Apple Inc. (NASDAQ:AAPL) is Granite Bay Wealth Management LLC’s 2nd Largest Position

Granite Bay Wealth Management LLC raised its stake in Apple Inc. (NASDAQ:AAPL) by 6,880.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,279,502 shares of the iPhone maker’s stock after acquiring an additional 2,246,848 shares during the period. Apple accounts for approximately 16.2% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 2nd largest position. Granite Bay Wealth Management LLC’s holdings in Apple were worth $480,109,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Hershey Financial Advisers LLC purchased a new stake in Apple in the 2nd quarter valued at $42,000. Access Investment Management LLC acquired a new position in Apple in the first quarter valued at $140,000. Hoese & Co LLP increased its stake in Apple by 6.7% in the second quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after purchasing an additional 57 shares during the period. Sage Financial Group Inc. purchased a new stake in shares of Apple in the second quarter valued at about $206,000. Finally, Benchmark Wealth Management LLC acquired a new stake in shares of Apple during the second quarter worth about $208,000. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Insiders Place Their Bets

In other Apple news, CFO Luca Maestri sold 59,305 shares of Apple stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $226.52, for a total value of $13,433,768.60. Following the completion of the transaction, the chief financial officer now directly owns 107,788 shares in the company, valued at $24,416,137.76. The trade was a 35.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Timothy D. Cook sold 223,986 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 3,280,180 shares of the company’s stock, valued at $736,269,202.80. This trade represents a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 404,040 shares of company stock valued at $91,062,512 in the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on AAPL shares. Robert W. Baird upped their price objective on Apple from $200.00 to $240.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Raymond James increased their price target on Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Oppenheimer reissued a “buy” rating and issued a $250.00 price objective on shares of Apple in a research note on Tuesday, October 1st. The Goldman Sachs Group raised their target price on shares of Apple from $265.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Finally, UBS Group boosted their price target on shares of Apple to $236.00 and gave the stock a “hold” rating in a research note on Tuesday, November 12th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $235.51.

Apple Stock Down 1.4 %

NASDAQ AAPL opened at $225.00 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $237.49. The business has a 50 day moving average price of $227.04 and a two-hundred day moving average price of $215.96. The stock has a market cap of $3.40 trillion, a PE ratio of 37.01, a P/E/G ratio of 2.21 and a beta of 1.24.

Apple (NASDAQ:AAPL) last announced its 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. Apple had a return on equity of 152.94% and a net margin of 23.97%. The business had revenue of $94.93 billion for the quarter, compared to analyst estimates of $94.52 billion. During the same period in the previous year, the company earned $1.46 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, sell-side analysts predict that Apple Inc. will post 7.43 EPS for the current fiscal year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a yield of 0.44%. Apple’s dividend payout ratio (DPR) is 16.45%.

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.