Corundum Group Inc. Has $5.32 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Corundum Group Inc. cut its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 13.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,969 shares of the iPhone maker's stock after selling 3,882 shares during the period. Apple accounts for approximately 2.6% of Corundum Group Inc.'s portfolio, making the stock its 12th biggest holding. Corundum Group Inc.'s holdings in Apple were worth $5,324,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

AAPL has been the topic of a number of analyst reports. The Goldman Sachs Group reiterated a "buy" rating on shares of Apple in a research report on Wednesday, May 21st. China Renaissance began coverage on Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target for the company. Bank of America raised their price target on Apple from $240.00 to $250.00 and gave the stock a "buy" rating in a research report on Thursday. Morgan Stanley boosted their price objective on Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, DA Davidson reaffirmed a "buy" rating and issued a $250.00 price target on shares of Apple in a research note on Friday, August 1st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $237.60.

Insider Buying and Selling

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 transaction of $933,940.34. Following the transaction, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.06% of the company's stock.

Apple Stock Up 4.2%

AAPL traded up $9.32 on Friday, hitting $229.35. 113,661,399 shares of the company were exchanged, compared to its average volume of 57,968,961. 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's fifty day moving average is $206.24 and its 200-day moving average is $213.17. The company has a market cap of $3.40 trillion, a PE ratio of 34.80, a PEG ratio of 2.24 and a beta of 1.16. Apple Inc. has a 12 month low of $169.21 and a 12 month high of $260.10.

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

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be paid a $0.26 dividend. The ex-dividend date is Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. Apple's dividend payout ratio is 15.78%.

Apple declared that its board has approved a share buyback plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

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.