CoreCap Advisors LLC Has $43.24 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

CoreCap Advisors LLC reduced its position in shares of Apple Inc. (NASDAQ:AAPL) by 9.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 172,656 shares of the iPhone maker’s stock after selling 18,261 shares during the quarter. Apple comprises 2.0% of CoreCap Advisors LLC’s holdings, making the stock its 7th biggest position. CoreCap Advisors LLC’s holdings in Apple were worth $43,236,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Drystone LLC acquired a new position in shares of Apple in the 4th quarter valued at approximately $25,000. Life Planning Partners Inc acquired a new position in shares of Apple in the 4th quarter valued at approximately $47,000. Conquis Financial LLC acquired a new position in shares of Apple in the 4th quarter valued at approximately $63,000. LSV Asset Management acquired a new position in shares of Apple in the 4th quarter valued at approximately $65,000. Finally, Pillar Financial Advisors LLC acquired a new position in shares of Apple in the 4th quarter valued at approximately $82,000. 67.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AAPL. Barclays decreased their price objective on Apple from $197.00 to $173.00 and set an “underweight” rating for the company in a research report on Wednesday, April 30th. Monness Crespi & Hardt upped their price target on Apple to $245.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. KeyCorp raised Apple from an “underweight” rating to a “sector weight” rating in a research report on Monday, April 14th. Raymond James reduced their price target on Apple from $250.00 to $230.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Finally, TD Cowen reduced their price target on Apple from $290.00 to $275.00 and set a “buy” rating for the company in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $234.86.

Apple Stock Up 1.0%

AAPL opened at $198.42 on Tuesday. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10. The stock’s fifty day simple moving average is $202.28 and its 200 day simple moving average is $222.66. The company has a current ratio of 0.92, a quick ratio of 0.88 and a debt-to-equity ratio of 1.26. The stock has a market cap of $2.96 trillion, a PE ratio of 31.50, a price-to-earnings-growth ratio of 2.44 and a beta of 1.22.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.03. Apple had a return on equity of 160.83% and a net margin of 24.30%. The business had revenue of $95.36 billion for the quarter, compared to analysts’ expectations of $94.04 billion. During the same quarter in the prior year, the business earned $1.53 EPS. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. As a group, research analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 12th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.52%. The ex-dividend date was Monday, May 12th. This is a boost from Apple’s previous quarterly dividend of $0.25. Apple’s dividend payout ratio is 16.20%.

Apple declared that its board has approved a share repurchase program on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity at Apple

In related news, CEO Timothy D. Cook sold 108,136 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the transaction, the chief executive officer now directly owns 3,280,295 shares in the company, valued at approximately $733,637,976.75. This represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Katherine L. Adams sold 38,822 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $223.67, for a total transaction of $8,683,316.74. Following the sale, the senior vice president now owns 179,158 shares in the company, valued at $40,072,269.86. The trade was a 17.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 191,507 shares of company stock worth $42,694,080. Company insiders own 0.06% of the company’s stock.

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.