Granite Bay Wealth Management LLC Has $480.11 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Granite Bay Wealth Management LLC raised its position in Apple Inc. (NASDAQ:AAPL) by 6,880.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,279,502 shares of the iPhone maker’s stock after acquiring an additional 2,246,848 shares during the quarter. Apple makes up 16.2% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 2nd biggest holding. Granite Bay Wealth Management LLC’s holdings in Apple were worth $480,109,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Marmo Financial Group LLC raised its stake in Apple by 56.5% during the 1st quarter. Marmo Financial Group LLC now owns 1,681 shares of the iPhone maker’s stock worth $288,000 after acquiring an additional 607 shares during the period. HighMark Wealth Management LLC raised its holdings in Apple by 2.5% during the first quarter. HighMark Wealth Management LLC now owns 4,763 shares of the iPhone maker’s stock valued at $834,000 after acquiring an additional 118 shares during the period. Bradley & Co. Private Wealth Management LLC boosted its stake in shares of Apple by 5.7% in the first quarter. Bradley & Co. Private Wealth Management LLC now owns 63,356 shares of the iPhone maker’s stock worth $10,864,000 after acquiring an additional 3,391 shares during the period. Marks Group Wealth Management Inc raised its stake in Apple by 1.6% during the 1st quarter. Marks Group Wealth Management Inc now owns 104,140 shares of the iPhone maker’s stock valued at $17,858,000 after purchasing an additional 1,683 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in Apple by 127.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 75,479 shares of the iPhone maker’s stock worth $12,943,000 after purchasing an additional 42,282 shares in the last quarter. 60.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on AAPL shares. Moffett Nathanson began coverage on shares of Apple in a research report on Monday, August 19th. They set a “neutral” rating and a $211.00 target price for the company. The Goldman Sachs Group increased their price target on shares of Apple from $265.00 to $275.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Oppenheimer reiterated a “buy” rating and set a $250.00 price target on shares of Apple in a report on Tuesday, October 1st. 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. Finally, TD Cowen increased their target price on Apple from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $235.51.

Insider Activity at Apple

In related news, CEO Timothy D. Cook sold 223,986 shares of Apple stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $224.46, for a total value of $50,275,897.56. Following the completion of the transaction, the chief executive officer now directly owns 3,280,180 shares in the company, valued at approximately $736,269,202.80. This trade represents a 6.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jeffrey E. Williams sold 59,730 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $226.86, for a total transaction of $13,550,347.80. Following the transaction, the chief operating officer now owns 489,944 shares of the company’s stock, valued at $111,148,695.84. This trade represents a 10.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 404,040 shares of company stock worth $91,062,512. 0.06% of the stock is currently owned by company insiders.

Apple Price Performance

NASDAQ:AAPL opened at $225.00 on Friday. The stock’s fifty day moving average is $227.04 and its two-hundred day moving average is $215.96. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $3.40 trillion, a P/E ratio of 37.01, a P/E/G ratio of 2.21 and a beta of 1.24. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.49.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. The business had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period last year, the business earned $1.46 earnings per share. Equities analysts expect that Apple Inc. will post 7.43 EPS for the current year.

Apple Announces Dividend

The company also recently declared 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. This represents a $1.00 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date was Friday, November 8th. 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.