Cobblestone Asset Management LLC Acquires 2,080 Shares of Apple Inc. (NASDAQ:AAPL)

Key Points

• Cobblestone Asset Management LLC increased its holdings in Apple Inc. by 35.0%, now owning 8,027 shares valued at approximately $1.78 million.
• Apple recently announced a quarterly dividend increase from $0.25 to $0.26 per share, resulting in an annualized dividend of $1.04.
• Analysts have a consensus price target for Apple shares of $234.94, with a majority rating it as a "Moderate Buy."

Cobblestone Asset Management LLC grew its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 35.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,027 shares of the iPhone maker's stock after buying an additional 2,080 shares during the period. Apple accounts for approximately 1.0% of Cobblestone Asset Management LLC's portfolio, making the stock its 25th largest holding. Cobblestone Asset Management LLC's holdings in Apple were worth $1,783,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AAPL. Life Planning Partners Inc bought a new position in shares of Apple in the fourth quarter worth $47,000. Conquis Financial LLC bought a new position in Apple in the 4th quarter worth about $63,000. LSV Asset Management bought a new position in Apple in the 4th quarter worth about $65,000. Pillar Financial Advisors LLC bought a new position in Apple in the 4th quarter worth about $82,000. Finally, Compass Planning Associates Inc bought a new position in Apple in the 4th quarter worth about $96,000. 67.73% of the stock is currently owned by institutional investors.

Insider Activity at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. This represents a 22.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.06% of the company's stock.

Apple Price Performance

AAPL traded down $2.22 during trading hours on Wednesday, hitting $209.05. The company's stock had a trading volume of 43,674,703 shares, compared to its average volume of 43,746,808. The business's 50-day moving average price is $205.10 and its 200-day moving average price is $214.16. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The stock has a market cap of $3.12 trillion, a price-to-earnings ratio of 32.56, a P/E/G ratio of 2.32 and a beta of 1.20.

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

Apple declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its shares are undervalued.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This is a boost from Apple's previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.50%. Apple's dividend payout ratio is presently 16.20%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on AAPL shares. The Goldman Sachs Group restated a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. UBS Group reissued a "hold" rating on shares of Apple in a report on Friday, July 18th. Raymond James Financial decreased their price target on shares of Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Jefferies Financial Group raised Apple from an "underperform" rating to a "hold" rating in a research note on Friday, July 18th. Finally, KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a research note on Monday, April 14th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $234.94.

Apple 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.