Crosspoint Financial LLC Invests $281,000 in Apple Inc. $AAPL

Crosspoint Financial LLC bought a new position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,267 shares of the iPhone maker's stock, valued at approximately $281,000. Apple accounts for approximately 0.8% of Crosspoint Financial LLC's portfolio, making the stock its 26th biggest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in AAPL. Conquis Financial LLC bought a new stake in shares of Apple during the fourth quarter worth approximately $63,000. LSV Asset Management bought a new stake in shares of Apple during the fourth quarter worth approximately $65,000. Elite Financial Inc. bought a new stake in shares of Apple during the first quarter worth approximately $58,000. Pillar Financial Advisors LLC bought a new stake in shares of Apple during the fourth quarter worth approximately $82,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Apple during the fourth quarter worth approximately $147,000. 67.73% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AAPL has been the subject of a number of research analyst reports. Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating in a report on Friday, July 18th. Bank of America restated a "buy" rating and set a $250.00 price objective on shares of Apple in a report on Monday. JPMorgan Chase & Co. lifted their price target on shares of Apple from $250.00 to $255.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Morgan Stanley lifted their price target on shares of Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Monness Crespi & Hardt lifted their price target on shares of Apple from $245.00 to $270.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Apple has a consensus rating of "Moderate Buy" and a consensus target price of $237.37.

Apple Stock Up 0.9%

Shares of AAPL opened at $232.56 on Friday. Apple Inc. has a one year low of $169.21 and a one year high of $260.10. The company has a market cap of $3.45 trillion, a P/E ratio of 35.29, a P/E/G ratio of 2.41 and a beta of 1.16. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The firm has a 50 day simple moving average of $215.17 and a two-hundred day simple moving average of $213.08.

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

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.4%. The ex-dividend date was Monday, August 11th. Apple's payout ratio is currently 15.78%.

Apple declared that its Board of Directors has initiated a stock repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the completion of the transaction, the senior vice president directly owned 136,687 shares in the company, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.06% of the stock is currently owned by corporate insiders.

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.

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