Spinnaker Trust Trims Holdings in Apple Inc. (NASDAQ:AAPL)

Spinnaker Trust reduced its stake in shares of Apple Inc. (NASDAQ:AAPL) by 3.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 215,437 shares of the iPhone maker’s stock after selling 7,031 shares during the quarter. Apple comprises about 3.1% of Spinnaker Trust’s investment portfolio, making the stock its 8th biggest position. Spinnaker Trust’s holdings in Apple were worth $47,855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Insight Inv LLC grew its stake in shares of Apple by 120.9% during the first quarter. Insight Inv LLC now owns 68,735 shares of the iPhone maker’s stock valued at $15,268,000 after buying an additional 37,617 shares during the last quarter. Nicholson Meyer Capital Management Inc. bought a new position in shares of Apple during the first quarter valued at approximately $2,434,000. Nabity Jensen Investment Management Inc grew its stake in shares of Apple by 1.0% during the first quarter. Nabity Jensen Investment Management Inc now owns 16,613 shares of the iPhone maker’s stock valued at $3,690,000 after buying an additional 169 shares during the last quarter. Argent Advisors Inc. grew its stake in shares of Apple by 18.7% during the first quarter. Argent Advisors Inc. now owns 32,600 shares of the iPhone maker’s stock valued at $7,242,000 after buying an additional 5,145 shares during the last quarter. Finally, Custos Family Office LLC grew its stake in shares of Apple by 1.5% during the first quarter. Custos Family Office LLC now owns 15,666 shares of the iPhone maker’s stock valued at $3,480,000 after buying an additional 237 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on AAPL shares. TD Cowen cut their target price on Apple from $290.00 to $275.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. Morgan Stanley upped their target price on Apple from $235.00 to $240.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Barclays upped their target price on Apple from $173.00 to $180.00 and gave the company an “underweight” rating in a research note on Friday, August 1st. Loop Capital cut their target price on Apple from $230.00 to $215.00 and set a “hold” rating on the stock in a research note on Wednesday, April 30th. Finally, Wedbush reaffirmed an “outperform” rating and set a $270.00 target price on shares of Apple in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $237.60.

Apple Stock Down 0.5%

Apple stock opened at $231.59 on Friday. The business has a fifty day moving average of $209.69 and a two-hundred day moving average of $213.33. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The firm has a market cap of $3.44 trillion, a P/E ratio of 35.14, a P/E/G ratio of 2.44 and a beta of 1.16. Apple Inc. has a twelve month low of $169.21 and a twelve month high of $260.10.

Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.14. The company had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. Apple had a return on equity of 170.91% and a net margin of 24.30%. Apple’s revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.40 earnings per share. On average, analysts forecast that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.4%. Apple’s dividend payout ratio is presently 15.78%.

Apple declared that its Board of Directors has initiated a share repurchase program on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, SVP Deirdre O’brien sold 34,821 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president directly owned 136,687 shares of the company’s stock, valued at approximately $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.

About Apple

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.