Apple Inc. (NASDAQ:AAPL) Shares Purchased by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC increased its position in shares of Apple Inc. (NASDAQ:AAPL) by 0.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 348,894 shares of the iPhone maker’s stock after buying an additional 993 shares during the quarter. Apple makes up 5.7% of Cornerstone Wealth Management LLC’s portfolio, making the stock its largest holding. Cornerstone Wealth Management LLC’s holdings in Apple were worth $81,292,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AAPL. Swedbank AB acquired a new stake in Apple in the 1st quarter valued at $3,026,492,000. Strategic Financial Concepts LLC increased its stake in shares of Apple by 14,145.8% during the second quarter. Strategic Financial Concepts LLC now owns 7,612,261 shares of the iPhone maker’s stock worth $1,603,000 after purchasing an additional 7,558,826 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Apple by 158.3% during the first quarter. Canada Pension Plan Investment Board now owns 11,532,438 shares of the iPhone maker’s stock worth $1,977,582,000 after purchasing an additional 7,067,379 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of Apple by 161.2% during the 1st quarter. Lazard Asset Management LLC now owns 8,759,445 shares of the iPhone maker’s stock worth $1,502,068,000 after purchasing an additional 5,405,542 shares during the last quarter. Finally, William Blair Investment Management LLC purchased a new position in Apple in the 2nd quarter valued at about $834,368,000. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Trading Down 0.1 %

Shares of Apple stock opened at $242.84 on Monday. The business has a fifty day simple moving average of $230.53 and a 200-day simple moving average of $221.83. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $244.63. The firm has a market cap of $3.67 trillion, a price-to-earnings ratio of 39.94, a price-to-earnings-growth ratio of 2.38 and a beta of 1.23. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.04. Apple had a net margin of 23.97% and a return on equity of 152.94%. The company had revenue of $94.93 billion during the quarter, compared to analyst estimates of $94.52 billion. During the same quarter last year, the firm posted $1.46 EPS. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, equities analysts forecast that Apple Inc. will post 7.43 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were given a dividend of $0.25 per share. The ex-dividend date was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.41%. Apple’s dividend payout ratio (DPR) is presently 16.45%.

Insider Transactions at Apple

In other Apple news, insider Chris Kondo sold 4,130 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $228.87, for a total transaction of $945,233.10. Following the sale, the insider now directly owns 15,419 shares of the company’s stock, valued at $3,528,946.53. The trade was a 21.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total value of $50,275,897.56. Following the completion of the sale, the chief executive officer now directly owns 3,280,180 shares of the company’s stock, valued at approximately $736,269,202.80. This trade represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 408,170 shares of company stock valued at $92,007,745 in the last three months. 0.06% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on AAPL. KeyCorp cut Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 target price for the company. in a report on Friday, October 25th. Barclays reduced their target price on shares of Apple from $186.00 to $184.00 and set an “underweight” rating for the company in a research report on Friday, November 1st. Citigroup increased their price objective on shares of Apple to $185.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Maxim Group boosted their target price on Apple from $203.00 to $215.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Finally, Jefferies Financial Group cut Apple from a “buy” rating to a “hold” rating and increased their price target for the company from $205.00 to $212.92 in a report on Monday, October 7th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus price target of $235.68.

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.