Shares of Apple Inc. (NASDAQ:AAPL – Get Free Report) have been assigned a consensus recommendation of “Moderate Buy” from the thirty-four analysts that are presently covering the stock, Marketbeat reports. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $235.02.
Several research analysts have weighed in on AAPL shares. Raymond James decreased their price objective on shares of Apple from $250.00 to $230.00 and set an “outperform” rating for the company in a report on Wednesday, April 30th. Monness Crespi & Hardt reduced their price target on shares of Apple from $260.00 to $245.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. Citigroup restated a “cautious” rating on shares of Apple in a research report on Monday, May 5th. DA Davidson raised their price target on shares of Apple from $230.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Finally, UBS Group restated a “buy” rating on shares of Apple in a research report on Sunday, June 1st.
Read Our Latest Stock Report on AAPL
Apple Price Performance
Apple (NASDAQ:AAPL – Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.03. The company had revenue of $95.36 billion during the quarter, compared to analyst estimates of $94.04 billion. Apple had a net margin of 24.30% and a return on equity of 160.83%. The firm’s revenue for the quarter was up 5.1% compared to the same quarter last year. During the same period last year, the business earned $1.53 EPS. Equities research analysts expect that Apple will post 7.28 EPS for the current fiscal year.
Apple Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 12th were paid a $0.26 dividend. The ex-dividend date of this dividend was Monday, May 12th. This is a boost from Apple’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.51%. Apple’s payout ratio is 16.20%.
Apple announced that its board has initiated a share buyback plan on Thursday, May 1st that allows the company to repurchase $100.00 billion in shares. This repurchase authorization allows the iPhone maker to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Insider Buying and Selling at Apple
In other news, insider Chris Kondo sold 4,486 shares of the business’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the sale, the insider now directly owns 15,533 shares in the company, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevan Parekh sold 4,570 shares of the business’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer now directly owns 4,569 shares in the company, valued at $941,214. This trade represents a 50.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,507 shares of company stock worth $42,694,080 over the last ninety days. 0.06% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Apple
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. eCIO Inc. bought a new stake in Apple in the 1st quarter valued at $120,000. CBIZ Investment Advisory Services LLC increased its position in shares of Apple by 4.2% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 17,759 shares of the iPhone maker’s stock worth $3,945,000 after purchasing an additional 716 shares in the last quarter. Modern Wealth Management LLC increased its position in shares of Apple by 11.8% during the 1st quarter. Modern Wealth Management LLC now owns 349,317 shares of the iPhone maker’s stock worth $77,594,000 after purchasing an additional 36,974 shares in the last quarter. Nova Wealth Management Inc. increased its position in shares of Apple by 2.5% during the 1st quarter. Nova Wealth Management Inc. now owns 5,678 shares of the iPhone maker’s stock worth $1,261,000 after purchasing an additional 140 shares in the last quarter. Finally, Plum Street Advisors LLC increased its position in shares of Apple by 4.0% during the 1st quarter. Plum Street Advisors LLC now owns 7,889 shares of the iPhone maker’s stock worth $1,752,000 after purchasing an additional 301 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.
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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