Cornerstone Wealth Management LLC Decreases Stake in Apple Inc. (NASDAQ:AAPL)

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Cornerstone Wealth Management LLC lessened its stake in shares of Apple Inc. (NASDAQ:AAPLGet Rating) by 0.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 346,770 shares of the iPhone maker’s stock after selling 2,247 shares during the quarter. Apple makes up 5.9% of Cornerstone Wealth Management LLC’s holdings, making the stock its biggest holding. Cornerstone Wealth Management LLC’s holdings in Apple were worth $60,550,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Street Corp lifted its holdings in shares of Apple by 1.8% during the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after purchasing an additional 10,951,705 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Apple by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock worth $46,812,958,000 after purchasing an additional 4,456,954 shares during the period. Norges Bank acquired a new position in shares of Apple during the fourth quarter worth $25,228,507,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Apple by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock worth $14,131,710,000 after purchasing an additional 1,273,148 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Apple by 5.1% in the fourth quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker’s stock valued at $11,361,302,000 after buying an additional 3,096,696 shares during the period. Institutional investors own 57.98% of the company’s stock.

Analyst Ratings Changes

AAPL has been the topic of several recent analyst reports. Rosenblatt Securities dropped their target price on shares of Apple from $184.00 to $168.00 and set a “neutral” rating on the stock in a report on Monday, May 2nd. Credit Suisse Group set a $169.00 target price on shares of Apple in a report on Friday, April 29th. UBS Group set a $185.00 target price on shares of Apple in a report on Tuesday, June 21st. KeyCorp dropped their target price on shares of Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a report on Tuesday, July 12th. Finally, Citigroup dropped their target price on shares of Apple from $200.00 to $175.00 and set a “buy” rating on the stock in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Apple has an average rating of “Moderate Buy” and a consensus target price of $183.49.

Apple Trading Up 1.1 %

Shares of AAPL stock opened at $150.17 on Friday. Apple Inc. has a 52-week low of $129.04 and a 52-week high of $182.94. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93. The company has a 50-day simple moving average of $142.54 and a two-hundred day simple moving average of $158.83. The company has a market capitalization of $2.43 trillion, a price-to-earnings ratio of 24.38, a PEG ratio of 1.92 and a beta of 1.19.

Apple (NASDAQ:AAPLGet Rating) last released its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.43 by $0.09. Apple had a net margin of 26.41% and a return on equity of 152.88%. The firm had revenue of $97.28 billion during the quarter, compared to the consensus estimate of $93.99 billion. During the same period in the prior year, the firm earned $1.40 EPS. The company’s revenue was up 8.6% compared to the same quarter last year. Research analysts anticipate that Apple Inc. will post 6.09 EPS for the current fiscal year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were given a dividend of $0.23 per share. This is an increase from Apple’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date was Friday, May 6th. Apple’s dividend payout ratio is currently 14.94%.

Apple announced that its Board of Directors has approved a share buyback plan on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, SVP Deirdre O’brien sold 8,000 shares of the stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $164.91, for a total transaction of $1,319,280.00. Following the completion of the transaction, the senior vice president now directly owns 136,290 shares of the company’s stock, valued at approximately $22,475,583.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Deirdre O’brien sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $164.91, for a total transaction of $1,319,280.00. Following the sale, the senior vice president now directly owns 136,290 shares in the company, valued at approximately $22,475,583.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the sale, the senior vice president now owns 452,334 shares in the company, valued at $73,151,454.48. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

Apple Company Profile

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

Further Reading

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