Spinnaker Investment Group LLC Raises Stock Holdings in Apple Inc. (NASDAQ:AAPL)

Spinnaker Investment Group LLC boosted its stake in Apple Inc. (NASDAQ:AAPL) by 0.2% in the second quarter, Holdings Channel reports. The firm owned 46,604 shares of the iPhone maker’s stock after purchasing an additional 94 shares during the quarter. Apple accounts for about 2.7% of Spinnaker Investment Group LLC’s investment portfolio, making the stock its 10th largest position. Spinnaker Investment Group LLC’s holdings in Apple were worth $9,816,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of AAPL. Foresight Capital Management Advisors Inc. lifted its stake in Apple by 0.3% in the second quarter. Foresight Capital Management Advisors Inc. now owns 19,005 shares of the iPhone maker’s stock valued at $4,003,000 after buying an additional 55 shares during the period. Altus Wealth Management LLC grew its position in shares of Apple by 0.6% during the 2nd quarter. Altus Wealth Management LLC now owns 9,508 shares of the iPhone maker’s stock worth $2,002,000 after buying an additional 55 shares during the period. Hoese & Co LLP increased its stake in shares of Apple by 6.7% in the 2nd quarter. Hoese & Co LLP now owns 912 shares of the iPhone maker’s stock valued at $175,000 after acquiring an additional 57 shares in the last quarter. Stableford Capital II LLC lifted its position in shares of Apple by 0.3% during the 1st quarter. Stableford Capital II LLC now owns 17,156 shares of the iPhone maker’s stock valued at $2,942,000 after acquiring an additional 59 shares during the period. Finally, Whitcomb & Hess Inc. lifted its position in shares of Apple by 1.7% during the 2nd quarter. Whitcomb & Hess Inc. now owns 3,540 shares of the iPhone maker’s stock valued at $746,000 after acquiring an additional 59 shares during the period. Institutional investors own 60.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on AAPL. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $265.00 price target on shares of Apple in a research note on Tuesday, September 10th. Raymond James raised their target price on Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Monness Crespi & Hardt reaffirmed a “buy” rating and set a $245.00 price target on shares of Apple in a research note on Monday, September 9th. TD Cowen increased their price target on Apple from $220.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, Cfra boosted their price objective on Apple from $240.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $238.76.

Insider Buying and Selling

In other news, insider Chris Kondo sold 5,178 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $216.50, for a total value of $1,121,037.00. Following the sale, the insider now owns 24,125 shares of the company’s stock, valued at $5,223,062.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Chris Kondo sold 5,178 shares of Apple stock in a transaction on Friday, August 9th. The stock was sold at an average price of $216.50, for a total value of $1,121,037.00. Following the completion of the transaction, the insider now directly owns 24,125 shares in the company, valued at $5,223,062.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Katherine L. Adams sold 100,000 shares of the stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $206.44, for a total value of $20,644,000.00. Following the sale, the senior vice president now directly owns 191,543 shares in the company, valued at approximately $39,542,136.92. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,884 shares of company stock valued at $23,723,887. 0.06% of the stock is owned by insiders.

Apple Stock Performance

Shares of AAPL stock opened at $227.52 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.91 and a current ratio of 0.95. The firm has a market cap of $3.49 trillion, a price-to-earnings ratio of 35.38, a P/E/G ratio of 2.66 and a beta of 1.24. Apple Inc. has a 52 week low of $164.07 and a 52 week high of $237.23. The firm’s 50-day simple moving average is $222.05 and its two-hundred day simple moving average is $201.39.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 147.15%. The company had revenue of $85.78 billion for the quarter, compared to analysts’ expectations of $84.43 billion. During the same quarter in the previous year, the firm posted $1.26 EPS. Apple’s revenue was up 4.9% on a year-over-year basis. As a group, equities analysts forecast that Apple Inc. will post 6.7 earnings per share for the current year.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. Apple’s payout ratio is 15.55%.

Apple Profile

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.