35,938 Shares in Apple Inc. $AAPL Purchased by Cornerstone Planning LLC

Key Points

• Cornerstone Planning LLC disclosed a new fourth-quarter stake in Apple, buying 35,938 shares valued at about $9.77 million. Apple now makes up roughly 2.2% of the firm’s portfolio and is its 10th-largest position.
• Apple reported a strong quarterly update, with EPS of $2.01 topping estimates and revenue of $111.18 billion also beating expectations. The company’s quarterly revenue rose 16.6% year over year.
• Apple recently raised its dividend to $0.27 per share quarterly from $0.26, while analyst sentiment remains broadly positive. The stock currently carries a consensus rating of Moderate Buy with an average price target of $314.85.

Cornerstone Planning LLC purchased a new stake in Apple Inc. (NASDAQ:AAPL - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 35,938 shares of the iPhone maker's stock, valued at approximately $9,765,000. Apple accounts for about 2.2% of Cornerstone Planning LLC's portfolio, making the stock its 10th biggest position.

Other institutional investors also recently made changes to their positions in the company. Isthmus Partners LLC boosted its stake in Apple by 6.4% in the 3rd quarter. Isthmus Partners LLC now owns 97,177 shares of the iPhone maker's stock valued at $25,000 after purchasing an additional 5,808 shares during the period. Lifetime Wealth Management P.C. bought a new position in Apple during the 4th quarter worth $41,000. ROSS JOHNSON & Associates LLC increased its position in 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 buying an additional 180 shares during the period. LSV Asset Management acquired a new stake in shares of Apple during the fourth quarter worth $65,000. Finally, Timmons Wealth Management LLC bought a new stake in shares of Apple in the fourth quarter valued at about $69,000. Institutional investors own 67.73% of the company's stock.

Insider Activity

In other Apple news, insider Ben Borders sold 1,274 shares of the business's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $290.00, for a total transaction of $369,460.00. Following the completion of the transaction, the insider directly owned 38,713 shares in the company, valued at $11,226,770. The trade was a 3.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevan Parekh sold 1,534 shares of the company's stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $275.00, for a total value of $421,850.00. Following the sale, the chief financial officer owned 13,366 shares of the company's stock, valued at $3,675,650. The trade was a 10.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 97,875 shares of company stock valued at $24,998,541. 0.06% of the stock is owned by insiders.

Apple Trading Down 0.7%

AAPL opened at $294.98 on Wednesday. The stock has a market capitalization of $4.33 trillion, a price-to-earnings ratio of 35.67, a P/E/G ratio of 2.58 and a beta of 1.09. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70. Apple Inc. has a twelve month low of $199.26 and a twelve month high of $317.40. The company has a 50-day simple moving average of $291.15 and a 200 day simple moving average of $273.06.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 EPS for the quarter, beating the consensus estimate of $1.95 by $0.06. Apple had a net margin of 27.15% and a return on equity of 146.69%. The firm had revenue of $111.18 billion for the quarter, compared to analyst estimates of $109.46 billion. During the same period last year, the firm earned $1.65 EPS. The business's quarterly revenue was up 16.6% compared to the same quarter last year. Analysts predict that Apple Inc. will post 8.74 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.4%. This is a positive change from Apple's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, May 11th. Apple's payout ratio is 13.06%.

Apple News Roundup

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Wall Street is becoming more optimistic about Apple’s new Siri and AI strategy after the post-WWDC selloff, suggesting investors may be overreacting to near-term skepticism. After an Initial Panic, Wall Street's Leaning Into Apple's New Siri AI
• Positive Sentiment: Reports that Apple has agreed to partner with Intel to design and manufacture chips in the U.S. are being viewed as a supply-chain diversification win and a long-term catalyst for Apple’s hardware roadmap. Apple’s Intel Deal Arrives at the Right Time for Its Stock
• Positive Sentiment: Tim Cook’s comments about higher memory costs and upcoming price increases are being interpreted by some analysts as supportive of Apple’s earnings power, since price hikes could help offset component inflation. Apple: Empirical Evidence Suggests Upcoming Price Hikes Will Boost Earnings
• Neutral Sentiment: Apple’s TV and streaming strategy is drawing attention, but the discussion appears more explanatory than immediately material to the stock. Apple Explains TV Library Strategy
• Neutral Sentiment: A Zacks comparison of NVIDIA and Apple highlights Apple’s lower valuation and services strength, reinforcing the stock’s defensive appeal without changing the near-term setup. NVIDIA vs. Apple: Which Tech Titan Is the Better Buy Right Now?
• Negative Sentiment: Britain’s competition tribunal approved a £3 billion class action over iCloud fees, adding a meaningful legal overhang and potential financial liability for Apple. UK tribunal gives go ahead for $4 billion lawsuit against Apple over iCloud services
• Negative Sentiment: Apple also faces reputational risk after closing its first unionized U.S. store, with the union accusing the company of retaliation. Apple Just Closed Its First Unionized U.S. Store
• Negative Sentiment: Several reports say Apple is forcing price increases on hardware because memory and chip costs are rising, which could pressure demand if consumers push back. Memory's price surge threatens Apple's 'magic formula' — and the economy

Wall Street Analyst Weigh In

Several research firms recently commented on AAPL. Maxim Group restated a "buy" rating and issued a $350.00 price target (up from $310.00) on shares of Apple in a research note on Tuesday, June 9th. Moffett Nathanson boosted their price objective on shares of Apple from $241.00 to $270.00 and gave the company a "neutral" rating in a report on Wednesday, February 25th. The Goldman Sachs Group restated a "buy" rating on shares of Apple in a research report on Monday, March 2nd. Robert W. Baird set a $310.00 target price on shares of Apple in a report on Friday, May 1st. Finally, TD Cowen lifted their price target on shares of Apple from $335.00 to $350.00 and gave the company a "buy" rating in a research report on Tuesday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $314.85.

Apple Company Profile

Apple Inc NASDAQ: AAPL is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple's principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

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