Apple (NASDAQ:AAPL) had its price target lifted by Argus to $250.00 in a research report report published on Thursday, May 2nd, The Fly reports. The firm currently has a buy rating on the iPhone maker’s stock.
Several other research analysts have also recently commented on the stock. Loop Capital increased their target price on shares of Apple to $190.00 and gave the stock a hold rating in a report on Wednesday, May 1st. Jefferies Financial Group increased their target price on shares of Apple from $160.00 to $210.00 and gave the stock a hold rating in a report on Wednesday, May 1st. Piper Jaffray Companies increased their price target on shares of Apple from $201.00 to $230.00 and gave the company an overweight rating in a research note on Wednesday, May 1st. Sanford C. Bernstein set a $190.00 price target on shares of Apple and gave the company a neutral rating in a research note on Wednesday, May 1st. Finally, Morgan Stanley increased their price target on shares of Apple from $234.00 to $240.00 and gave the company an overweight rating in a research note on Wednesday, May 1st. Four analysts have rated the stock with a sell rating, twenty-two have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. The company has an average rating of Hold and a consensus target price of $209.97.
Shares of AAPL traded down $0.69 on Thursday, reaching $178.97. 21,928,713 shares of the company’s stock were exchanged, compared to its average volume of 30,924,725. Apple has a 12 month low of $142.00 and a 12 month high of $233.47. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.32 and a quick ratio of 1.26. The company has a market cap of $917.16 billion, a price-to-earnings ratio of 15.03, a price-to-earnings-growth ratio of 1.58 and a beta of 1.14.
Apple (NASDAQ:AAPL) last issued its earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.37 by $0.09. The firm had revenue of $58.02 billion during the quarter, compared to the consensus estimate of $57.40 billion. Apple had a net margin of 22.12% and a return on equity of 51.29%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.73 earnings per share. As a group, analysts expect that Apple will post 11.48 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were issued a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a yield of 1.72%. This is an increase from Apple’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Friday, May 10th. Apple’s payout ratio is currently 25.86%.
Apple declared that its Board of Directors has authorized a share buyback program on Tuesday, April 30th that authorizes the company to repurchase $75.00 billion in outstanding shares. This repurchase authorization authorizes the iPhone maker to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, COO Jeffrey E. Williams sold 56,411 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the sale, the chief operating officer now directly owns 151,187 shares in the company, valued at $31,803,697.32. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Luca Maestri sold 51,138 shares of the company’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $196.61, for a total transaction of $10,054,242.18. Following the completion of the transaction, the insider now owns 27,448 shares in the company, valued at $5,396,551.28. The disclosure for this sale can be found here. Insiders sold a total of 142,549 shares of company stock worth $29,300,960 over the last three months. 0.05% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Castle Rock Wealth Management LLC raised its holdings in Apple by 24.9% in the first quarter. Castle Rock Wealth Management LLC now owns 12,210 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 2,431 shares in the last quarter. University of Texas Texas AM Investment Managment Co. raised its holdings in Apple by 505.0% in the first quarter. University of Texas Texas AM Investment Managment Co. now owns 242 shares of the iPhone maker’s stock worth $46,000 after purchasing an additional 202 shares in the last quarter. Semmax Financial Advisors Inc. bought a new position in Apple in the fourth quarter worth $50,000. Portfolio Solutions LLC bought a new position in Apple in the fourth quarter worth $76,000. Finally, Contravisory Investment Management Inc. raised its holdings in Apple by 30.6% in the fourth quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock worth $97,000 after purchasing an additional 144 shares in the last quarter. Institutional investors own 55.46% of the company’s stock.
Apple Company Profile
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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