Stonebridge Capital Management Acquires Significant Stake in Apple Stock
Stonebridge Capital Management Inc., an institutional investor, has acquired 58,694 shares of Apple Inc.'s stock in its most recent filing with the Securities and Exchange Commission. The shares were bought during the second quarter and are valued at approximately $16,984,000. This represents a significant investment for Stonebridge, as it accounts for 8.2% of their portfolio.
The acquisition is part of a larger trend of institutional investors increasing their holdings in Apple stock. In the same quarter, Prospect Hill Management LLC bought 142,471 shares valued at $146,370,000, while Focus Partners Advisor Solutions LLC purchased 1,116,111 shares worth $168,646,000.
Apple has seen significant growth in recent quarters, with revenue of $109.42 billion and earnings per share of $2.02 beating analyst expectations. The company's services business continues to expand, including the App Store, Apple Music, and Apple TV+.