Corundum Group Inc. Reduces Position in Apple Inc. (NASDAQ:AAPL)

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

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Apple by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after purchasing an additional 18,067,216 shares during the period. Norges Bank bought a new stake in shares of Apple during the 4th quarter valued at about $33,912,466,000. Wellington Management Group LLP grew its stake in shares of Apple by 3.6% during the 4th quarter. Wellington Management Group LLP now owns 60,651,275 shares of the iPhone maker’s stock valued at $11,677,190,000 after purchasing an additional 2,096,360 shares during the period. Fisher Asset Management LLC grew its stake in shares of Apple by 2.0% during the 4th quarter. Fisher Asset Management LLC now owns 54,702,300 shares of the iPhone maker’s stock valued at $10,531,834,000 after purchasing an additional 1,067,587 shares during the period. Finally, Capital International Investors grew its stake in shares of Apple by 7.1% during the 1st quarter. Capital International Investors now owns 37,146,325 shares of the iPhone maker’s stock valued at $6,369,852,000 after purchasing an additional 2,474,887 shares during the period. 60.41% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AAPL has been the subject of a number of recent research reports. Evercore ISI restated an “outperform” rating and set a $250.00 price target on shares of Apple in a research note on Tuesday, August 27th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $265.00 price objective on shares of Apple in a research report on Tuesday. Tigress Financial lifted 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. Piper Sandler Companies reaffirmed a “neutral” rating and set a $225.00 price objective (up from $190.00) on shares of Apple in a research report on Tuesday, July 9th. Finally, Erste Group Bank raised Apple from a “hold” rating to a “buy” rating in a research report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $238.62.

Apple Stock Up 0.0 %

Shares of AAPL opened at $222.77 on Friday. The stock has a market capitalization 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 1 year low of $164.07 and a 1 year high of $237.23. The business’s 50 day simple moving average is $223.22 and its 200-day simple moving average is $198.23. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.95 and a quick ratio of 0.91.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.06. The business had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. Apple had a return on equity of 147.15% and a net margin of 26.44%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.26 EPS. As a group, equities analysts expect 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 given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s dividend payout ratio is currently 15.55%.

Insider Activity

In other news, insider Chris Kondo sold 8,706 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the transaction, the insider now owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Chris Kondo sold 8,706 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the transaction, the insider now owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Katherine L. Adams sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $206.44, for a total value of $20,644,000.00. Following the transaction, the senior vice president now directly owns 191,543 shares in the company, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 113,884 shares of company stock valued at $23,723,887. 0.06% of the stock is currently owned by insiders.

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.