Spinnaker Trust trimmed its holdings in Apple Inc. (NASDAQ:AAPL - Free Report) by 3.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 215,437 shares of the iPhone maker's stock after selling 7,031 shares during the period. Apple accounts for about 3.1% of Spinnaker Trust's holdings, making the stock its 8th biggest holding. Spinnaker Trust's holdings in Apple were worth $47,855,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of AAPL. Norges Bank acquired a new position in Apple in the 4th quarter valued at about $46,868,648,000. GAMMA Investing LLC increased its stake in Apple by 25,934.1% during the first quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock worth $133,425,490,000 after acquiring an additional 59,835,676 shares during the last quarter. Vanguard Group Inc. raised its position in Apple by 3.7% in the fourth quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock valued at $349,532,608,000 after purchasing an additional 49,168,843 shares during the period. Proficio Capital Partners LLC increased its position in shares of Apple by 23,555.4% during the 4th quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock worth $5,272,653,000 after purchasing an additional 20,966,232 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Apple by 13.3% in the fourth quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after buying an additional 20,079,472 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on AAPL shares. The Goldman Sachs Group reissued a "buy" rating on shares of Apple in a research note on Wednesday, May 21st. Morgan Stanley boosted their price objective on Apple from $235.00 to $240.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Needham & Company LLC reaffirmed a "hold" rating on shares of Apple in a research report on Friday, July 25th. Citigroup increased their price target on shares of Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Finally, Scotiabank cut shares of Apple to a "market perform" rating in a report on Friday, May 2nd. Two analysts have rated the stock with a sell rating, twelve have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $237.60.
Get Our Latest Research Report on AAPL
Insider Buying and Selling at Apple
In related news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $223.20, for a total transaction of $7,772,047.20. Following the transaction, the senior vice president owned 136,687 shares of the company's stock, valued at $30,508,538.40. This represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.06% of the stock is currently owned by company insiders.
Apple Stock Performance
Shares of AAPL stock traded down $0.13 during midday trading on Tuesday, hitting $230.76. The company had a trading volume of 8,640,402 shares, compared to its average volume of 57,554,328. Apple Inc. has a 52-week low of $169.21 and a 52-week high of $260.10. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The company's 50 day simple moving average is $210.28 and its 200 day simple moving average is $212.94. The stock has a market cap of $3.42 trillion, a price-to-earnings ratio of 35.07, a PEG ratio of 2.42 and a beta of 1.16.
Apple (NASDAQ:AAPL - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.43 by $0.14. The business had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business's revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.40 earnings per share. Research analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.
Apple Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Monday, August 11th were paid a $0.26 dividend. The ex-dividend date was Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.5%. Apple's payout ratio is 15.78%.
Apple announced that its Board of Directors has approved a stock buyback plan on Thursday, May 1st that authorizes the company to repurchase $100.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.
About Apple
(
Free Report)
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.
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