Apple Inc. (NASDAQ:AAPL) is Cornell Pochily Investment Advisors Inc.’s Largest Position

Cornell Pochily Investment Advisors Inc. cut its position in shares of Apple Inc. (NASDAQ:AAPL) by 1.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 104,005 shares of the iPhone maker’s stock after selling 1,659 shares during the quarter. Apple accounts for 8.1% of Cornell Pochily Investment Advisors Inc.’s portfolio, making the stock its largest position. Cornell Pochily Investment Advisors Inc.’s holdings in Apple were worth $23,103,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Burkett Financial Services LLC increased its holdings in Apple by 0.6% in the first quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock worth $3,199,000 after buying an additional 93 shares during the last quarter. OneAscent Wealth Management LLC increased its holdings in Apple by 4.6% in the fourth quarter. OneAscent Wealth Management LLC now owns 9,332 shares of the iPhone maker’s stock worth $2,337,000 after buying an additional 409 shares during the last quarter. TruWealth Advisors LLC increased its holdings in Apple by 2.8% in the first quarter. TruWealth Advisors LLC now owns 189,282 shares of the iPhone maker’s stock worth $42,045,000 after buying an additional 5,120 shares during the last quarter. Allstate Corp increased its holdings in Apple by 3,368.2% in the fourth quarter. Allstate Corp now owns 451,489 shares of the iPhone maker’s stock worth $113,062,000 after buying an additional 438,471 shares during the last quarter. Finally, Vinva Investment Management Ltd increased its holdings in Apple by 12.4% in the fourth quarter. Vinva Investment Management Ltd now owns 764,075 shares of the iPhone maker’s stock worth $192,700,000 after buying an additional 83,997 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

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 directly owned 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 approximately $941,214. This represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. DA Davidson upped their target price on Apple from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Scotiabank cut Apple to a “market perform” rating in a research report on Friday, May 2nd. Monness Crespi & Hardt upped their target price on Apple to $245.00 and gave the stock a “buy” rating in a research report on Tuesday, June 10th. Citigroup reissued a “buy” rating on shares of Apple in a research report on Tuesday, June 10th. Finally, China Renaissance started coverage on Apple in a research report on Tuesday, April 22nd. They issued a “buy” rating and a $241.00 price objective for the company. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have given a buy rating and two have assigned 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 $235.11.

Apple Trading Up 0.6%

Shares of Apple stock opened at $211.18 on Friday. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The stock has a market cap of $3.15 trillion, a P/E ratio of 32.89, a P/E/G ratio of 2.36 and a beta of 1.20. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The business’s 50 day moving average is $204.57 and its 200-day moving average is $215.61.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.03. The business had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. The firm’s revenue was up 5.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.53 EPS. Equities research analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has authorized a stock repurchase plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication 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. Shareholders of record on Monday, May 12th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.49%. This is a positive change from Apple’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. Apple’s dividend payout ratio is currently 16.20%.

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.