Cherrydale Wealth Management LLC Has $3.45 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Cherrydale Wealth Management LLC increased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 18.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,547 shares of the iPhone maker's stock after acquiring an additional 2,378 shares during the period. Apple comprises approximately 1.4% of Cherrydale Wealth Management LLC's portfolio, making the stock its 12th biggest holding. Cherrydale Wealth Management LLC's holdings in Apple were worth $3,454,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of AAPL. McDonough Capital Management Inc boosted its holdings in Apple by 1.2% in the first quarter. McDonough Capital Management Inc now owns 76,710 shares of the iPhone maker's stock worth $17,040,000 after purchasing an additional 909 shares in the last quarter. First Citizens Bank & Trust Co. boosted its stake in shares of Apple by 2.0% during the 1st quarter. First Citizens Bank & Trust Co. now owns 615,166 shares of the iPhone maker's stock worth $136,647,000 after acquiring an additional 11,990 shares in the last quarter. Sherman Asset Management Inc. boosted its stake in shares of Apple by 2.7% during the 1st quarter. Sherman Asset Management Inc. now owns 14,939 shares of the iPhone maker's stock worth $3,318,000 after acquiring an additional 397 shares in the last quarter. Priebe Wealth Holdings LLC increased its holdings in shares of Apple by 21.7% during the 1st quarter. Priebe Wealth Holdings LLC now owns 6,423 shares of the iPhone maker's stock valued at $1,427,000 after acquiring an additional 1,144 shares during the last quarter. Finally, 25 LLC raised its stake in shares of Apple by 1.2% in the 1st quarter. 25 LLC now owns 15,862 shares of the iPhone maker's stock valued at $3,523,000 after acquiring an additional 187 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on AAPL shares. Tigress Financial increased their price target on Apple from $295.00 to $300.00 and gave the company a "strong-buy" rating in a report on Thursday, April 3rd. DA Davidson raised their target price on shares of Apple from $230.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. China Renaissance began coverage on shares of Apple in a report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price target for the company. Raymond James Financial dropped their price objective on Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 30th. Finally, Monness Crespi & Hardt boosted their price objective on Apple to $245.00 and gave the stock a "buy" rating in a research report on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Apple presently has an average rating of "Moderate Buy" and an average price target of $235.27.

Apple Price Performance

Shares of NASDAQ:AAPL traded down $1.27 during midday trading on Friday, reaching $211.14. The company's stock had a trading volume of 26,418,862 shares, compared to its average volume of 53,390,132. The business's fifty day simple moving average is $203.27 and its 200-day simple moving average is $217.73. The company has a market capitalization of $3.15 trillion, a P/E ratio of 32.89, a P/E/G ratio of 2.36 and a beta of 1.20. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78. Apple Inc. has a fifty-two week low of $169.21 and a fifty-two week high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to analyst estimates of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. Apple's quarterly revenue was up 5.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.53 earnings per share. As a group, equities research analysts expect that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were given a dividend of $0.26 per share. The ex-dividend date was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. This is an increase from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is presently 16.20%.

Apple announced that its Board of Directors has approved a share repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Apple

In related news, CFO Kevan Parekh sold 4,570 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total value of $941,420.00. Following the transaction, the chief financial officer directly owned 4,569 shares in the company, valued at $941,214. This represents a 50.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the transaction, the insider directly owned 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company's stock.

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.