Apple Inc. (NASDAQ:AAPL) Shares Sold by Spinnaker Investment Group LLC

Key Points

• Spinnaker Investment Group LLC reduced its holdings in Apple Inc. by 3.1%, selling 1,428 shares, leaving them with 45,286 shares valued at over $10 million.
• Several large investors have made adjustments to their positions in Apple; for instance, Allstate Corp increased its stake significantly by over 3,368%.
• Apple recently reported strong quarterly earnings with an EPS of $1.57, exceeding estimates, and announced a quarterly dividend of $0.26 per share for shareholders of record on August 11th.

Spinnaker Investment Group LLC lessened its position in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,286 shares of the iPhone maker's stock after selling 1,428 shares during the quarter. Apple accounts for approximately 2.3% of Spinnaker Investment Group LLC's portfolio, making the stock its 12th largest holding. Spinnaker Investment Group LLC's holdings in Apple were worth $10,059,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Tallon Kerry Patrick purchased a new position in Apple in the 4th quarter worth approximately $1,877,000. First National Bank of Hutchinson boosted its holdings in shares of Apple by 24.6% during the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker's stock valued at $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Capital & Planning LLC boosted its holdings in shares of Apple by 10.7% during the 4th quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker's stock valued at $6,836,000 after purchasing an additional 2,647 shares during the last quarter. Eagle Capital Management LLC raised its position in shares of Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker's stock valued at $13,544,000 after buying an additional 272 shares in the last quarter. Finally, Brighton Jones LLC raised its position in shares of Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker's stock valued at $134,554,000 after buying an additional 69,207 shares in the last quarter. 67.73% of the stock is owned by institutional investors.

Insider Transactions at Apple

In other Apple news, insider Chris Kondo sold 4,486 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, the insider directly owned 15,533 shares of the company's stock, valued at approximately $3,233,815.27. This trade represents a 22.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on AAPL. Jefferies Financial Group raised shares of Apple from an "underperform" rating to a "hold" rating in a research report on Friday, July 18th. Needham & Company LLC reiterated a "hold" rating on shares of Apple in a research note on Friday, July 25th. TD Cowen decreased their target price on shares of Apple from $290.00 to $275.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Barclays upped their price objective on shares of Apple from $173.00 to $180.00 and gave the stock an "underweight" rating in a research report on Friday. Finally, China Renaissance began coverage on shares of Apple in a research note on Tuesday, April 22nd. They set a "buy" rating and a $241.00 price objective for the company. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Apple currently has a consensus rating of "Moderate Buy" and an average target price of $237.25.

Apple Stock Up 0.5%

Shares of NASDAQ AAPL traded up $0.97 during mid-day trading on Monday, reaching $203.35. The company had a trading volume of 74,983,799 shares, compared to its average volume of 57,129,035. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. The firm has a 50 day simple moving average of $205.37 and a two-hundred day simple moving average of $213.50. The stock has a market cap of $3.04 trillion, a P/E ratio of 30.86, a PEG ratio of 2.20 and a beta of 1.16. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10.

Apple (NASDAQ:AAPL - Get Free Report) last posted its 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 firm had revenue of $94.04 billion for the quarter, compared to the consensus estimate of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The company's revenue was up 9.6% on a year-over-year basis. During the same period last year, the firm posted $1.40 EPS. Sell-side analysts predict that Apple Inc. will post 7.28 earnings per share for the current year.

Apple announced that its board has approved a stock buyback program on Thursday, May 1st that permits the company to repurchase $100.00 billion in shares. This repurchase authorization permits the iPhone maker to buy up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

Apple Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Monday, August 11th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Monday, August 11th. Apple's dividend payout ratio (DPR) is presently 15.78%.

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.