Apple Inc. (NASDAQ:AAPL) is Cornercap Investment Counsel Inc.’s 8th Largest Position

Cornercap Investment Counsel Inc. trimmed its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,286 shares of the iPhone maker’s stock after selling 569 shares during the period. Apple comprises approximately 0.8% of Cornercap Investment Counsel Inc.’s holdings, making the stock its 8th biggest holding. Cornercap Investment Counsel Inc.’s holdings in Apple were worth $4,694,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Verus Financial Partners Inc. increased its position in shares of Apple by 0.3% in the 2nd quarter. Verus Financial Partners Inc. now owns 16,929 shares of the iPhone maker’s stock worth $3,566,000 after purchasing an additional 48 shares during the last quarter. Brown Financial Advisory increased its position in shares of Apple by 3.8% in the 2nd quarter. Brown Financial Advisory now owns 1,364 shares of the iPhone maker’s stock worth $287,000 after purchasing an additional 50 shares during the last quarter. Core Wealth Management Inc. increased its position in shares of Apple by 1.7% in the 2nd quarter. Core Wealth Management Inc. now owns 2,968 shares of the iPhone maker’s stock worth $625,000 after purchasing an additional 50 shares during the last quarter. Lowery Thomas LLC increased its position in shares of Apple by 0.7% in the 2nd quarter. Lowery Thomas LLC now owns 7,607 shares of the iPhone maker’s stock worth $1,602,000 after purchasing an additional 50 shares during the last quarter. Finally, Klein Pavlis & Peasley Financial Inc. increased its position in shares of Apple by 1.1% in the 2nd quarter. Klein Pavlis & Peasley Financial Inc. now owns 4,505 shares of the iPhone maker’s stock worth $949,000 after purchasing an additional 51 shares during the last quarter. 60.41% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Performance

AAPL stock opened at $233.67 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $3.58 trillion, a price-to-earnings ratio of 36.34, a P/E/G ratio of 2.40 and a beta of 1.24. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $237.49. The firm has a 50 day moving average of $227.15 and a two-hundred day moving average of $211.46.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping the consensus estimate of $1.34 by $0.06. The company had revenue of $85.78 billion during the quarter, compared to the consensus estimate of $84.43 billion. Apple had a net margin of 26.44% and a return on equity of 147.15%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.26 earnings per share. As a group, equities analysts anticipate that Apple Inc. will post 6.65 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Monday, August 12th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 0.43%. The ex-dividend date was Monday, August 12th. Apple’s dividend payout ratio is currently 15.55%.

Insider Buying and Selling

In related news, CEO Timothy D. Cook sold 223,986 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total transaction of $50,275,897.56. Following the completion of the sale, the chief executive officer now directly owns 3,280,180 shares of the company’s stock, valued at approximately $736,269,202.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Apple news, CEO Timothy D. Cook sold 223,986 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $224.46, for a total value of $50,275,897.56. Following the completion of the sale, the chief executive officer now directly owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Chris Kondo sold 5,178 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $216.50, for a total transaction of $1,121,037.00. Following the completion of the sale, the insider now directly owns 24,125 shares of the company’s stock, valued at approximately $5,223,062.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 517,924 shares of company stock valued at $114,786,399. Company insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on AAPL. New Street Research reaffirmed a “neutral” rating and set a $225.00 price objective on shares of Apple in a research report on Wednesday, September 25th. Citigroup boosted their price objective on shares of Apple to $185.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Melius Research reaffirmed a “buy” rating and set a $265.00 price objective on shares of Apple in a research report on Tuesday, August 27th. Morgan Stanley reaffirmed an “overweight” rating and set a $273.00 price objective on shares of Apple in a research report on Tuesday, September 10th. Finally, KeyCorp downgraded shares of Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price objective for the company. in a research report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $235.91.

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.