A number of other brokerages have also recently weighed in on AAPL. Piper Sandler dropped their price objective on shares of Apple from $200.00 to $195.00 in a research note on Friday, April 29th. Fundamental Research reduced their price objective on Apple from $179.32 to $175.24 and set an average rating on the stock in a research report on Friday, May 6th. Itaú Unibanco assumed coverage on shares of Apple in a research note on Tuesday, July 26th. They issued an underperform rating and a $136.00 target price for the company. Itau BBA Securities initiated coverage on shares of Apple in a research note on Tuesday, July 26th. They set an underperform rating and a $136.00 price target on the stock. Finally, Wells Fargo & Company cut their price objective on shares of Apple from $205.00 to $185.00 and set an overweight rating for the company in a research report on Wednesday, July 20th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus price target of $179.04.
Apple Price Performance
AAPL stock opened at $161.51 on Monday. The firm has a 50 day moving average of $144.68 and a 200-day moving average of $157.12. The company has a market cap of $2.61 trillion, a price-to-earnings ratio of 26.65, a PEG ratio of 2.11 and a beta of 1.23. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 1.63. Apple has a 12-month low of $129.04 and a 12-month high of $182.94.
Apple (NASDAQ:AAPL – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The iPhone maker reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.06. The firm had revenue of $82.96 billion during the quarter, compared to the consensus estimate of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. Apple’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the business posted $1.30 EPS. As a group, equities analysts expect that Apple will post 6.08 EPS for the current fiscal year.
Apple declared that its board has authorized a share buyback program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
Apple Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.57%. Apple’s payout ratio is currently 15.18%.
Insider Buying and Selling at Apple
In other news, SVP Katherine L. Adams sold 25,000 shares of the company’s stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total value of $4,043,000.00. Following the completion of the transaction, the senior vice president now directly owns 452,334 shares in the company, valued at $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of the business. Elk River Wealth Management LLC grew its holdings in Apple by 49.0% during the 1st quarter. Elk River Wealth Management LLC now owns 167,122 shares of the iPhone maker’s stock worth $29,181,000 after acquiring an additional 54,989 shares in the last quarter. Piscataqua Savings Bank grew its stake in Apple by 1.5% in the first quarter. Piscataqua Savings Bank now owns 47,546 shares of the iPhone maker’s stock worth $8,302,000 after purchasing an additional 684 shares in the last quarter. Fountainhead AM LLC increased its holdings in Apple by 11.6% in the fourth quarter. Fountainhead AM LLC now owns 45,544 shares of the iPhone maker’s stock valued at $7,732,000 after buying an additional 4,738 shares during the last quarter. Primoris Wealth Advisors LLC acquired a new stake in Apple during the fourth quarter valued at approximately $4,282,000. Finally, Red Door Wealth Management LLC lifted its holdings in Apple by 3.3% during the 1st quarter. Red Door Wealth Management LLC now owns 96,983 shares of the iPhone maker’s stock worth $16,934,000 after buying an additional 3,087 shares during the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.
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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