Cherry Creek Investment Advisors Inc. Purchases 604 Shares of Apple Inc. (NASDAQ:AAPL)

Posted by Defense World Staff on Oct 3rd, 2023

Cherry Creek Investment Advisors Inc. grew its position in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 1.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 56,374 shares of the iPhone maker’s stock after purchasing an additional 604 shares during the quarter. Apple accounts for 7.4% of Cherry Creek Investment Advisors Inc.’s portfolio, making the stock its largest position. Cherry Creek Investment Advisors Inc.’s holdings in Apple were worth $10,935,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. MKT Advisors LLC increased its stake in shares of Apple by 0.5% in the second quarter. MKT Advisors LLC now owns 12,269 shares of the iPhone maker’s stock worth $1,777,000 after purchasing an additional 60 shares during the period. Professional Financial Advisors LLC increased its stake in Apple by 0.5% during the second quarter. Professional Financial Advisors LLC now owns 13,213 shares of the iPhone maker’s stock valued at $2,563,000 after acquiring an additional 62 shares during the period. Aspire Capital Advisors LLC increased its stake in Apple by 0.5% during the first quarter. Aspire Capital Advisors LLC now owns 14,076 shares of the iPhone maker’s stock valued at $2,321,000 after acquiring an additional 64 shares during the period. Orgel Wealth Management LLC increased its stake in Apple by 0.7% during the second quarter. Orgel Wealth Management LLC now owns 8,926 shares of the iPhone maker’s stock valued at $1,731,000 after acquiring an additional 66 shares during the period. Finally, Freedom Wealth Alliance LLC increased its stake in Apple by 0.4% during the first quarter. Freedom Wealth Alliance LLC now owns 16,091 shares of the iPhone maker’s stock valued at $2,653,000 after acquiring an additional 67 shares during the period. 58.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AAPL. JPMorgan Chase & Co. restated an “overweight” rating on shares of Apple in a research note on Thursday, September 21st. Robert W. Baird boosted their price target on Apple from $180.00 to $204.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. 58.com restated a “maintains” rating on shares of Apple in a research note on Monday, June 5th. Wells Fargo & Company lifted their price objective on Apple from $210.00 to $225.00 and gave the company an “overweight” rating in a report on Monday, July 24th. Finally, Piper Jaffray Companies lifted their price objective on Apple from $180.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, July 31st. Nine equities research analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $200.54.

Get Our Latest Analysis on Apple

Insider Buying and Selling at Apple

In other Apple news, SVP Deirdre O’brien sold 15,419 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $178.56, for a total transaction of $2,753,216.64. Following the completion of the sale, the senior vice president now owns 136,445 shares in the company, valued at approximately $24,363,619.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.06% of the company’s stock.

Apple Stock Up 1.5 %

NASDAQ:AAPL opened at $173.75 on Tuesday. The stock’s fifty day moving average price is $180.84 and its two-hundred day moving average price is $177.39. Apple Inc. has a 52-week low of $124.17 and a 52-week high of $198.23. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.92 and a current ratio of 0.98. The company has a market cap of $2.72 trillion, a price-to-earnings ratio of 29.20, a P/E/G ratio of 2.50 and a beta of 1.28.

Apple (NASDAQ:AAPL – Get Free Report) last posted its quarterly earnings data on Thursday, August 3rd. The iPhone maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.19 by $0.07. The firm had revenue of $81.80 billion for the quarter, compared to the consensus estimate of $81.79 billion. Apple had a return on equity of 164.92% and a net margin of 24.68%. The business’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.20 EPS. On average, analysts anticipate that Apple Inc. will post 6.05 EPS for the current year.

Apple Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Shareholders of record on Monday, August 14th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 0.55%. The ex-dividend date was Friday, August 11th. Apple’s payout ratio is 16.13%.

About Apple

(Free Report)

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.