Spinnaker Trust Boosts Holdings in Apple Inc. $AAPL

Key Points

• Spinnaker Trust boosted its Apple stake by 4.9% in the first quarter, buying 10,444 additional shares and bringing its total to 223,180 shares worth about $56.6 million. Apple now represents roughly 3.1% of the trust’s holdings.
• Apple reported strong quarterly results, with EPS of $2.01 beating estimates and revenue of $111.18 billion topping expectations. Revenue rose 16.6% year over year, and analysts still expect full-year EPS of 8.74.
• Sentiment around Apple remains mixed but broadly constructive: several analysts maintain Buy/Overweight ratings, while the company also faces notable news flow including a larger dividend, insider stock sales, and an EU court setback on Digital Markets Act rules.

Spinnaker Trust increased its position in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 4.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 223,180 shares of the iPhone maker's stock after purchasing an additional 10,444 shares during the quarter. Apple makes up approximately 3.1% of Spinnaker Trust's holdings, making the stock its 7th biggest holding. Spinnaker Trust's holdings in Apple were worth $56,641,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Apple in the fourth quarter valued at approximately $52,266,468,000. Nuveen LLC bought a new stake in Apple during the 1st quarter worth approximately $17,472,482,000. Cardano Risk Management B.V. increased its holdings in Apple by 890.7% during the 4th quarter. Cardano Risk Management B.V. now owns 41,984,810 shares of the iPhone maker's stock valued at $11,413,990,000 after purchasing an additional 37,746,784 shares in the last quarter. Laurel Wealth Advisors LLC raised its position in Apple by 20,464.8% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker's stock valued at $5,553,753,000 after purchasing an additional 26,937,401 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Apple by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker's stock valued at $387,749,545,000 after purchasing an additional 26,856,752 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Apple Price Performance

Apple stock opened at $316.16 on Friday. The business's 50-day simple moving average is $298.65 and its 200 day simple moving average is $274.97. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70. The stock has a market cap of $4.64 trillion, a price-to-earnings ratio of 38.23, a P/E/G ratio of 2.73 and a beta of 1.10. Apple Inc. has a 12-month low of $201.50 and a 12-month high of $317.40.

Apple (NASDAQ:AAPL - Get Free Report) last released its earnings results on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.06. The company had revenue of $111.18 billion for the quarter, compared to the consensus estimate of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The company's revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.65 EPS. As a group, research analysts anticipate that Apple Inc. will post 8.74 earnings per share for the current year.

Apple Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 0.3%. This is a positive change from Apple's previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, May 11th. Apple's payout ratio is presently 13.06%.

Insider Activity at Apple

In other news, insider Ben Borders sold 1,274 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $290.00, for a total value of $369,460.00. Following the transaction, the insider owned 38,713 shares of the company's stock, valued at $11,226,770. This represents a 3.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevan Parekh sold 1,534 shares of the stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $421,850.00. Following the completion of the transaction, the chief financial officer directly owned 13,366 shares in the company, valued at approximately $3,675,650. This trade represents a 10.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 2,924 shares of company stock worth $825,546 over the last 90 days. 0.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on AAPL. Morgan Stanley restated an "overweight" rating on shares of Apple in a report on Friday, June 26th. Wedbush reaffirmed an "outperform" rating and issued a $400.00 price target on shares of Apple in a report on Friday, June 5th. Robert W. Baird set a $310.00 price target on shares of Apple in a research report on Friday, May 1st. UBS Group reissued a "buy" rating on shares of Apple in a report on Tuesday, June 9th. Finally, Citigroup restated a "buy" rating on shares of Apple in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $314.85.

Key Headlines Impacting Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Apple announced a multiyear partnership with Broadcom worth more than $30 billion to design and produce U.S.-made custom silicon and wireless chips, its largest domestic manufacturing commitment to date. The deal improves supply-chain resiliency and supports future product cycles. Article Title
• Positive Sentiment: JPMorgan said Apple’s recent price increases for Mac and iPad, and any possible iPhone hikes, are unlikely to significantly hurt demand, and it raised its price target while reiterating a Buy rating. Article Title
• Positive Sentiment: UBS said App Store data points to roughly 3% growth in Apple’s June quarter, signaling that services revenue remains resilient even as U.S. revenue softens somewhat. Article Title
• Neutral Sentiment: Several pieces framed Apple as a potential leader in a broader “Magnificent Seven” rebound, but these were mostly market commentary rather than company-specific catalysts. Article Title
• Negative Sentiment: An EU court rejected Apple’s challenge to Digital Markets Act gatekeeper rules, leaving the company exposed to tighter App Store and iOS antitrust obligations in Europe. Article Title
• Negative Sentiment: Hedgeye reportedly added Apple as a new short idea, which may be adding some caution around the stock’s near-term valuation after a strong run. Article Title

About Apple

Apple Inc NASDAQ: AAPL is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple's principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

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