Cranbrook Wealth Management LLC Sells 2,769 Shares of Apple Inc. (NASDAQ:AAPL)

Cranbrook Wealth Management LLC lowered its stake in Apple Inc. (NASDAQ:AAPL) by 10.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 25,048 shares of the iPhone maker’s stock after selling 2,769 shares during the period. Apple makes up 1.3% of Cranbrook Wealth Management LLC’s holdings, making the stock its 23rd biggest holding. Cranbrook Wealth Management LLC’s holdings in Apple were worth $5,564,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of AAPL. Drystone LLC bought a new position in Apple in the fourth quarter valued at about $25,000. Life Planning Partners Inc bought a new position in Apple in the fourth quarter valued at about $47,000. Conquis Financial LLC bought a new position in Apple in the fourth quarter valued at about $63,000. LSV Asset Management bought a new position in Apple in the fourth quarter valued at about $65,000. Finally, Pillar Financial Advisors LLC acquired a new stake in shares of Apple during the fourth quarter valued at about $82,000. Institutional investors own 67.73% of the company’s stock.

Insider Buying and Selling at Apple

In related news, insider Chris Kondo sold 4,486 shares of the company’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. This represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kevan Parekh sold 4,570 shares of the company’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total value of $941,420.00. Following the sale, the chief financial officer owned 4,569 shares of the company’s stock, valued at $941,214. This trade represents a 50.01% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Wedbush reissued an “outperform” rating and set a $270.00 price target on shares of Apple in a research note on Tuesday, June 10th. China Renaissance assumed coverage on Apple in a research note on Tuesday, April 22nd. They set a “buy” rating and a $241.00 price target on the stock. Bank of America reissued a “buy” rating and set a $235.00 price target on shares of Apple in a research note on Tuesday, June 10th. Raymond James Financial cut their price target on Apple from $250.00 to $230.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Finally, Tigress Financial lifted their price target on Apple from $295.00 to $300.00 and gave the company a “strong-buy” rating in a research note on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $234.95.

Apple Trading Up 0.4%

NASDAQ AAPL opened at $213.36 on Friday. The company has a market cap of $3.19 trillion, a price-to-earnings ratio of 33.23, a P/E/G ratio of 2.38 and a beta of 1.20. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The business has a 50 day moving average price of $203.35 and a 200-day moving average price of $218.66. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18.

Apple (NASDAQ:AAPL) last released its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. The firm had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The company’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.53 earnings per share. As a group, equities analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has initiated a stock buyback program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a dividend of $0.26 per share. This is an increase from Apple’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. Apple’s payout ratio is currently 16.20%.

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.