Granite Bay Wealth Management LLC Has $8.22 Million Position in Apple Inc. (NASDAQ:AAPL)

Granite Bay Wealth Management LLC boosted its position in Apple Inc. (NASDAQ:AAPL) by 1.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,018 shares of the iPhone maker’s stock after purchasing an additional 415 shares during the quarter. Apple comprises about 2.9% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 10th biggest holding. Granite Bay Wealth Management LLC’s holdings in Apple were worth $8,223,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AAPL. Firethorn Wealth Partners LLC grew its position in shares of Apple by 4.0% in the 1st quarter. Firethorn Wealth Partners LLC now owns 26,615 shares of the iPhone maker’s stock valued at $5,912,000 after buying an additional 1,027 shares during the last quarter. Benin Management CORP boosted its position in Apple by 1.7% during the first quarter. Benin Management CORP now owns 129,689 shares of the iPhone maker’s stock valued at $28,808,000 after acquiring an additional 2,126 shares during the last quarter. Cathy Pareto & Associates Inc. lifted its stake in shares of Apple by 9.1% in the 1st quarter. Cathy Pareto & Associates Inc. now owns 38,451 shares of the iPhone maker’s stock valued at $8,541,000 after purchasing an additional 3,219 shares during the period. Richard P Slaughter Associates Inc increased its holdings in Apple by 150.8% in the first quarter. Richard P Slaughter Associates Inc now owns 57,991 shares of the iPhone maker’s stock worth $12,881,000 after purchasing an additional 34,868 shares in the last quarter. Finally, Lakeshore Capital Group Inc. boosted its holdings in shares of Apple by 4.4% during the 1st quarter. Lakeshore Capital Group Inc. now owns 9,843 shares of the iPhone maker’s stock worth $2,186,000 after buying an additional 415 shares in the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AAPL has been the topic of a number of recent research reports. KeyCorp raised shares of Apple from an “underweight” rating to a “sector weight” rating in a research note on Monday, April 14th. Rosenblatt Securities downgraded Apple from a “buy” rating to a “neutral” rating and set a $217.00 target price on the stock. in a research note on Friday, May 2nd. UBS Group reaffirmed a “buy” rating on shares of Apple in a research report on Sunday, June 1st. DA Davidson increased their target price on shares of Apple from $230.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. Finally, Wedbush restated an “outperform” rating and issued a $270.00 price objective on shares of Apple in a research note on Tuesday, June 10th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Apple has an average rating of “Moderate Buy” and an average target price of $234.95.

Apple Stock Performance

Shares of NASDAQ:AAPL opened at $207.82 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.78 and a debt-to-equity ratio of 1.18. The stock has a market capitalization of $3.10 trillion, a P/E ratio of 32.37, a P/E/G ratio of 2.29 and a beta of 1.20. The business has a 50-day moving average price of $203.01 and a two-hundred day moving average price of $219.45. Apple Inc. has a 1-year low of $169.21 and a 1-year high of $260.10.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.03. The business had revenue of $95.36 billion during the quarter, compared to analysts’ expectations of $94.04 billion. Apple had a return on equity of 167.24% and a net margin of 24.30%. Apple’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.53 EPS. Equities analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were issued a dividend of $0.26 per share. This is an increase from Apple’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. This represents a $1.04 annualized dividend and a yield of 0.50%. Apple’s dividend payout ratio (DPR) is currently 16.20%.

Apple announced that its board has initiated a share repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in shares. This buyback authorization authorizes the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Apple

In other Apple news, CFO Kevan Parekh sold 4,570 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer owned 4,569 shares in the company, valued at $941,214. This trade represents a 50.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Chris Kondo sold 4,486 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the completion of the sale, the insider owned 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by corporate insiders.

About Apple

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.