Cherrydale Wealth Management LLC boosted its stake in Apple Inc. (NASDAQ:AAPL – Get Rating) by 1.6% in the first quarter, HoldingsChannel reports. The firm owned 33,195 shares of the iPhone maker’s stock after acquiring an additional 530 shares during the period. Apple accounts for about 4.3% of Cherrydale Wealth Management LLC’s holdings, making the stock its 6th biggest position. Cherrydale Wealth Management LLC’s holdings in Apple were worth $5,796,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. State Street Corp grew its holdings in shares of Apple by 1.8% in the 4th quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after buying an additional 10,951,705 shares during the period. Geode Capital Management LLC grew its stake in Apple by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 264,351,901 shares of the iPhone maker’s stock valued at $46,812,958,000 after acquiring an additional 4,456,954 shares during the period. Norges Bank bought a new stake in shares of Apple in the fourth quarter worth about $25,228,507,000. Charles Schwab Investment Management Inc. raised its position in shares of Apple by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 79,583,859 shares of the iPhone maker’s stock worth $14,131,710,000 after purchasing an additional 1,273,148 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in shares of Apple by 5.1% during the 4th quarter. Fisher Asset Management LLC now owns 63,982,104 shares of the iPhone maker’s stock valued at $11,361,302,000 after purchasing an additional 3,096,696 shares in the last quarter. Institutional investors own 57.98% of the company’s stock.
Insider Buying and Selling
In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the transaction, the senior vice president now owns 452,334 shares in the company, valued at approximately $73,151,454.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is currently owned by insiders.
Apple Stock Performance
Shares of AAPL stock opened at $156.79 on Thursday. Apple Inc. has a 52 week low of $129.04 and a 52 week high of $182.94. The company has a market capitalization of $2.54 trillion, a price-to-earnings ratio of 25.45, a PEG ratio of 1.98 and a beta of 1.19. The company has a 50-day simple moving average of $143.41 and a 200 day simple moving average of $157.62. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.88 and a current ratio of 0.93.
Apple (NASDAQ:AAPL – Get Rating) last issued its quarterly earnings data on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. The company had revenue of $97.28 billion during the quarter, compared to analysts’ expectations of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The business’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.40 earnings per share. On average, sell-side analysts predict that Apple Inc. will post 6.09 earnings per share for the current year.
Apple declared that its board has approved a share repurchase program on Thursday, April 28th that allows the company to buyback $90.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
Wall Street Analysts Forecast Growth
Several brokerages have commented on AAPL. Rosenblatt Securities dropped their target price on shares of Apple from $184.00 to $168.00 and set a “neutral” rating on the stock in a report on Monday, May 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Apple from $200.00 to $175.00 in a research report on Tuesday, June 14th. Deutsche Bank Rese… set a $210.00 target price on Apple in a report on Friday, April 8th. Morgan Stanley cut their price target on Apple from $185.00 to $180.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Finally, Bank of America decreased their price objective on Apple from $200.00 to $185.00 in a report on Tuesday. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $179.64.
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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