Apple Inc. (NASDAQ:AAPL) is Spinnaker Trust’s 8th Largest Position

Spinnaker Trust cut its holdings in shares of Apple Inc. (NASDAQ:AAPL) by 0.7% in the 3rd quarter, Holdings Channel reports. The fund owned 218,563 shares of the iPhone maker’s stock after selling 1,589 shares during the period. Apple accounts for about 3.1% of Spinnaker Trust’s investment portfolio, making the stock its 8th biggest position. Spinnaker Trust’s holdings in Apple were worth $50,925,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. American Capital Advisory LLC raised its stake in shares of Apple by 3.7% in the 3rd quarter. American Capital Advisory LLC now owns 25,428 shares of the iPhone maker’s stock valued at $5,925,000 after purchasing an additional 917 shares in the last quarter. CV Advisors LLC boosted its holdings in Apple by 1.4% in the third quarter. CV Advisors LLC now owns 53,577 shares of the iPhone maker’s stock worth $12,483,000 after purchasing an additional 727 shares during the period. Consilium Wealth Advisory LLC lifted its holdings in Apple by 1.0% in the third quarter. Consilium Wealth Advisory LLC now owns 72,705 shares of the iPhone maker’s stock worth $16,940,000 after acquiring an additional 735 shares during the last quarter. Gordian Advisors LLC grew its stake in Apple by 202.6% during the 3rd quarter. Gordian Advisors LLC now owns 9,986 shares of the iPhone maker’s stock worth $2,327,000 after buying an additional 6,686 shares during the last quarter. Finally, RTD Financial Advisors Inc. lifted its position in Apple by 2.1% in the 3rd quarter. RTD Financial Advisors Inc. now owns 7,699 shares of the iPhone maker’s stock valued at $1,794,000 after purchasing an additional 157 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Down 2.4 %

Shares of AAPL stock opened at $236.85 on Friday. Apple Inc. has a twelve month low of $164.07 and a twelve month high of $260.10. The stock’s 50 day simple moving average is $240.18 and its 200 day simple moving average is $229.95. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.83 and a current ratio of 0.87. The company has a market capitalization of $3.58 trillion, a price-to-earnings ratio of 38.96, a PEG ratio of 2.41 and a beta of 1.20.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Thursday, October 31st. The iPhone maker reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. The company had revenue of $94.93 billion during the quarter, compared to analysts’ expectations of $94.52 billion. Apple had a net margin of 23.97% and a return on equity of 152.94%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.46 earnings per share. As a group, research analysts predict that Apple Inc. will post 7.43 EPS for the current year.

Apple Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were issued a dividend of $0.25 per share. The ex-dividend date was Friday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 0.42%. Apple’s payout ratio is 16.45%.

Insider Activity

In related news, COO Jeffrey E. Williams sold 100,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $249.97, for a total value of $24,997,000.00. Following the sale, the chief operating officer now owns 389,944 shares of the company’s stock, valued at $97,474,301.68. The trade was a 20.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Chris Kondo sold 4,130 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $228.87, for a total value of $945,233.10. Following the completion of the sale, the insider now owns 15,419 shares in the company, valued at $3,528,946.53. This trade represents a 21.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AAPL. Wells Fargo & Company lifted their target price on Apple to $275.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Wedbush increased their price objective on shares of Apple from $300.00 to $325.00 and gave the company an “outperform” rating in a report on Thursday, December 26th. Citigroup boosted their target price on Apple to $185.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Sanford C. Bernstein increased their target price on shares of Apple from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $273.00 price target on shares of Apple in a research report on Friday, December 13th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $239.85.

Apple Company 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.