Apple Inc. (NASDAQ:AAPL) Stake Lowered by Cranbrook Wealth Management LLC

Cranbrook Wealth Management LLC lowered its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 10.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,048 shares of the iPhone maker's stock after selling 2,769 shares during the period. Apple comprises about 1.3% of Cranbrook Wealth Management LLC's investment portfolio, making the stock its 23rd biggest holding. Cranbrook Wealth Management LLC's holdings in Apple were worth $5,564,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Drystone LLC bought a new position in Apple in the fourth quarter worth about $25,000. Conquis Financial LLC bought a new stake in shares of Apple during the fourth quarter valued at approximately $63,000. LSV Asset Management bought a new stake in shares of Apple during the fourth quarter valued at approximately $65,000. Pillar Financial Advisors LLC bought a new stake in shares of Apple during the fourth quarter valued at approximately $82,000. Finally, Compass Planning Associates Inc bought a new stake in shares of Apple during the fourth quarter valued at approximately $96,000. Institutional investors own 67.73% of the company's stock.

Apple Price Performance

Shares of NASDAQ AAPL traded down $1.54 during trading on Monday, hitting $212.01. The company had a trading volume of 13,409,493 shares, compared to its average volume of 53,441,782. The company has a market cap of $3.17 trillion, a P/E ratio of 33.06, a PEG ratio of 2.38 and a beta of 1.20. Apple Inc. has a 52 week low of $169.21 and a 52 week high of $260.10. The business's 50-day moving average is $203.35 and its 200 day moving average is $218.44. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.78 and a current ratio of 0.82.

Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, beating 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 company had revenue of $95.36 billion for the quarter, compared to analysts' expectations of $94.04 billion. During the same quarter in the prior year, the company earned $1.53 earnings per share. The firm's revenue was up 5.1% on a year-over-year basis. Equities research analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple announced that its Board of Directors has initiated a stock repurchase plan on Thursday, May 1st that permits the company to buyback $100.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership 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 paid a dividend of $0.26 per share. This is an increase from Apple's previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.49%. The ex-dividend date of this dividend was Monday, May 12th. Apple's payout ratio is 16.20%.

Insider Buying and Selling at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the sale, the insider directly owned 15,533 shares of the company's stock, valued at $3,233,815.27. The trade was a 22.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the business's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer directly owned 4,569 shares in the company, valued at approximately $941,214. This trade represents a 50.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AAPL has been the topic of a number of recent analyst reports. Scotiabank cut Apple to a "market perform" rating in a report on Friday, May 2nd. KeyCorp raised Apple from an "underweight" rating to a "sector weight" rating in a report on Monday, April 14th. UBS Group set a $210.00 price target on Apple and gave the company a "neutral" rating in a report on Thursday. TD Cowen cut their price target on Apple from $290.00 to $275.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Finally, Barclays set a $173.00 price target on Apple and gave the company an "underweight" rating in a report on Tuesday, June 24th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $234.95.

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.