Cardinal Point Wealth Management LLC Acquires 2,433 Shares of Apple Inc. (NASDAQ:AAPL)

Cardinal Point Wealth Management LLC increased its holdings in Apple Inc. (NASDAQ:AAPL) by 15.9% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 17,753 shares of the iPhone maker’s stock after buying an additional 2,433 shares during the quarter. Apple comprises approximately 1.2% of Cardinal Point Wealth Management LLC’s portfolio, making the stock its 13th biggest position. Cardinal Point Wealth Management LLC’s holdings in Apple were worth $2,512,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Worldquant Millennium Advisors LLC grew its stake in shares of Apple by 2.2% during the 2nd quarter. Worldquant Millennium Advisors LLC now owns 1,486,454 shares of the iPhone maker’s stock valued at $203,585,000 after purchasing an additional 32,063 shares during the period. Ironwood Investment Counsel LLC grew its stake in shares of Apple by 2.4% during the 3rd quarter. Ironwood Investment Counsel LLC now owns 136,925 shares of the iPhone maker’s stock valued at $19,374,000 after purchasing an additional 3,229 shares during the period. Strategic Asset Management LLC bought a new stake in shares of Apple during the 3rd quarter valued at about $2,594,000. Dempze Nancy E grew its stake in shares of Apple by 1.9% during the 2nd quarter. Dempze Nancy E now owns 44,836 shares of the iPhone maker’s stock valued at $6,141,000 after purchasing an additional 830 shares during the period. Finally, Kimelman & Baird LLC bought a new stake in shares of Apple during the 2nd quarter valued at about $58,198,000. Institutional investors own 56.49% of the company’s stock.

AAPL has been the subject of a number of recent research reports. Wedbush upgraded Apple to an “outperform” rating and boosted their price target for the company from $185.00 to $200.00 in a research note on Thursday, December 2nd. Piper Sandler boosted their price objective on Apple from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Friday. Zacks Investment Research downgraded Apple from a “buy” rating to a “hold” rating and set a $171.00 price objective for the company. in a research note on Monday, November 1st. Robert W. Baird reiterated a “buy” rating and set a $169.00 price objective on shares of Apple in a research note on Friday, October 29th. Finally, Morgan Stanley boosted their price objective on Apple from $164.00 to $200.00 and gave the company an “overweight” rating in a research note on Tuesday, December 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Apple has a consensus rating of “Buy” and a consensus target price of $176.74.

NASDAQ:AAPL opened at $173.07 on Friday. The stock’s fifty day moving average is $167.84 and its 200 day moving average is $154.11. Apple Inc. has a fifty-two week low of $116.21 and a fifty-two week high of $182.94. The firm has a market capitalization of $2.83 trillion, a PE ratio of 30.80, a PEG ratio of 2.41 and a beta of 1.20. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.02 and a current ratio of 1.07.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Wednesday, October 27th. The iPhone maker reported $1.24 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.24. Apple had a return on equity of 144.13% and a net margin of 25.88%. The company had revenue of $83.40 billion for the quarter, compared to analyst estimates of $84.94 billion. During the same quarter in the prior year, the firm posted $0.73 EPS. Apple’s quarterly revenue was up 28.9% compared to the same quarter last year. Equities analysts forecast that Apple Inc. will post 5.82 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, November 11th. Investors of record on Monday, November 8th were issued a dividend of $0.22 per share. The ex-dividend date was Friday, November 5th. This represents a $0.88 annualized dividend and a yield of 0.51%. Apple’s payout ratio is presently 15.66%.

In other Apple news, CFO Luca Maestri sold 165,829 shares of the company’s stock in a transaction on Tuesday, October 19th. The stock was sold at an average price of $148.62, for a total value of $24,645,505.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Chris Kondo sold 9,005 shares of the company’s stock in a transaction on Friday, November 12th. The shares were sold at an average price of $150.00, for a total value of $1,350,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 218,081 shares of company stock worth $32,383,704 in the last 90 days. 0.06% of the stock is currently owned by insiders.

About Apple

Apple, Inc engages in the design, manufacture, and sale of smartphones, personal computers, tablets, wearables and accessories, and other variety of related services. It operates through the following geographical segments: Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The Americas segment includes North and South America.

See Also: Equal Weight Rating

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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