Corundum Group Inc. Cuts Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Corundum Group Inc. decreased its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 13.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,361 shares of the iPhone maker’s stock after selling 4,281 shares during the quarter. Apple accounts for approximately 2.3% of Corundum Group Inc.’s portfolio, making the stock its 12th largest position. Corundum Group Inc.’s holdings in Apple were worth $5,973,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Eaton Cambridge Inc. boosted its stake in Apple by 2.1% in the second quarter. Eaton Cambridge Inc. now owns 10,680 shares of the iPhone maker’s stock worth $2,249,000 after buying an additional 224 shares in the last quarter. AlphaMark Advisors LLC boosted its stake in Apple by 2.9% in the second quarter. AlphaMark Advisors LLC now owns 12,639 shares of the iPhone maker’s stock worth $2,662,000 after buying an additional 356 shares in the last quarter. Abundance Wealth Counselors boosted its stake in Apple by 0.9% in the second quarter. Abundance Wealth Counselors now owns 55,203 shares of the iPhone maker’s stock worth $11,627,000 after buying an additional 491 shares in the last quarter. Patrick M Sweeney & Associates Inc. boosted its stake in Apple by 0.7% in the second quarter. Patrick M Sweeney & Associates Inc. now owns 38,077 shares of the iPhone maker’s stock worth $8,020,000 after buying an additional 269 shares in the last quarter. Finally, New Perspectives Inc boosted its stake in Apple by 0.8% in the second quarter. New Perspectives Inc now owns 12,600 shares of the iPhone maker’s stock worth $2,654,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Price Performance

AAPL opened at $222.77 on Friday. The stock has a fifty day simple moving average of $223.22 and a two-hundred day simple moving average of $198.23. The company has a current ratio of 0.95, a quick ratio of 0.91 and a debt-to-equity ratio of 1.29. The company has a market cap of $3.42 trillion, a price-to-earnings ratio of 34.65, a price-to-earnings-growth ratio of 2.60 and a beta of 1.24. Apple Inc. has a 12-month low of $164.07 and a 12-month high of $237.23.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. The business had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. Apple had a return on equity of 147.15% and a net margin of 26.44%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.26 earnings per share. Research analysts predict that Apple Inc. will post 6.7 earnings per share for the current fiscal year.

Apple Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.45%. Apple’s dividend payout ratio is currently 15.55%.

Insider Transactions at Apple

In other news, insider Chris Kondo sold 8,706 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total value of $1,958,850.00. Following the sale, the insider now directly owns 15,419 shares of the company’s stock, valued at $3,469,275. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, SVP Katherine L. Adams sold 100,000 shares of the stock in a transaction on Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the sale, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at $39,542,136.92. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Chris Kondo sold 8,706 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total value of $1,958,850.00. Following the completion of the sale, the insider now directly owns 15,419 shares in the company, valued at $3,469,275. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,884 shares of company stock valued at $23,723,887. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

AAPL has been the subject of several research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 target price on shares of Apple in a research note on Tuesday. UBS Group upped their target price on Apple from $190.00 to $236.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Tigress Financial boosted their price objective on Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a research report on Wednesday, August 28th. Morgan Stanley reiterated an “overweight” rating and issued a $273.00 price objective on shares of Apple in a research report on Tuesday. Finally, Oppenheimer reiterated an “outperform” rating and issued a $250.00 price objective on shares of Apple in a research report on Tuesday. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $238.62.

Apple Company 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.