Cornerstone Advisors Inc. lowered its stake in shares of Apple Inc. (NASDAQ:AAPL) by 6.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,220 shares of the iPhone maker’s stock after selling 927 shares during the quarter. Apple makes up about 1.9% of Cornerstone Advisors Inc.’s holdings, making the stock its 6th biggest position. Cornerstone Advisors Inc.’s holdings in Apple were worth $2,984,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in AAPL. BP PLC grew its holdings in Apple by 8.2% during the 2nd quarter. BP PLC now owns 630,000 shares of the iPhone maker’s stock worth $115,233,000 after acquiring an additional 48,000 shares during the period. Buffington Mohr McNeal grew its holdings in Apple by 19.4% during the 2nd quarter. Buffington Mohr McNeal now owns 4,644 shares of the iPhone maker’s stock worth $860,000 after acquiring an additional 755 shares during the period. Armbruster Capital Management Inc. grew its holdings in Apple by 336.8% during the 2nd quarter. Armbruster Capital Management Inc. now owns 3,254 shares of the iPhone maker’s stock worth $602,000 after acquiring an additional 2,509 shares during the period. Spectrum Management Group Inc. grew its stake in shares of Apple by 16.4% in the 2nd quarter. Spectrum Management Group Inc. now owns 27,028 shares of the iPhone maker’s stock valued at $5,003,000 after buying an additional 3,800 shares during the period. Finally, MainStreet Investment Advisors LLC grew its stake in shares of Apple by 4.5% in the 2nd quarter. MainStreet Investment Advisors LLC now owns 93,342 shares of the iPhone maker’s stock valued at $17,279,000 after buying an additional 3,996 shares during the period. 56.40% of the stock is currently owned by institutional investors.
In other Apple news, Director Arthur D. Levinson sold 1,521 shares of Apple stock in a transaction that occurred on Friday, February 1st. The shares were sold at an average price of $167.71, for a total transaction of $255,086.91. Following the transaction, the director now owns 1,134,804 shares of the company’s stock, valued at approximately $190,317,978.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.05% of the stock is owned by company insiders.
AAPL stock opened at $186.12 on Friday. The stock has a market cap of $889.20 billion, a price-to-earnings ratio of 15.63, a P/E/G ratio of 1.85 and a beta of 1.13. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.30 and a quick ratio of 1.25. Apple Inc. has a 52-week low of $142.00 and a 52-week high of $233.47.
Apple (NASDAQ:AAPL) last released its quarterly earnings results on Tuesday, January 29th. The iPhone maker reported $4.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.17 by $0.01. Apple had a return on equity of 50.92% and a net margin of 22.72%. The business had revenue of $84.31 billion during the quarter, compared to the consensus estimate of $84.07 billion. On average, analysts forecast that Apple Inc. will post 11.38 EPS for the current year.
Several analysts have recently commented on the company. UBS Group restated a “buy” rating and issued a $180.00 target price on shares of Apple in a research note on Monday, January 14th. Goldman Sachs Group restated a “neutral” rating and issued a $182.00 target price (down from $209.00) on shares of Apple in a research note on Tuesday, November 20th. Sanford C. Bernstein set a $210.00 target price on Apple and gave the company a “neutral” rating in a research note on Monday, December 10th. Robert W. Baird restated a “buy” rating and issued a $230.00 target price on shares of Apple in a research note on Monday, November 19th. Finally, Wolfe Research assumed coverage on Apple in a research note on Tuesday, December 11th. They issued a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, twenty-two have assigned a hold rating and twenty-four have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $193.19.
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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