Apple Inc. (NASDAQ:AAPL) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC lowered its holdings in Apple Inc. (NASDAQ:AAPLFree Report) by 2.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 826,900 shares of the iPhone maker’s stock after selling 25,100 shares during the quarter. Apple comprises approximately 7.0% of Cornerstone Advisors LLC’s investment portfolio, making the stock its largest holding. Cornerstone Advisors LLC’s holdings in Apple were worth $159,203,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of AAPL. Insight Wealth Partners LLC raised its stake in Apple by 2.5% in the 3rd quarter. Insight Wealth Partners LLC now owns 6,969 shares of the iPhone maker’s stock valued at $1,193,000 after acquiring an additional 168 shares during the period. Cedar Wealth Management LLC raised its stake in Apple by 14.3% in the 3rd quarter. Cedar Wealth Management LLC now owns 7,548 shares of the iPhone maker’s stock valued at $1,292,000 after acquiring an additional 943 shares during the period. Harel Insurance Investments & Financial Services Ltd. raised its stake in Apple by 1,954.8% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 480,552 shares of the iPhone maker’s stock valued at $82,270,000 after acquiring an additional 457,165 shares during the period. Grove Bank & Trust raised its stake in Apple by 0.3% in the 3rd quarter. Grove Bank & Trust now owns 173,422 shares of the iPhone maker’s stock valued at $29,692,000 after acquiring an additional 542 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in Apple by 3.5% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 1,803,224 shares of the iPhone maker’s stock valued at $308,730,000 after acquiring an additional 60,162 shares during the period. Institutional investors and hedge funds own 60.41% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Citigroup reduced their target price on Apple from $220.00 to $210.00 and set a “buy” rating for the company in a report on Monday, April 29th. JPMorgan Chase & Co. lifted their target price on Apple from $210.00 to $225.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. UBS Group reaffirmed a “hold” rating and set a $190.00 target price on shares of Apple in a report on Monday, March 25th. Tigress Financial lifted their target price on Apple from $240.00 to $245.00 and gave the company a “strong-buy” rating in a report on Thursday, May 30th. Finally, Canaccord Genuity Group lifted their target price on Apple from $200.00 to $215.00 and gave the company a “buy” rating in a report on Saturday, May 4th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $205.59.

Read Our Latest Research Report on Apple

Insider Activity at Apple

In related news, SVP Deirdre O’brien sold 54,732 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the completion of the transaction, the senior vice president now owns 136,572 shares in the company, valued at $23,068,376.52. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP Deirdre O’brien sold 54,732 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the completion of the transaction, the senior vice president now owns 136,572 shares in the company, valued at $23,068,376.52. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Arthur D. Levinson sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the transaction, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. Insiders sold a total of 346,270 shares of company stock worth $60,880,196 over the last quarter. 0.06% of the stock is owned by corporate insiders.

Apple Stock Performance

Shares of AAPL stock opened at $194.48 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $199.62. The stock has a 50 day moving average price of $179.40 and a two-hundred day moving average price of $183.45. The company has a market capitalization of $2.98 trillion, a P/E ratio of 30.25, a PEG ratio of 2.37 and a beta of 1.25.

Apple (NASDAQ:AAPLGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The firm had revenue of $90.75 billion during the quarter, compared to the consensus estimate of $90.37 billion. During the same quarter in the previous year, the company posted $1.52 earnings per share. The business’s revenue was down 4.3% on a year-over-year basis. Analysts expect that Apple Inc. will post 6.57 earnings per share for the current year.

Apple Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date was Friday, May 10th. This is an increase from Apple’s previous quarterly dividend of $0.24. Apple’s dividend payout ratio is currently 15.55%.

Apple announced that its Board of Directors has authorized a stock buyback program on Thursday, May 2nd that permits the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to purchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Apple Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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