Apple Inc. (AAPL) Plans $0.63 Quarterly Dividend
Apple Inc. (NASDAQ:AAPL) declared a quarterly dividend on Thursday, November 2nd, RTT News reports. Stockholders of record on Monday, November 13th will be paid a dividend of 0.63 per share by the iPhone maker on Thursday, November 16th. This represents a $2.52 annualized dividend and a dividend yield of 1.49%.
Apple has raised its dividend by an average of 9.8% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Apple has a payout ratio of 28.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Apple to earn $10.97 per share next year, which means the company should continue to be able to cover its $2.52 annual dividend with an expected future payout ratio of 23.0%.
Apple (NASDAQ:AAPL) last posted its earnings results on Thursday, November 2nd. The iPhone maker reported $2.07 EPS for the quarter, topping the consensus estimate of $1.87 by $0.20. The company had revenue of $52.58 billion during the quarter, compared to the consensus estimate of $50.71 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. The firm’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.50 earnings per share.
In other news, CEO Timothy D. Cook sold 268,623 shares of Apple stock in a transaction on Monday, August 28th. The stock was sold at an average price of $160.63, for a total transaction of $43,148,912.49. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Arthur D. Levinson sold 35,000 shares of Apple stock in a transaction on Monday, August 7th. The shares were sold at an average price of $157.58, for a total value of $5,515,300.00. Following the transaction, the director now owns 1,168,283 shares in the company, valued at approximately $184,098,035.14. The disclosure for this sale can be found here. Insiders have sold 541,177 shares of company stock worth $85,864,804 in the last quarter. 0.08% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of AAPL. FNY Managed Accounts LLC grew its stake in Apple by 852.4% in the second quarter. FNY Managed Accounts LLC now owns 800 shares of the iPhone maker’s stock valued at $115,000 after purchasing an additional 716 shares in the last quarter. Private Vista LLC purchased a new position in Apple in the second quarter valued at about $122,000. Reaves W H & Co. Inc. purchased a new position in Apple in the second quarter valued at about $200,000. Strid Group LLC purchased a new position in Apple in the second quarter valued at about $205,000. Finally, Karp Capital Management Corp grew its stake in Apple by 1.6% in the second quarter. Karp Capital Management Corp now owns 1,427 shares of the iPhone maker’s stock valued at $206,000 after purchasing an additional 22 shares in the last quarter. Hedge funds and other institutional investors own 60.33% of the company’s stock.
A number of equities research analysts have issued reports on AAPL shares. Drexel Hamilton reaffirmed a “buy” rating and issued a $202.00 price objective on shares of Apple in a research report on Thursday, July 6th. Barclays PLC reaffirmed a “hold” rating and issued a $146.00 price objective on shares of Apple in a research report on Monday, September 4th. Instinet reaffirmed a “buy” rating and issued a $165.00 price objective on shares of Apple in a research report on Wednesday, July 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $180.00 price objective on shares of Apple in a research report on Monday, September 11th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $194.00 price objective (up from $182.00) on shares of Apple in a research report on Tuesday, September 12th. Eight equities research analysts have rated the stock with a hold rating and forty-five have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $193.36.
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Apple Inc (Apple) 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. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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