Granite Bay Wealth Management LLC grew its stake in shares of Apple Inc. (NASDAQ:AAPL – Get Rating) by 2.5% during the first quarter, Holdings Channel reports. The institutional investor owned 35,438 shares of the iPhone maker’s stock after purchasing an additional 861 shares during the quarter. Apple comprises 5.0% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 5th biggest holding. Granite Bay Wealth Management LLC’s holdings in Apple were worth $6,188,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Apple during the fourth quarter worth about $25,228,507,000. State Street Corp boosted its holdings in shares of Apple by 1.8% during the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock worth $112,422,274,000 after purchasing an additional 10,951,705 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Apple during the fourth quarter worth about $1,461,735,000. Capital Research Global Investors boosted its holdings in shares of Apple by 38.1% during the fourth quarter. Capital Research Global Investors now owns 29,549,427 shares of the iPhone maker’s stock worth $5,247,094,000 after purchasing an additional 8,154,171 shares during the period. Finally, ProShare Advisors LLC boosted its holdings in shares of Apple by 41.8% during the fourth quarter. ProShare Advisors LLC now owns 20,866,567 shares of the iPhone maker’s stock worth $3,705,275,000 after purchasing an additional 6,154,422 shares during the period. 57.98% of the stock is owned by institutional investors.
In other news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the transaction, the senior vice president now directly owns 452,334 shares of the company’s stock, valued at approximately $73,151,454.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.06% of the company’s stock.
Wall Street Analyst Weigh In
A number of research firms have weighed in on AAPL. JPMorgan Chase & Co. set a $200.00 target price on Apple in a report on Monday. KeyCorp reduced their price target on Apple from $191.00 to $173.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 12th. Fundamental Research lowered their price objective on Apple from $179.32 to $175.24 and set an “average” rating for the company in a research report on Friday, May 6th. Barclays reduced their target price on shares of Apple from $167.00 to $166.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 13th. Finally, Sanford C. Bernstein set a $170.00 price target on shares of Apple in a research report on Monday, May 2nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $178.82.
Apple Price Performance
NASDAQ AAPL opened at $157.35 on Friday. The business’s fifty day moving average price is $143.81 and its 200-day moving average price is $157.52. The stock has a market capitalization of $2.55 trillion, a price-to-earnings ratio of 25.54, a PEG ratio of 1.97 and a beta of 1.19. The company has a debt-to-equity ratio of 1.53, a current ratio of 0.93 and a quick ratio of 0.88. Apple Inc. has a 1-year low of $129.04 and a 1-year high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.09. The firm had revenue of $97.28 billion for the quarter, compared to analysts’ expectations of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company’s revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.40 EPS. On average, equities analysts predict that Apple Inc. will post 6.09 earnings per share for the current year.
Apple declared that its Board of Directors has approved a share buyback program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
Apple Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Stockholders of record on Monday, August 8th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 0.58%. Apple’s payout ratio is 14.94%.
Apple Company Profile
Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.
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