Elevation Point Wealth Partners LLC Raises Holdings in Apple Inc. $AAPL

Elevation Point Wealth Partners LLC raised its holdings in Apple Inc. (NASDAQ:AAPL) by 2.2% in the second quarter, Holdings Channel reports. The firm owned 697,826 shares of the iPhone maker’s stock after purchasing an additional 14,955 shares during the period. Apple accounts for 11.2% of Elevation Point Wealth Partners LLC’s investment portfolio, making the stock its largest holding. Elevation Point Wealth Partners LLC’s holdings in Apple were worth $143,173,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in AAPL. First National Bank of Hutchinson grew its position in shares of Apple by 24.6% during the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock valued at $8,845,000 after acquiring an additional 6,982 shares during the period. Eagle Capital Management LLC raised its holdings in shares of Apple by 0.5% in the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after purchasing an additional 272 shares during the period. Brighton Jones LLC lifted its stake in Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock valued at $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Revolve Wealth Partners LLC grew its holdings in Apple by 4.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock valued at $16,742,000 after purchasing an additional 2,695 shares during the period. Finally, Highview Capital Management LLC DE grew its holdings in Apple by 2.4% during the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker’s stock valued at $12,587,000 after purchasing an additional 1,155 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AAPL has been the topic of several research reports. Melius Research set a $345.00 target price on Apple in a research note on Friday, October 31st. Monness Crespi & Hardt lifted their price objective on Apple from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Rosenblatt Securities boosted their price objective on Apple from $241.00 to $250.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Bank of America upped their price objective on shares of Apple from $270.00 to $320.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Finally, Citigroup reiterated a “buy” rating and issued a $330.00 target price (up previously from $315.00) on shares of Apple in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus target price of $282.51.

Apple Stock Up 0.6%

AAPL stock opened at $278.78 on Thursday. The stock has a 50-day simple moving average of $267.42 and a two-hundred day simple moving average of $235.90. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $288.62. The firm has a market capitalization of $4.12 trillion, a PE ratio of 37.32, a PEG ratio of 2.59 and a beta of 1.10. The company has a quick ratio of 0.86, a current ratio of 0.89 and a debt-to-equity ratio of 1.06.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.11. Apple had a net margin of 26.92% and a return on equity of 164.05%. The firm had revenue of $102.47 billion for the quarter, compared to the consensus estimate of $101.65 billion. During the same period in the prior year, the firm posted $1.64 earnings per share. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities analysts predict that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 13th. Shareholders of record on Monday, November 10th were paid a $0.26 dividend. The ex-dividend date was Monday, November 10th. This represents a $1.04 annualized dividend and a yield of 0.4%. Apple’s dividend payout ratio is currently 13.92%.

Insider Transactions at Apple

In other news, SVP Deirdre O’brien sold 43,013 shares of the business’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $257.39, for a total transaction of $11,071,116.07. Following the completion of the transaction, the senior vice president directly owned 136,687 shares in the company, valued at $35,181,866.93. The trade was a 23.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Katherine L. Adams sold 47,125 shares of the company’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $256.79, for a total transaction of $12,101,228.75. Following the completion of the transaction, the senior vice president directly owned 179,158 shares in the company, valued at approximately $46,005,982.82. The trade was a 20.83% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 228,052 shares of company stock worth $58,604,588. 0.06% of the stock is owned by corporate insiders.

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.