Apple Inc. (NASDAQ:AAPL) Position Lessened by Spinnaker Trust

Spinnaker Trust cut its stake in Apple Inc. (NASDAQ:AAPLGet Rating) by 0.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 234,447 shares of the iPhone maker’s stock after selling 574 shares during the quarter. Apple comprises about 2.8% of Spinnaker Trust’s portfolio, making the stock its 6th biggest position. Spinnaker Trust’s holdings in Apple were worth $40,936,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in AAPL. Joseph Group Capital Management acquired a new stake in Apple during the 4th quarter worth about $1,631,000. Cardinal Capital Management Inc. lifted its holdings in shares of Apple by 5,525.0% in the 1st quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after buying an additional 221 shares during the period. Shore Point Advisors LLC acquired a new position in shares of Apple in the 4th quarter valued at about $41,000. St. James Investment Advisors LLC acquired a new position in shares of Apple in the 4th quarter valued at about $57,000. Finally, Emerson Wealth LLC increased its stake in shares of Apple by 363.6% in the 1st quarter. Emerson Wealth LLC now owns 408 shares of the iPhone maker’s stock valued at $71,000 after purchasing an additional 320 shares in the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on AAPL shares. The Goldman Sachs Group set a $139.00 price target on Apple in a research note on Friday, July 29th. Loop Capital dropped their price target on Apple from $210.00 to $180.00 and set a “buy” rating for the company in a research report on Wednesday, May 25th. Itau BBA Securities began coverage on Apple in a research report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price target for the company. Wells Fargo & Company decreased their price objective on Apple from $205.00 to $185.00 and set an “overweight” rating on the stock in a report on Wednesday, July 20th. Finally, Itaú Unibanco assumed coverage on Apple in a report on Tuesday, July 26th. They issued an “underperform” rating and a $136.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-three 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 $179.27.

Apple Price Performance

Shares of AAPL opened at $168.49 on Friday. Apple Inc. has a fifty-two week low of $129.04 and a fifty-two week high of $182.94. The company has a market capitalization of $2.71 trillion, a price-to-earnings ratio of 27.80, a price-to-earnings-growth ratio of 2.14 and a beta of 1.23. The firm has a 50-day simple moving average of $147.38 and a 200-day simple moving average of $157.16. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.82 and a current ratio of 0.86.

Apple (NASDAQ:AAPLGet Rating) last announced its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.14 by $0.06. The business had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. Apple had a net margin of 25.71% and a return on equity of 152.97%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.30 earnings per share. On average, equities research analysts anticipate that Apple Inc. will post 6.1 earnings per share for the current year.

Apple Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 11th. Investors of record on Monday, August 8th were given a $0.23 dividend. The ex-dividend date was Friday, August 5th. This represents a $0.92 dividend on an annualized basis and a yield of 0.55%. Apple’s payout ratio is currently 15.18%.

Apple announced that its Board of Directors has approved a stock buyback program on Thursday, April 28th that permits the company to buyback $90.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to buy up to 3.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, SVP Katherine L. Adams sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the sale, the senior vice president now owns 427,334 shares of the company’s stock, valued at approximately $70,411,823.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.06% of the company’s stock.

Apple Company Profile

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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