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

Cornerstone Advisors LLC trimmed its position in Apple Inc. (NASDAQ:AAPL) by 2.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 787,400 shares of the iPhone maker’s stock after selling 22,200 shares during the quarter. Apple makes up 6.7% of Cornerstone Advisors LLC’s portfolio, making the stock its biggest position. Cornerstone Advisors LLC’s holdings in Apple were worth $165,842,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AAPL. Fidelis Capital Partners LLC increased its position in Apple by 17.9% in the first quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after purchasing an additional 31,278 shares during the period. Access Investment Management LLC bought a new stake in shares of Apple during the first quarter worth $140,000. Hoese & Co LLP raised its holdings in shares of Apple by 6.7% during the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock worth $175,000 after acquiring an additional 57 shares during the period. Sage Financial Group Inc. acquired a new position in Apple in the 2nd quarter worth $206,000. Finally, Benchmark Wealth Management LLC bought a new position in Apple during the 2nd quarter worth about $208,000. 60.41% of the stock is currently owned by institutional investors and hedge funds.

Apple Stock Performance

AAPL opened at $222.91 on Monday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $237.49. The firm has a market cap of $3.39 trillion, a P/E ratio of 36.66, a price-to-earnings-growth ratio of 2.41 and a beta of 1.24. The business’s fifty day moving average is $227.18 and its 200-day moving average is $212.64.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. The firm had revenue of $94.93 billion for the quarter, compared to the consensus estimate of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 145.09%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the prior year, the company posted $1.46 earnings per share. Sell-side analysts expect that Apple Inc. will post 7.48 EPS for the current fiscal year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Monday, November 11th will be paid a $0.25 dividend. The ex-dividend date is Monday, November 11th. This represents a $1.00 dividend on an annualized basis and a yield of 0.45%. Apple’s dividend payout ratio (DPR) is 16.45%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AAPL. Bank of America reaffirmed a “buy” rating and set a $256.00 price objective on shares of Apple in a research report on Thursday, October 3rd. Jefferies Financial Group lowered shares of Apple from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $205.00 to $212.92 in a research report on Monday, October 7th. UBS Group reiterated a “hold” rating and issued a $236.00 price target on shares of Apple in a research note on Wednesday, October 16th. JPMorgan Chase & Co. restated an “overweight” rating and set a $265.00 price objective on shares of Apple in a research note on Tuesday, September 10th. Finally, Loop Capital lifted their target price on Apple to $300.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus target price of $236.23.

Insider Buying and Selling at Apple

In related news, CEO Timothy D. Cook sold 223,986 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the transaction, the chief executive officer now directly owns 3,280,180 shares in the company, valued at $736,269,202.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Chris Kondo sold 5,178 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the sale, the insider now owns 24,125 shares in the company, valued at $5,223,062.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Timothy D. Cook sold 223,986 shares of the stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total value of $50,275,897.56. Following the completion of the transaction, the chief executive officer now owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 417,924 shares of company stock worth $94,142,399 over the last three months. Corporate 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.