Cardinal Point Wealth Management LLC Increases Holdings in Apple Inc. (NASDAQ:AAPL)

Cardinal Point Wealth Management LLC increased its stake in shares of Apple Inc. (NASDAQ:AAPL) by 15.9% during the third quarter, according to the company in its most recent disclosure 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 1.2% of Cardinal Point Wealth Management LLC’s holdings, making the stock its 13th largest position. Cardinal Point Wealth Management LLC’s holdings in Apple were worth $2,512,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in AAPL. Milestone Resources Group Ltd lifted its position in Apple by 92.6% during the third quarter. Milestone Resources Group Ltd now owns 416 shares of the iPhone maker’s stock worth $59,000 after buying an additional 200 shares in the last quarter. Navigation Wealth Management Inc. raised its position in Apple by 21.3% in the third quarter. Navigation Wealth Management Inc. now owns 478 shares of the iPhone maker’s stock valued at $68,000 after purchasing an additional 84 shares during the period. Newfound Research LLC purchased a new stake in Apple in the third quarter valued at $77,000. NuWave Investment Management LLC raised its position in Apple by 43.5% in the third quarter. NuWave Investment Management LLC now owns 594 shares of the iPhone maker’s stock valued at $84,000 after purchasing an additional 180 shares during the period. Finally, Magellan Asset Management Ltd raised its position in Apple by 18.1% in the second quarter. Magellan Asset Management Ltd now owns 1,076 shares of the iPhone maker’s stock valued at $147,000 after purchasing an additional 165 shares during the period. Hedge funds and other institutional investors own 56.49% of the company’s stock.

A number of research firms have commented on AAPL. Piper Sandler lifted their target price on Apple from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Friday. Evercore ISI upgraded Apple to a “top pick” rating and lifted their target price for the company from $180.00 to $200.00 in a research report on Tuesday, December 14th. Credit Suisse Group assumed coverage on Apple in a research note on Friday, October 29th. They issued a “neutral” rating and a $150.00 price objective for the company. DZ Bank reaffirmed a “buy” rating on shares of Apple in a research note on Monday, December 13th. Finally, Sanford C. Bernstein lifted their price objective on Apple from $132.00 to $170.00 in a research note on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Apple has an average rating of “Buy” and a consensus target price of $176.74.

In other Apple news, CFO Luca Maestri sold 165,829 shares of the company’s stock in a transaction that occurred on Tuesday, October 19th. The stock was sold at an average price of $148.62, for a total transaction of $24,645,505.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Deirdre O’brien sold 18,247 shares of the company’s stock in a transaction that occurred on Monday, October 18th. The shares were sold at an average price of $146.35, for a total value of $2,670,448.45. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 218,081 shares of company stock valued at $32,383,704. 0.06% of the stock is owned by company insiders.

Apple stock opened at $173.07 on Friday. Apple Inc. has a fifty-two week low of $116.21 and a fifty-two week high of $182.94. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.02 and a current ratio of 1.07. The company has a market capitalization of $2.83 trillion, a P/E ratio of 30.80, a PEG ratio of 2.41 and a beta of 1.20. The stock has a 50-day simple moving average of $167.84 and a 200-day simple moving average of $154.11.

Apple (NASDAQ:AAPL) last posted its 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 business had revenue of $83.40 billion during the quarter, compared to the consensus estimate of $84.94 billion. During the same period in the previous year, the business earned $0.73 EPS. The business’s quarterly revenue was up 28.9% on a year-over-year basis. As a group, analysts forecast that Apple Inc. will post 5.82 earnings per share for the current year.

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

Apple Profile

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.

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Institutional Ownership by Quarter for Apple (NASDAQ:AAPL)

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