Spinnaker Investment Group LLC Has $8.58 Million Stock Position in Apple Inc. $AAPL

Spinnaker Investment Group LLC trimmed its position in Apple Inc. (NASDAQ:AAPL) by 7.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,796 shares of the iPhone maker’s stock after selling 3,490 shares during the quarter. Apple comprises approximately 2.0% of Spinnaker Investment Group LLC’s holdings, making the stock its 12th largest position. Spinnaker Investment Group LLC’s holdings in Apple were worth $8,575,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of AAPL. Burkett Financial Services LLC increased its holdings in Apple by 0.6% in the 1st quarter. Burkett Financial Services LLC now owns 14,401 shares of the iPhone maker’s stock valued at $3,199,000 after buying an additional 93 shares during the period. Avid Wealth Partners LLC boosted its stake in shares of Apple by 28.3% in the 1st quarter. Avid Wealth Partners LLC now owns 4,211 shares of the iPhone maker’s stock valued at $935,000 after purchasing an additional 930 shares during the last quarter. Bell & Brown Wealth Advisors LLC raised its holdings in Apple by 0.4% during the 1st quarter. Bell & Brown Wealth Advisors LLC now owns 62,001 shares of the iPhone maker’s stock worth $13,772,000 after buying an additional 240 shares during the period. Andina Capital Management LLC raised its holdings in shares of Apple by 209.2% in the first quarter. Andina Capital Management LLC now owns 6,786 shares of the iPhone maker’s stock valued at $1,507,000 after purchasing an additional 4,591 shares during the last quarter. Finally, Plum Street Advisors LLC boosted its position in Apple by 4.0% during the first quarter. Plum Street Advisors LLC now owns 7,889 shares of the iPhone maker’s stock worth $1,752,000 after purchasing an additional 301 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Deirdre O’brien sold 43,013 shares of the business’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total value of $11,071,116.07. Following the completion of the transaction, the senior vice president owned 136,687 shares of the company’s stock, valued at $35,181,866.93. The trade was a 23.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Timothy D. Cook sold 129,963 shares of Apple stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $256.81, for a total transaction of $33,375,798.03. Following the completion of the sale, the chief executive officer directly owned 3,280,295 shares in the company, valued at $842,412,558.95. This represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 254,922 shares of company stock worth $64,320,190 in the last ninety days. 0.06% of the stock is owned by insiders.

Apple Stock Performance

NASDAQ:AAPL opened at $245.27 on Friday. The stock has a 50-day moving average price of $237.61 and a 200 day moving average price of $215.92. Apple Inc. has a 12-month low of $169.21 and a 12-month high of $260.10. The stock has a market capitalization of $3.64 trillion, a P/E ratio of 37.22, a P/E/G ratio of 2.47 and a beta of 1.09. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25.

Apple (NASDAQ:AAPL) last announced its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, beating 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%.The firm’s revenue was up 9.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.40 earnings per share. Equities research analysts forecast that Apple Inc. will post 7.28 EPS for the current fiscal year.

Apple Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were issued a $0.26 dividend. The ex-dividend date 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 (DPR) is currently 15.78%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AAPL. Morgan Stanley set a $298.00 price objective on Apple and gave the company an “overweight” rating in a research note on Thursday, October 2nd. JPMorgan Chase & Co. raised their target price on Apple from $255.00 to $280.00 and gave the company an “overweight” rating in a research report on Friday, September 19th. CLSA upgraded Apple to a “strong-buy” rating in a research note on Sunday, October 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Apple in a research report on Wednesday. Finally, Sanford C. Bernstein started coverage on Apple in a research note on Monday, September 15th. They issued an “outperform” rating and a $290.00 price target on the stock. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $248.29.

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.