BIP Wealth LLC increased its stake in Apple Inc. (NASDAQ:AAPL) by 3.8% during the third quarter, according to its latest Form 13F filing with the SEC. The institutional investor now holds 125,602 shares of Apple stock, worth $41,828,000. Apple represents approximately 1.1% of BIP Wealth LLC's investment portfolio, making it the firm's 13th largest holding.
Other institutional investors have also adjusted their positions in Apple. Prospect Hill Management LLC acquired a new stake valued at $146,370,000 in the second quarter, while Focus Partners Advisor Solutions LLC purchased a position worth $168,646,000. Wealthfront Advisers LLC and Satovsky Asset Management LLC also made significant investments in Apple during the same period. Gouws Capital LLC boosted its position by 136.9% in the third quarter, now owning 37,504 shares worth $12,490,000.
Analysts have recently weighed in on Apple's stock. UBS Group reaffirmed a "neutral" rating with a target price of $340.00, up from $296.00. Melius Research set a target price of $370.00, while DZ Bank downgraded Apple to a "sell" rating with a $300.00 price objective. Needham & Company LLC maintained a "hold" rating, and Weiss Ratings upgraded Apple to a "buy (b)" rating. Overall, Apple has an average rating of "Moderate Buy" and an average target price of $347.11.
Apple's stock opened at $355.63 on Thursday. The company reported quarterly earnings of $2.10 per share, beating estimates by $0.11. Revenue for the quarter was $114.48 billion, up 11.7% year-over-year. The firm also declared a quarterly dividend of $0.27 per share, payable on November 16th. Insider transactions include sales by SVP Jennifer Newstead and CEO Timothy D. Cook, who sold shares to cover tax withholding obligations.