Cherrydale Wealth Management LLC Buys 2,378 Shares of Apple Inc. (NASDAQ:AAPL)

Cherrydale Wealth Management LLC lifted its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 18.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 15,547 shares of the iPhone maker's stock after buying an additional 2,378 shares during the period. Apple makes up about 1.4% of Cherrydale Wealth Management LLC's portfolio, making the stock its 12th largest position. Cherrydale Wealth Management LLC's holdings in Apple were worth $3,454,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Drystone LLC acquired a new position in shares of Apple in the 4th quarter valued at $25,000. Life Planning Partners Inc acquired a new stake in shares of Apple in the fourth quarter worth approximately $47,000. Conquis Financial LLC acquired a new stake in shares of Apple in the fourth quarter valued at about $63,000. LSV Asset Management purchased a new position in Apple in the 4th quarter worth approximately $65,000. Finally, Pillar Financial Advisors LLC purchased a new stake in Apple in the 4th quarter valued at $82,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on AAPL shares. China Renaissance began coverage on Apple in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target on the stock. Monness Crespi & Hardt increased their target price on shares of Apple to $245.00 and gave the company a "buy" rating in a research report on Tuesday, June 10th. Loop Capital dropped their price objective on shares of Apple from $230.00 to $215.00 and set a "hold" rating on the stock in a research note on Wednesday, April 30th. Bank of America reissued a "buy" rating and set a $235.00 price target on shares of Apple in a report on Tuesday, June 10th. Finally, Jefferies Financial Group raised Apple from an "underperform" rating to a "hold" rating and boosted their price target for the stock from $170.62 to $188.32 in a research note on Tuesday, July 1st. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $235.27.

Apple Stock Up 0.6%

AAPL traded up $1.27 during trading on Thursday, reaching $212.41. 44,333,520 shares of the stock were exchanged, compared to its average volume of 53,446,789. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82. The stock has a market cap of $3.17 trillion, a P/E ratio of 33.09, a price-to-earnings-growth ratio of 2.36 and a beta of 1.20. The stock's 50 day moving average price is $203.29 and its two-hundred day moving average price is $218.03.

Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to analysts' expectations of $94.04 billion. During the same period in the previous year, the company posted $1.53 earnings per share. The firm's revenue for the quarter was up 5.1% compared to the same quarter last year. Equities analysts expect that Apple Inc. will post 7.28 EPS for the current year.

Apple declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date of this dividend was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is 16.20%.

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.