Apple Inc. (NASDAQ:AAPL) Position Increased by Cherrydale Wealth Management LLC

Cherrydale Wealth Management LLC grew its position in shares of Apple Inc. (NASDAQ:AAPL) by 27.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,343 shares of the iPhone maker’s stock after acquiring an additional 2,658 shares during the quarter. Apple comprises about 1.1% of Cherrydale Wealth Management LLC’s investment portfolio, making the stock its 14th largest holding. Cherrydale Wealth Management LLC’s holdings in Apple were worth $2,600,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of AAPL. Norges Bank acquired a new position in shares of Apple during the fourth quarter valued at $33,912,466,000. Vanguard Group Inc. lifted its holdings in Apple by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock worth $253,766,929,000 after purchasing an additional 18,067,216 shares during the period. Swedbank AB acquired a new stake in Apple in the first quarter worth about $3,026,492,000. Global Assets Advisory LLC lifted its holdings in Apple by 23,076.4% in the first quarter. Global Assets Advisory LLC now owns 9,240,214 shares of the iPhone maker’s stock worth $1,584,512,000 after purchasing an additional 9,200,345 shares during the period. Finally, Canada Pension Plan Investment Board lifted its holdings in Apple by 158.3% in the first quarter. Canada Pension Plan Investment Board now owns 11,532,438 shares of the iPhone maker’s stock worth $1,977,582,000 after purchasing an additional 7,067,379 shares during the period. Institutional investors and hedge funds own 60.41% of the company’s stock.

Analyst Upgrades and Downgrades

AAPL has been the subject of several research analyst reports. Sanford C. Bernstein upped their price objective on shares of Apple from $195.00 to $240.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price target on shares of Apple in a research report on Monday, August 5th. UBS Group reiterated a “neutral” rating and issued a $190.00 price target on shares of Apple in a research report on Monday, July 1st. Moffett Nathanson began coverage on shares of Apple in a research report on Monday, August 19th. They issued a “neutral” rating and a $211.00 price target on the stock. Finally, Cfra boosted their price target on shares of Apple from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $237.30.

Apple Price Performance

Apple stock opened at $229.00 on Friday. The business’s 50-day simple moving average is $221.88 and its 200 day simple moving average is $195.77. The stock has a market cap of $3.51 trillion, a price-to-earnings ratio of 35.61, a P/E/G ratio of 2.60 and a beta of 1.24. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $237.23. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.34 by $0.06. The business had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. Apple had a return on equity of 145.35% and a net margin of 26.44%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.26 earnings per share. As a group, research analysts anticipate that Apple Inc. will post 6.61 earnings per share for the current year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s dividend payout ratio (DPR) is currently 15.55%.

Insiders Place Their Bets

In other Apple news, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the transaction, the senior vice president now owns 191,543 shares in the company, valued at $39,542,136.92. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, insider Chris Kondo sold 8,706 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the sale, the insider now owns 15,419 shares of the company’s stock, valued at $3,469,275. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Katherine L. Adams sold 100,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the sale, the senior vice president now directly owns 191,543 shares in the company, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,884 shares of company stock worth $23,723,887. Insiders own 0.06% of the company’s stock.

Apple Company Profile

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.