Apple Inc. (NASDAQ:AAPL) Stock Holdings Increased by Cornerstone Enterprises LLC

Key Points

• Cornerstone Enterprises LLC increased its stake in Apple Inc. by 5.1% during the first quarter, purchasing an additional 1,959 shares, making Apple the firm's 5th largest holding.
• Apple reported $1.57 earnings per share, exceeding analyst estimates, and achieved a revenue of $94.04 billion in its latest quarterly earnings announced on July 31st.
• Apple's board has approved a $100 billion share repurchase plan, indicating confidence in the valuation of its stock in the market.

Cornerstone Enterprises LLC increased its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 5.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,142 shares of the iPhone maker's stock after purchasing an additional 1,959 shares during the quarter. Apple makes up approximately 5.4% of Cornerstone Enterprises LLC's holdings, making the stock its 5th largest holding. Cornerstone Enterprises LLC's holdings in Apple were worth $8,917,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Transcend Capital Advisors LLC boosted its position in shares of Apple by 5.6% during the first quarter. Transcend Capital Advisors LLC now owns 463,601 shares of the iPhone maker's stock worth $102,980,000 after buying an additional 24,482 shares during the period. Beacon Financial Advisory LLC raised its position in Apple by 1.9% during the first quarter. Beacon Financial Advisory LLC now owns 32,099 shares of the iPhone maker's stock valued at $7,130,000 after buying an additional 603 shares during the period. Elite Life Management LLC grew its stake in Apple by 1.2% in the first quarter. Elite Life Management LLC now owns 5,855 shares of the iPhone maker's stock valued at $1,301,000 after purchasing an additional 67 shares in the last quarter. Falcon Wealth Planning grew its stake in Apple by 14.7% in the first quarter. Falcon Wealth Planning now owns 272,785 shares of the iPhone maker's stock valued at $60,594,000 after purchasing an additional 34,959 shares in the last quarter. Finally, Primoris Wealth Advisors LLC boosted its stake in shares of Apple by 0.8% during the 1st quarter. Primoris Wealth Advisors LLC now owns 22,126 shares of the iPhone maker's stock worth $4,915,000 after acquiring an additional 171 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Apple Trading Down 0.9%

Shares of NASDAQ AAPL traded down $2.17 during midday trading on Monday, hitting $227.18. 61,704,510 shares of the company traded hands, compared to its average volume of 58,008,367. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.83 and a current ratio of 0.87. The stock has a 50-day moving average price of $206.84 and a 200 day moving average price of $213.07. The firm has a market cap of $3.37 trillion, a P/E ratio of 34.47, a P/E/G ratio of 2.40 and a beta of 1.16.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same period in the previous year, the business earned $1.40 EPS. The company's quarterly revenue was up 9.6% compared to the same quarter last year. As a group, analysts expect that Apple Inc. will post 7.28 earnings per share for the current year.

Apple announced that its board has authorized a stock repurchase plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to repurchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Monday, August 11th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, August 11th. Apple's dividend payout ratio (DPR) is 15.78%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AAPL. DA Davidson reiterated a "buy" rating and set a $250.00 target price on shares of Apple in a research report on Friday, August 1st. Citigroup raised their price target on Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Evercore ISI lifted their price target on Apple to $250.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Barclays lifted their price target on Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a report on Friday, August 1st. Finally, UBS Group boosted their price target on Apple from $210.00 to $220.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Two 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 company. Based on data from MarketBeat.com, Apple has a consensus rating of "Moderate Buy" and a consensus price target of $237.60.

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.