Cornerstone Management Inc. cut its holdings in Apple Inc. (NASDAQ:AAPL – Free Report) by 19.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,022 shares of the iPhone maker’s stock after selling 247 shares during the quarter. Cornerstone Management Inc.’s holdings in Apple were worth $238,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Hershey Financial Advisers LLC purchased a new stake in shares of Apple during the second quarter valued at about $42,000. Hoese & Co LLP lifted its position in shares of Apple by 6.7% during the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after buying an additional 57 shares during the last quarter. Sage Financial Group Inc. purchased a new stake in shares of Apple during the second quarter valued at about $206,000. Benchmark Wealth Management LLC purchased a new stake in shares of Apple during the second quarter valued at about $208,000. Finally, SMH Capital Advisors Inc. purchased a new stake in shares of Apple during the second quarter valued at about $209,000. 60.41% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have commented on AAPL shares. New Street Research reissued a “neutral” rating and set a $225.00 price target on shares of Apple in a research report on Wednesday, September 25th. Maxim Group increased their price target on shares of Apple from $203.00 to $215.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Morgan Stanley restated an “overweight” rating and set a $273.00 price objective on shares of Apple in a report on Monday. Piper Sandler restated a “neutral” rating and set a $225.00 price objective on shares of Apple in a report on Wednesday, October 9th. Finally, Citigroup upped their price objective on shares of Apple to $185.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $235.25.
Insider Activity
In other Apple news, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the sale, the chief executive officer now owns 3,280,180 shares in the company, valued at $736,269,202.80. This trade represents a 6.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chris Kondo sold 4,130 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the transaction, the insider now directly owns 15,419 shares in the company, valued at approximately $3,528,946.53. This represents a 21.13 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 408,170 shares of company stock worth $92,007,745. 0.06% of the stock is currently owned by corporate insiders.
Apple Stock Performance
NASDAQ AAPL opened at $234.93 on Thursday. The business’s 50-day moving average price is $228.71 and its 200 day moving average price is $219.12. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $237.49. The company has a market capitalization of $3.55 trillion, a PE ratio of 38.64, a price-to-earnings-growth ratio of 2.28 and a beta of 1.24. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51.
Apple (NASDAQ:AAPL – Get Free Report) last released its earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.04. The firm had revenue of $94.93 billion for the quarter, compared to the consensus estimate of $94.52 billion. Apple had a return on equity of 152.94% and a net margin of 23.97%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 earnings per share. On average, research analysts predict that Apple Inc. will post 7.43 earnings per share for the current year.
Apple Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.43%. Apple’s dividend payout ratio (DPR) is currently 16.45%.
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.
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