Cranbrook Wealth Management LLC Increases Position in Apple Inc. $AAPL

Cranbrook Wealth Management LLC boosted its holdings in Apple Inc. (NASDAQ:AAPL) by 0.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 25,148 shares of the iPhone maker’s stock after purchasing an additional 100 shares during the quarter. Apple comprises 1.1% of Cranbrook Wealth Management LLC’s portfolio, making the stock its 23rd largest position. Cranbrook Wealth Management LLC’s holdings in Apple were worth $5,160,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ryan Investment Management Inc. purchased a new stake in shares of Apple during the second quarter valued at approximately $31,000. ROSS JOHNSON & Associates LLC grew its holdings in shares of Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock valued at $42,000 after buying an additional 180 shares during the last quarter. Conquis Financial LLC purchased a new stake in shares of Apple during the fourth quarter valued at approximately $63,000. LSV Asset Management purchased a new stake in shares of Apple during the fourth quarter valued at approximately $65,000. Finally, Elite Financial Inc. purchased a new stake in shares of Apple during the first quarter valued at approximately $58,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Stock Performance

AAPL opened at $258.02 on Monday. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10. The stock has a market capitalization of $3.83 trillion, a price-to-earnings ratio of 39.15, a PEG ratio of 2.51 and a beta of 1.09. The company has a fifty day moving average of $233.09 and a 200 day moving average of $214.69. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business had revenue of $94.04 billion during the quarter, compared to analysts’ expectations of $88.64 billion. During the same period last year, the company posted $1.40 EPS. The business’s revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. Apple’s payout ratio is currently 15.78%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on AAPL shares. Bank of America increased their price target on shares of Apple from $260.00 to $270.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. UBS Group restated a “neutral” rating on shares of Apple in a report on Monday, September 8th. Barclays raised their target price on shares of Apple from $173.00 to $180.00 and gave the stock an “underweight” rating in a report on Friday, August 1st. HSBC set a $220.00 target price on shares of Apple and gave the stock a “hold” rating in a report on Monday, September 8th. Finally, Citigroup restated a “buy” rating on shares of Apple in a report on Wednesday, September 10th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $247.49.

Insider Buying and Selling

In related news, CEO Timothy D. Cook sold 129,963 shares of Apple stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $256.81, for a total transaction of $33,375,798.03. Following the completion of the sale, the chief executive officer owned 3,280,295 shares in the company, valued at $842,412,558.95. This trade represents a 3.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Katherine L. Adams sold 47,125 shares of Apple stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $256.79, for a total transaction of $12,101,228.75. Following the sale, the senior vice president owned 179,158 shares of the company’s stock, valued at $46,005,982.82. The trade was a 20.83% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 254,922 shares of company stock valued at $64,320,190. Company insiders own 0.06% of the company’s stock.

Apple 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.