Red Crane Wealth Management LLC Purchases Shares of 12,081 Apple Inc. (NASDAQ:AAPL)

Red Crane Wealth Management LLC acquired a new position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 12,081 shares of the iPhone maker's stock, valued at approximately $3,025,000. Apple accounts for about 2.9% of Red Crane Wealth Management LLC's holdings, making the stock its 12th biggest position.

Several other hedge funds also recently modified their holdings of the stock. Drystone LLC acquired a new position in shares of Apple during the fourth quarter worth approximately $25,000. Life Planning Partners Inc acquired a new position in Apple during the fourth quarter worth $47,000. SPX Gestao de Recursos Ltda acquired a new stake in shares of Apple in the 3rd quarter worth about $71,000. Teachers Insurance & Annuity Association of America bought a new position in Apple in the 3rd quarter valued at about $77,000. Finally, Compass Planning Associates Inc acquired a new position in Apple during the 4th quarter valued at about $96,000. Institutional investors own 67.73% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Rosenblatt Securities downgraded Apple from a "buy" rating to a "neutral" rating and set a $217.00 price objective for the company. in a research note on Friday, May 2nd. Citigroup restated a "cautious" rating on shares of Apple in a research note on Monday. Evercore ISI lifted their price objective on shares of Apple from $260.00 to $275.00 and gave the stock an "outperform" rating in a report on Tuesday, March 18th. Moffett Nathanson reiterated a "sell" rating and issued a $188.00 target price (down previously from $202.00) on shares of Apple in a report on Tuesday, January 7th. Finally, Morgan Stanley boosted their price target on shares of Apple from $220.00 to $235.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Apple presently has an average rating of "Hold" and a consensus target price of $235.80.

Apple Trading Up 0.0 %

Shares of Apple stock opened at $198.92 on Wednesday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.88. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The firm has a market cap of $2.99 trillion, a PE ratio of 31.57, a PEG ratio of 2.44 and a beta of 1.27. The company has a 50 day simple moving average of $210.55 and a two-hundred day simple moving average of $228.13.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.03. Apple had a net margin of 24.30% and a return on equity of 160.83%. The company had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. During the same period in the previous year, the business earned $1.53 earnings per share. The firm's quarterly revenue was up 5.1% compared to the same quarter last year. Analysts expect that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Monday, May 12th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.52%. This is a boost from Apple's previous quarterly dividend of $0.25. The ex-dividend date is Monday, May 12th. Apple's dividend payout ratio (DPR) is currently 16.20%.

Apple declared that its Board of Directors has approved a stock repurchase plan on Thursday, May 1st that permits the company to buyback $100.00 billion in shares. This buyback authorization permits the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Apple news, SVP Katherine L. Adams sold 38,822 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $223.67, for a total value of $8,683,316.74. Following the completion of the sale, the senior vice president now owns 179,158 shares in the company, valued at approximately $40,072,269.86. The trade was a 17.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of Apple stock in a transaction 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 transaction, the chief financial officer now directly owns 4,569 shares in the company, valued at approximately $941,214. The trade was a 50.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 187,021 shares of company stock worth $41,760,140 in the last quarter. 0.06% of the stock is owned by insiders.

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.

Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.