Cranbrook Wealth Management LLC Lowers Position in Apple Inc. (NASDAQ:AAPL)

Cranbrook Wealth Management LLC trimmed its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 11,305 shares of the iPhone maker’s stock after selling 190 shares during the period. Cranbrook Wealth Management LLC’s holdings in Apple were worth $2,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. International Assets Investment Management LLC increased its holdings in Apple by 14,395.4% in the fourth quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock valued at $136,119,470,000 after buying an additional 70,212,651 shares in the last quarter. AEGON ASSET MANAGEMENT UK Plc purchased a new position in shares of Apple in the 4th quarter valued at about $560,388,000. Hudson Bay Capital Management LP acquired a new position in Apple in the 3rd quarter worth about $487,435,000. Barclays PLC boosted its position in Apple by 6.0% during the third quarter. Barclays PLC now owns 49,759,061 shares of the iPhone maker’s stock worth $8,519,244,000 after purchasing an additional 2,826,709 shares in the last quarter. Finally, Morgan Stanley grew its holdings in Apple by 1.0% in the third quarter. Morgan Stanley now owns 206,732,960 shares of the iPhone maker’s stock valued at $35,394,751,000 after purchasing an additional 2,018,010 shares during the period. 60.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Apple

In related news, COO Jeffrey E. Williams sold 59,162 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $172.22, for a total value of $10,188,879.64. Following the completion of the sale, the chief operating officer now owns 489,944 shares in the company, valued at $84,378,155.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Apple news, COO Jeffrey E. Williams sold 59,162 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $172.22, for a total value of $10,188,879.64. Following the completion of the transaction, the chief operating officer now directly owns 489,944 shares of the company’s stock, valued at $84,378,155.68. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Arthur D. Levinson sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $180.94, for a total value of $18,094,000.00. Following the sale, the director now directly owns 4,434,576 shares in the company, valued at approximately $802,392,181.44. The disclosure for this sale can be found here. Insiders have sold a total of 366,271 shares of company stock valued at $63,653,887 in the last ninety days. 0.06% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on AAPL shares. Citigroup reduced their target price on Apple from $220.00 to $210.00 and set a “buy” rating for the company in a research note on Monday. Monness Crespi & Hardt increased their price objective on shares of Apple from $189.00 to $200.00 and gave the company a “buy” rating in a report on Friday, February 2nd. Maxim Group began coverage on shares of Apple in a research note on Wednesday, April 17th. They set a “hold” rating and a $178.00 target price for the company. Sanford C. Bernstein raised shares of Apple from a “market perform” rating to an “outperform” rating and set a $195.00 price target on the stock in a research note on Monday. Finally, Barclays reiterated an “underweight” rating and set a $158.00 price objective on shares of Apple in a research note on Tuesday, April 23rd. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $202.62.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $173.50 on Tuesday. Apple Inc. has a one year low of $164.07 and a one year high of $199.62. The stock has a market capitalization of $2.68 trillion, a price-to-earnings ratio of 27.02, a PEG ratio of 2.04 and a beta of 1.27. The company has a debt-to-equity ratio of 1.28, a quick ratio of 1.02 and a current ratio of 1.07. The company has a 50-day simple moving average of $172.86 and a 200-day simple moving average of $181.77.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, February 1st. The iPhone maker reported $2.18 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.09. The firm had revenue of $119.60 billion during 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%. The firm’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.88 earnings per share. On average, analysts predict that Apple Inc. will post 6.54 EPS for the current year.

Apple Dividend Announcement

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

About Apple

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.