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Granite Bay Wealth Management LLC Increases Position in Apple Inc. (NASDAQ:AAPL)

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Granite Bay Wealth Management LLC grew its stake in shares of Apple Inc. (NASDAQ:AAPLGet 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.

Insider Activity

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:AAPLGet 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

(Get Rating)

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.

Further Reading

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