Cranbrook Wealth Management LLC has increased its investment in Apple Inc. (NASDAQ:AAPL) by 10.1% in the third quarter, as indicated by its most recent 13F filing with the SEC. The firm now owns 27,679 shares of Apple’s stock, having acquired an additional 2,531 shares during the quarter. Apple makes up roughly 1.4% of Cranbrook’s portfolio, positioning it as the company’s 19th largest holding, valued at approximately $7,048,000.
This isn’t an isolated case; several other institutional investors have also adjusted their positions in Apple recently. For instance, Financial Futures Ltd Liability Co. boosted its holdings by 13.2% in the second quarter, now owning 3,552 shares valued at $729,000. Bell & Brown Wealth Advisors LLC increased its stake by 0.4%, resulting in a total of 62,001 shares worth $13,772,000. Additionally, Monarch Capital Management Inc. raised its position by 4.6%, while American National Bank & Trust expanded its holdings by 2.4% in the same timeframe. As of now, institutional investors collectively hold about 67.73% of Apple’s stock.
Analysts on Wall Street are optimistic about Apple’s growth prospects. The company’s stock has been rated a “Moderate Buy” by MarketBeat.com, where 23 analysts have given a Buy rating, two have issued a Strong Buy, and only one analyst has rated it as a Sell. Price target estimates have shown significant variation, ranging from $180 to $325, reflecting a generally positive outlook.
In terms of stock performance, Apple shares opened at $271.86 on Thursday and have seen substantial growth. The company recently reported impressive quarterly earnings, surpassing analysts’ expectations with an EPS of $1.85 and a revenue of $102.47 billion. These figures highlight a year-over-year revenue increase of 8.7%.
Apple has also recently declared a quarterly dividend of $0.26 per share, contributing to a yield of 0.4%. Insider trading activity included CFO Kevan Parekh selling 4,199 shares at an average price of $247.39, while another insider sold a portion of their holdings as well.
With a robust portfolio that spans consumer electronics, software, and services, Apple continues to exhibit strong fundamentals. The enthusiasm surrounding Apple’s stock is supported by its solid financial performance and strategic growth initiatives, making it a noteworthy player in the technology sector.