo sold 20,200 shares of the business’s stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $148.72, for a total transaction of $3,004,144.00. Following the transaction, the insider now owns 31,505 shares in the company, valued at $4,685,423.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Deirdre O’brien sold 176,299 shares of the business’s stock in a transaction dated Monday, October 3rd. The stock was sold at an average price of $142.16, for a total value of $25,062,665.84. Following the transaction, the senior vice president now owns 136,290 shares in the company, valued at approximately $19,374,986.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 380,851 shares of company stock worth $56,707,789. 0.06% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently commented on AAPL shares. DA Davidson reduced their price target on Apple from $185.00 to $167.00 and set a “buy” rating for the company in a report on Friday, October 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $189.00 price objective on shares of Apple in a report on Tuesday, November 8th. set a $175.00 price objective on Apple in a report on Friday, July 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $170.00 price objective on shares of Apple in a report on Tuesday, November 8th. Finally, StockNews.com downgraded Apple from a “buy” rating to a “hold” rating in a research report on Saturday, November 5th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $176.26.

Apple Profile

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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; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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