Cornerstone Advisors LLC Trims Holdings in Apple Inc. (NASDAQ:AAPL)

Cornerstone Advisors LLC trimmed its stake in Apple Inc. (NASDAQ:AAPL) by 1.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 772,600 shares of the iPhone maker’s stock after selling 14,800 shares during the period. Apple makes up about 7.1% of Cornerstone Advisors LLC’s portfolio, making the stock its biggest position. Cornerstone Advisors LLC’s holdings in Apple were worth $180,016,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of AAPL. Citizens Financial Group Inc. RI lifted its stake in Apple by 4.8% in the third quarter. Citizens Financial Group Inc. RI now owns 847,414 shares of the iPhone maker’s stock worth $197,447,000 after purchasing an additional 38,519 shares during the last quarter. Moors & Cabot Inc. boosted its holdings in Apple by 0.5% during the 3rd quarter. Moors & Cabot Inc. now owns 433,946 shares of the iPhone maker’s stock valued at $101,109,000 after acquiring an additional 2,165 shares during the period. EagleClaw Capital Managment LLC grew its position in Apple by 5.5% in the 3rd quarter. EagleClaw Capital Managment LLC now owns 95,493 shares of the iPhone maker’s stock valued at $22,250,000 after acquiring an additional 4,985 shares during the last quarter. Stonebridge Financial Planning Group LLC lifted its position in shares of Apple by 1.2% during the third quarter. Stonebridge Financial Planning Group LLC now owns 14,365 shares of the iPhone maker’s stock worth $3,347,000 after purchasing an additional 164 shares during the last quarter. Finally, Silver Oak Advisory Group Inc. boosted its stake in shares of Apple by 72.9% during the third quarter. Silver Oak Advisory Group Inc. now owns 9,971 shares of the iPhone maker’s stock valued at $2,323,000 after purchasing an additional 4,205 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Transactions at Apple

In related news, insider Chris Kondo sold 4,130 shares of Apple stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $228.87, for a total transaction of $945,233.10. Following the completion of the transaction, the insider now directly owns 15,419 shares in the company, valued at approximately $3,528,946.53. This trade represents a 21.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jeffrey E. Williams sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $249.97, for a total value of $24,997,000.00. Following the completion of the sale, the chief operating officer now owns 389,944 shares in the company, valued at approximately $97,474,301.68. This represents a 20.41 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Loop Capital lowered Apple from a “buy” rating to a “hold” rating and set a $230.00 price target for the company. in a report on Tuesday, January 21st. Bank of America reiterated a “buy” rating and issued a $253.00 target price (down from $256.00) on shares of Apple in a report on Friday, January 24th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $262.00 price objective on shares of Apple in a research note on Monday. The Goldman Sachs Group reduced their price target on shares of Apple from $286.00 to $280.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Finally, Citigroup boosted their price objective on shares of Apple to $185.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Apple currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.05.

Apple Stock Up 0.5 %

Shares of AAPL stock opened at $239.36 on Thursday. The stock’s 50-day simple moving average is $241.17 and its 200-day simple moving average is $230.75. The firm has a market capitalization of $3.60 trillion, a PE ratio of 39.37, a P/E/G ratio of 2.19 and a beta of 1.20. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $260.10. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.83 and a current ratio of 0.87.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. The company had revenue of $94.93 billion during the quarter, compared to analyst estimates of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. Apple’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm posted $1.46 EPS. Equities analysts expect that Apple Inc. will post 7.43 earnings per share for the current year.

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.