Apple (NASDAQ:AAPL – Free Report) had its price objective cut by Loop Capital from $230.00 to $215.00 in a research note issued to investors on Wednesday morning, Marketbeat reports. They currently have a hold rating on the iPhone maker’s stock.
AAPL has been the topic of a number of other research reports. Citigroup dropped their price target on Apple from $275.00 to $245.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Monness Crespi & Hardt upped their price target on shares of Apple to $245.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. Raymond James cut their price objective on shares of Apple from $250.00 to $230.00 and set an “outperform” rating on the stock in a report on Wednesday. Argus raised Apple to a “strong-buy” rating in a research report on Friday, January 31st. Finally, Sanford C. Bernstein boosted their price target on Apple from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, twenty have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $233.25.
View Our Latest Stock Analysis on Apple
Apple Price Performance
Apple (NASDAQ:AAPL – Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, topping the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 160.83%. The firm’s revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.53 EPS. As a group, sell-side analysts predict that Apple will post 7.28 earnings per share for the current year.
Apple Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 12th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend is Monday, May 12th. This is a boost from Apple’s previous quarterly dividend of $0.25. Apple’s payout ratio is 15.87%.
Apple announced that its board has approved a stock repurchase program on Thursday, May 1st that authorizes the company to buyback $100.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
Insider Activity at Apple
In related news, CEO Timothy D. Cook sold 108,136 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $223.65, for a total value of $24,184,616.40. Following the completion of the transaction, the chief executive officer now directly owns 3,280,295 shares in the company, valued at $733,637,976.75. The trade was a 3.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kevan Parekh sold 4,570 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $206.00, for a total transaction of $941,420.00. Following the sale, the chief financial officer now owns 4,569 shares in the company, valued at approximately $941,214. This represents a 50.01 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 187,021 shares of company stock worth $41,760,140. 0.06% of the stock is owned by corporate insiders.
Institutional Trading of Apple
Several institutional investors have recently bought and sold shares of AAPL. Retirement Planning Co of New England Inc. grew its stake in Apple by 258.1% in the 1st quarter. Retirement Planning Co of New England Inc. now owns 124,621 shares of the iPhone maker’s stock valued at $27,682,000 after acquiring an additional 89,819 shares during the period. Richard C. Young & CO. LTD. raised its position in shares of Apple by 0.8% during the 1st quarter. Richard C. Young & CO. LTD. now owns 80,856 shares of the iPhone maker’s stock worth $17,960,000 after purchasing an additional 646 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its stake in Apple by 12.8% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 1,051,179 shares of the iPhone maker’s stock valued at $233,498,000 after buying an additional 119,308 shares in the last quarter. Forum Financial Management LP boosted its holdings in Apple by 0.4% in the 1st quarter. Forum Financial Management LP now owns 316,414 shares of the iPhone maker’s stock worth $70,285,000 after buying an additional 1,411 shares during the last quarter. Finally, Bear Mountain Capital Inc. raised its holdings in shares of Apple by 6.7% during the first quarter. Bear Mountain Capital Inc. now owns 1,664 shares of the iPhone maker’s stock valued at $351,000 after acquiring an additional 105 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.
Apple Company Profile
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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