Apple Sees Strong Trading Volume on Better-Than-Expected Earnings (AAPL)
Apple (NASDAQ:AAPL) saw strong trading volume on Wednesday following a better than expected earnings announcement, Analyst Ratings Network.com reports. 65,697,762 shares were traded during mid-day trading, an increase of 41% from the previous session’s volume of 46,696,824 shares.The stock last traded at $97.55 and had previously closed at $94.72.
The company reported $1.28 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.22 by $0.06. The company had revenue of $37.43 billion for the quarter, compared to the consensus estimate of $37.80 billion. During the same quarter in the prior year, the company posted $7.47 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, August 14th. Investors of record on Monday, August 11th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 1.98%.
Several analysts have recently commented on the stock. Analysts at Raymond James raised their price target on shares of Apple from $102.00 to $104.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Separately, analysts at Nomura raised their price target on shares of Apple from $88.71 to $95.00 in a research note on Wednesday. They now have a “neutral” rating on the stock. Finally, analysts at Macquarie raised their price target on shares of Apple from $95.00 to $102.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and thirty-five have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $101.43.
The stock has a 50-day moving average of $93.06 and a 200-day moving average of $82.21. The company has a market cap of $586.0 billion and a price-to-earnings ratio of 15.89.
Apple Inc (NASDAQ:AAPL) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications.
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