Global Wealth Management LLC Buys New Position in Apple Inc. (NASDAQ:AAPL)

Global Wealth Management LLC acquired a new stake in shares of Apple Inc. (NASDAQ:AAPL) during the third quarter, Holdings Channel reports. The institutional investor acquired 2,249 shares of the iPhone maker’s stock, valued at approximately $524,000. Apple makes up about 0.4% of Global Wealth Management LLC’s holdings, making the stock its 19th biggest holding.

Other hedge funds have also recently made changes to their positions in the company. Consolidated Portfolio Review Corp boosted its position in Apple by 3.1% in the 3rd quarter. Consolidated Portfolio Review Corp now owns 57,093 shares of the iPhone maker’s stock worth $13,303,000 after purchasing an additional 1,743 shares in the last quarter. Pathway Financial Advisers LLC raised its holdings in Apple by 22,870.6% in the 3rd quarter. Pathway Financial Advisers LLC now owns 5,590,588 shares of the iPhone maker’s stock valued at $1,302,607,000 after acquiring an additional 5,566,250 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its stake in Apple by 2.6% during the third quarter. NorthCrest Asset Manangement LLC now owns 466,402 shares of the iPhone maker’s stock worth $108,672,000 after buying an additional 11,903 shares during the last quarter. Forsta AP Fonden raised its stake in Apple by 8.6% during the third quarter. Forsta AP Fonden now owns 3,910,100 shares of the iPhone maker’s stock worth $911,053,000 after purchasing an additional 310,800 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Apple by 9.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,910,937 shares of the iPhone maker’s stock valued at $1,116,109,000 after buying an additional 422,646 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Apple news, SVP Katherine L. Adams sold 61,019 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $226.20, for a total value of $13,802,497.80. Following the completion of the sale, the senior vice president now directly owns 187,043 shares of the company’s stock, valued at $42,309,126.60. This represents a 24.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Chris Kondo sold 4,130 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $228.87, for a total transaction of $945,233.10. Following the transaction, the insider now directly owns 15,419 shares of the company’s stock, valued at $3,528,946.53. The trade was a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 508,170 shares of company stock valued at $117,004,745. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

AAPL has been the subject of a number of research reports. Piper Sandler restated a “neutral” rating and issued a $225.00 price objective on shares of Apple in a report on Wednesday, October 9th. Wedbush reaffirmed an “outperform” rating and issued a $300.00 target price on shares of Apple in a report on Friday, November 29th. Rosenblatt Securities upped their price target on shares of Apple from $261.00 to $262.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Tigress Financial increased their price objective on Apple from $245.00 to $295.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 28th. Finally, Monness Crespi & Hardt reissued a “buy” rating and issued a $245.00 target price on shares of Apple in a research report on Monday, September 9th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Apple currently has an average rating of “Moderate Buy” and an average target price of $236.78.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $258.20 on Thursday. Apple Inc. has a fifty-two week low of $164.07 and a fifty-two week high of $258.21. The company has a market cap of $3.90 trillion, a PE ratio of 42.47, a P/E/G ratio of 2.41 and a beta of 1.23. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. The firm has a 50-day simple moving average of $235.93 and a 200 day simple moving average of $226.77.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.04. The business 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 company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.46 earnings per share. On average, sell-side analysts anticipate that Apple Inc. will post 7.43 EPS for the current year.

Apple Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, November 8th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.39%. 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.