Cornerstone Select Advisors LLC Invests $4.32 Million in Apple Inc. (NASDAQ:AAPL)

Cornerstone Select Advisors LLC bought a new position in Apple Inc. (NASDAQ:AAPL - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 17,232 shares of the iPhone maker's stock, valued at approximately $4,315,000. Apple comprises about 4.2% of Cornerstone Select Advisors LLC's investment portfolio, making the stock its 3rd biggest holding.

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

Insider Buying and Selling at Apple

In other Apple news, COO Jeffrey E. Williams sold 35,493 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $224.01, for a total value of $7,950,786.93. Following the sale, the chief operating officer now owns 390,059 shares of the company's stock, valued at $87,377,116.59. The trade was a 8.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Chris Kondo sold 4,486 shares of the business'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 value of $933,940.34. Following the completion of the sale, the insider now directly owns 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,507 shares of company stock valued at $42,694,080 over the last quarter. 0.06% of the stock is owned by company insiders.

Apple Trading Down 1.4%

Shares of AAPL stock traded down $2.78 during trading on Tuesday, hitting $195.64. 38,432,354 shares of the stock traded hands, compared to its average volume of 54,632,706. The firm has a market capitalization of $2.92 trillion, a P/E ratio of 31.05, a price-to-earnings-growth ratio of 2.44 and a beta of 1.22. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.88. The firm's fifty day moving average price is $202.28 and its 200-day moving average price is $222.66. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. The firm 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 160.83%. The business's revenue for the quarter was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.53 EPS. As a group, research analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its board has authorized a share repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were given a $0.26 dividend. This is a positive change from Apple's previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Monday, May 12th. This represents a $1.04 dividend on an annualized basis and a yield of 0.53%. Apple's payout ratio is presently 16.20%.

Analysts Set New Price Targets

Several brokerages have issued reports on AAPL. Needham & Company LLC restated a "hold" rating on shares of Apple in a research report on Tuesday, June 10th. TD Cowen dropped their target price on Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Maxim Group boosted their target price on Apple to $215.00 and gave the company a "hold" rating in a research report on Friday, February 21st. Wedbush restated an "outperform" rating and set a $270.00 target price on shares of Apple in a research report on Tuesday, June 10th. Finally, Bank of America reiterated a "buy" rating and issued a $235.00 price target on shares of Apple in a report on Tuesday, June 10th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Apple presently has a consensus rating of "Moderate Buy" and a consensus price target of $234.86.

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.