Cranbrook Wealth Management LLC decreased its stake in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 10.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 25,048 shares of the iPhone maker's stock after selling 2,769 shares during the quarter. Apple accounts for about 1.3% of Cranbrook Wealth Management LLC's investment portfolio, making the stock its 23rd biggest position. Cranbrook Wealth Management LLC's holdings in Apple were worth $5,564,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. Advanced Portfolio Management LLC increased its stake in Apple by 0.3% during the 4th quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after purchasing an additional 47 shares in the last quarter. Family Capital Management Inc. boosted its holdings in shares of Apple by 0.3% in the fourth quarter. Family Capital Management Inc. now owns 16,910 shares of the iPhone maker's stock valued at $4,235,000 after buying an additional 48 shares during the period. Farmers & Merchants Trust Co of Chambersburg PA increased its position in shares of Apple by 0.3% during the fourth quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 16,682 shares of the iPhone maker's stock worth $4,178,000 after acquiring an additional 48 shares in the last quarter. Scarborough Advisors LLC raised its holdings in shares of Apple by 0.3% during the fourth quarter. Scarborough Advisors LLC now owns 15,940 shares of the iPhone maker's stock worth $3,992,000 after acquiring an additional 51 shares during the period. Finally, Disciplined Investments LLC lifted its position in Apple by 0.7% in the 4th quarter. Disciplined Investments LLC now owns 7,166 shares of the iPhone maker's stock valued at $1,794,000 after acquiring an additional 51 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.
Apple Stock Performance
AAPL stock traded down $3.60 during midday trading on Monday, reaching $209.95. 50,065,415 shares of the company were exchanged, compared to its average volume of 53,581,624. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The firm has a market capitalization of $3.14 trillion, a price-to-earnings ratio of 32.70, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20. The business has a 50-day moving average price of $203.35 and a two-hundred day moving average price of $218.44. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.82 and a quick ratio of 0.78.
Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping the consensus estimate of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 167.24%. Apple's revenue was up 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.53 EPS. Equities research analysts forecast that Apple Inc. will post 7.28 EPS for the current year.
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. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a dividend yield of 0.50%. Apple's dividend payout ratio is presently 16.20%.
Apple announced that its board has initiated a share buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
AAPL has been the topic of several recent research reports. Jefferies Financial Group raised Apple from an "underperform" rating to a "hold" rating and lifted their price target for the company from $170.62 to $188.32 in a research note on Tuesday, July 1st. China Renaissance began coverage on Apple in a report on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price objective for the company. UBS Group set a $210.00 price objective on Apple and gave the stock a "neutral" rating in a report on Thursday. Rosenblatt Securities downgraded Apple from a "buy" rating to a "neutral" rating and set a $217.00 price objective for the company. in a report on Friday, May 2nd. Finally, Morgan Stanley reissued an "overweight" rating on shares of Apple in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $234.95.
Check Out Our Latest Research Report on Apple
Insider Buying and Selling
In related news, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the completion of the sale, the chief financial officer directly owned 4,569 shares of the company's stock, valued at approximately $941,214. This trade represents a 50.01% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Chris Kondo sold 4,486 shares of Apple 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 sale, the insider directly owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by company insiders.
About Apple
(
Free Report)
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.
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