Apple Inc. (NASDAQ:AAPL) Stake Lessened by Cornerstone Wealth Management LLC

Cornerstone Wealth Management LLC trimmed its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 1.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 342,447 shares of the iPhone maker's stock after selling 6,541 shares during the quarter. Apple accounts for 5.1% of Cornerstone Wealth Management LLC's portfolio, making the stock its largest holding. Cornerstone Wealth Management LLC's holdings in Apple were worth $76,068,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of AAPL. Norges Bank bought a new position in Apple in the fourth quarter worth $46,868,648,000. GAMMA Investing LLC raised its stake in shares of Apple by 25,934.1% during the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock worth $133,425,490,000 after purchasing an additional 59,835,676 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Apple by 3.7% during the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock worth $349,532,608,000 after purchasing an additional 49,168,843 shares in the last quarter. Proficio Capital Partners LLC raised its stake in shares of Apple by 23,555.4% during the 4th quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock worth $5,272,653,000 after purchasing an additional 20,966,232 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Apple by 13.3% during the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock worth $42,918,365,000 after purchasing an additional 20,079,472 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Chris Kondo sold 4,486 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the transaction, the insider owned 15,533 shares of the company's stock, valued at approximately $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 accessible through the SEC website. Corporate insiders own 0.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. DA Davidson upped their price objective on Apple from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Wedbush reissued an "outperform" rating and set a $270.00 target price on shares of Apple in a report on Wednesday, July 9th. Bank of America reissued a "buy" rating and set a $235.00 target price on shares of Apple in a report on Tuesday, June 10th. China Renaissance assumed coverage on Apple in a report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 target price on the stock. Finally, Raymond James Financial decreased their target price on Apple from $250.00 to $230.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $234.94.

Apple Trading Up 0.1%

NASDAQ AAPL traded up $0.12 on Friday, hitting $213.88. The company's stock had a trading volume of 38,805,177 shares, compared to its average volume of 49,464,392. Apple Inc. has a 52-week low of $169.21 and a 52-week 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 company's 50-day simple moving average is $204.77 and its 200 day simple moving average is $214.58. The firm has a market cap of $3.19 trillion, a P/E ratio of 33.31, a PEG ratio of 2.39 and a beta of 1.20.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping 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 quarter last year, the business posted $1.53 EPS. The business's revenue was up 5.1% on a year-over-year basis. Research analysts predict that Apple Inc. will post 7.28 EPS 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 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 generally a sign that the company's board believes its shares are undervalued.

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 $0.26 dividend. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's dividend payout ratio is currently 16.20%.

Apple Company 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.