Cornerstone Enterprises LLC Cuts Stock Position in Apple Inc. $AAPL

Cornerstone Enterprises LLC lowered its holdings in Apple Inc. (NASDAQ:AAPL) by 88.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,509 shares of the iPhone maker’s stock after selling 35,633 shares during the period. Apple comprises 0.5% of Cornerstone Enterprises LLC’s holdings, making the stock its 20th largest position. Cornerstone Enterprises LLC’s holdings in Apple were worth $925,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of AAPL. Ryan Investment Management Inc. purchased a new stake in shares of Apple during the 2nd quarter worth approximately $31,000. ROSS JOHNSON & Associates LLC increased its stake in shares of Apple by 1,800.0% during the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 180 shares during the last quarter. Elite Financial Inc. purchased a new stake in shares of Apple during the 1st quarter worth approximately $58,000. LSV Asset Management purchased a new stake in shares of Apple during the 4th quarter worth approximately $65,000. Finally, HFM Investment Advisors LLC purchased a new stake in shares of Apple during the 1st quarter worth approximately $99,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Apple Stock Down 0.4%

Shares of NASDAQ:AAPL opened at $270.37 on Monday. The firm has a fifty day moving average price of $248.34 and a two-hundred day moving average price of $222.34. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. Apple Inc. has a one year low of $169.21 and a one year high of $277.32. The company has a market cap of $4.01 trillion, a price-to-earnings ratio of 41.03, a PEG ratio of 2.62 and a beta of 1.09.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, October 30th. The iPhone maker reported $1.85 EPS for the quarter, beating the consensus estimate of $1.74 by $0.11. Apple had a net margin of 24.30% and a return on equity of 170.91%. The firm had revenue of $102.47 billion during the quarter, compared to the consensus estimate of $101.65 billion. During the same period last year, the firm earned $1.64 EPS. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. Analysts anticipate that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 13th. Shareholders of record on Monday, November 10th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Monday, November 10th. Apple’s dividend payout ratio (DPR) is presently 13.92%.

Insider Activity

In other Apple news, SVP Katherine L. Adams sold 47,125 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $256.79, for a total value of $12,101,228.75. Following the completion of the transaction, the senior vice president directly owned 179,158 shares of the company’s stock, valued at $46,005,982.82. This trade represents a 20.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Deirdre O’brien sold 43,013 shares of the firm’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the completion of the transaction, the senior vice president directly owned 136,687 shares of the company’s stock, valued at approximately $35,181,866.93. The trade was a 23.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 259,121 shares of company stock valued at $65,358,981 in the last quarter. 0.06% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AAPL has been the subject of several research analyst reports. Robert W. Baird set a $300.00 price target on shares of Apple in a research note on Friday. JPMorgan Chase & Co. raised their price target on shares of Apple from $290.00 to $305.00 and gave the stock an “overweight” rating in a research note on Monday, October 27th. Cowen restated a “buy” rating on shares of Apple in a research note on Monday, October 27th. Needham & Company LLC restated a “hold” rating on shares of Apple in a research note on Friday, July 25th. Finally, BMO Capital Markets reaffirmed a “buy” rating on shares of Apple in a report on Wednesday, August 13th. Three analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $276.39.

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.