Bourne Lent Asset Management Inc. Has $31.79 Million Stock Position in Apple Inc. (NASDAQ:AAPL)

Bourne Lent Asset Management Inc. increased its position in Apple Inc. (NASDAQ:AAPL) by 0.3% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 136,444 shares of the iPhone maker’s stock after purchasing an additional 430 shares during the period. Apple makes up 12.1% of Bourne Lent Asset Management Inc.’s investment portfolio, making the stock its 2nd largest holding. Bourne Lent Asset Management Inc.’s holdings in Apple were worth $31,791,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Granite Investment Partners LLC raised its holdings in shares of Apple by 2.7% in the 2nd quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock worth $60,958,000 after acquiring an additional 7,606 shares during the last quarter. High Net Worth Advisory Group LLC raised its stake in shares of Apple by 1.7% in the third quarter. High Net Worth Advisory Group LLC now owns 64,015 shares of the iPhone maker’s stock worth $14,916,000 after purchasing an additional 1,066 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Apple by 1.8% in the second quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock valued at $1,473,224,000 after purchasing an additional 126,210 shares in the last quarter. EP Wealth Advisors LLC boosted its position in shares of Apple by 5.2% during the second quarter. EP Wealth Advisors LLC now owns 1,928,110 shares of the iPhone maker’s stock valued at $406,099,000 after buying an additional 95,235 shares during the last quarter. Finally, CHICAGO TRUST Co NA grew its holdings in Apple by 15.2% during the third quarter. CHICAGO TRUST Co NA now owns 149,219 shares of the iPhone maker’s stock worth $34,768,000 after buying an additional 19,670 shares in the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

Analyst Ratings Changes

AAPL has been the topic of a number of analyst reports. KeyCorp downgraded shares of Apple from a “sector weight” rating to an “underweight” rating and set a $200.00 price objective on the stock. in a report on Friday, October 25th. Jefferies Financial Group cut shares of Apple from a “buy” rating to a “hold” rating and boosted their price target for the stock from $205.00 to $212.92 in a report on Monday, October 7th. UBS Group reiterated a “neutral” rating and issued a $236.00 price objective on shares of Apple in a research note on Monday, December 2nd. Oppenheimer restated a “buy” rating and issued a $250.00 target price on shares of Apple in a research note on Tuesday, October 1st. Finally, Loop Capital reduced their target price on Apple from $300.00 to $275.00 and set a “buy” rating for the company in a report on Monday, November 4th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $235.68.

Insider Buying and Selling at Apple

In related news, insider Chris Kondo sold 4,130 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the transaction, the insider now owns 15,419 shares of the company’s stock, valued at $3,528,946.53. This represents a 21.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy D. Cook sold 223,986 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now owns 3,280,180 shares in the company, valued at $736,269,202.80. The trade was a 6.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 408,170 shares of company stock valued at $92,007,745 in the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Apple Price Performance

AAPL stock opened at $242.84 on Friday. The firm has a 50 day moving average of $230.23 and a 200-day moving average of $221.05. The firm has a market capitalization of $3.67 trillion, a P/E ratio of 39.94, a price-to-earnings-growth ratio of 2.38 and a beta of 1.23. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $244.63. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51.

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

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Monday, November 11th were paid a $0.25 dividend. 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 0.41%. Apple’s dividend payout ratio is currently 16.45%.

Apple 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.