Spinnaker Investment Group LLC Has $11.08 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Spinnaker Investment Group LLC raised its position in shares of Apple Inc. (NASDAQ:AAPL) by 2.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 47,561 shares of the iPhone maker’s stock after buying an additional 957 shares during the period. Apple comprises 2.7% of Spinnaker Investment Group LLC’s holdings, making the stock its 11th largest position. Spinnaker Investment Group LLC’s holdings in Apple were worth $11,082,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. High Net Worth Advisory Group LLC grew its position in Apple by 1.7% during the 3rd quarter. High Net Worth Advisory Group LLC now owns 64,015 shares of the iPhone maker’s stock worth $14,916,000 after purchasing an additional 1,066 shares in the last quarter. Granite Investment Partners LLC boosted its position in shares of Apple by 2.7% in the second quarter. Granite Investment Partners LLC now owns 289,421 shares of the iPhone maker’s stock worth $60,958,000 after buying an additional 7,606 shares during the period. Truist Financial Corp boosted its position in shares of Apple by 1.8% in the second quarter. Truist Financial Corp now owns 6,994,703 shares of the iPhone maker’s stock worth $1,473,224,000 after buying an additional 126,210 shares during the period. Sterling Investment Counsel LLC grew its holdings in shares of Apple by 3.8% during the third quarter. Sterling Investment Counsel LLC now owns 69,824 shares of the iPhone maker’s stock valued at $16,269,000 after buying an additional 2,565 shares in the last quarter. Finally, Silicon Valley Capital Partners raised its position in Apple by 12.8% during the third quarter. Silicon Valley Capital Partners now owns 253,743 shares of the iPhone maker’s stock valued at $59,122,000 after buying an additional 28,799 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Apple Trading Down 0.4 %

Apple stock opened at $222.78 on Friday. The business has a 50 day moving average price of $240.97 and a two-hundred day moving average price of $230.72. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.51. Apple Inc. has a 12 month low of $164.07 and a 12 month high of $260.10. The stock has a market cap of $3.35 trillion, a price-to-earnings ratio of 36.64, a price-to-earnings-growth ratio of 2.19 and a beta of 1.20.

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

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Monday, November 11th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.00 annualized dividend and a dividend yield of 0.45%. Apple’s dividend payout ratio (DPR) is currently 16.45%.

Insider Activity at Apple

In other Apple news, COO Jeffrey E. Williams sold 100,000 shares of Apple stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $249.97, for a total transaction of $24,997,000.00. Following the sale, the chief operating officer now directly owns 389,944 shares of the company’s stock, valued at approximately $97,474,301.68. The trade was a 20.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Chris Kondo sold 4,130 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $228.87, for a total value of $945,233.10. Following the completion of the transaction, the insider now directly owns 15,419 shares of the company’s stock, valued at approximately $3,528,946.53. The trade was 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 currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. StockNews.com cut Apple from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. Jefferies Financial Group lowered shares of Apple from a “hold” rating to an “underperform” rating and dropped their price objective for the company from $211.84 to $200.75 in a research note on Tuesday. JPMorgan Chase & Co. decreased their target price on shares of Apple from $265.00 to $260.00 and set an “overweight” rating for the company in a research note on Tuesday. Raymond James upped their price target on shares of Apple to $250.00 and gave the stock a “buy” rating in a research note on Monday, January 20th. Finally, Citigroup lifted their price objective on Apple to $185.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $238.05.

About Apple

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.