Apple Inc. (NASDAQ:AAPL – Get Free Report) dropped 4.8% on Monday after Barclays lowered their price target on the stock from $187.00 to $186.00. Barclays currently has an underweight rating on the stock. Apple traded as low as $197.12 and last traded at $209.33. Approximately 47,581,402 shares changed hands during trading, a decline of 25% from the average daily volume of 63,476,293 shares. The stock had previously closed at $219.86.
A number of other research firms have also weighed in on AAPL. Erste Group Bank raised Apple from a “hold” rating to a “buy” rating in a research note on Friday, June 14th. Evercore ISI restated a “buy” rating and issued a $250.00 target price on shares of Apple in a research report on Thursday. Piper Sandler Companies restated a “neutral” rating and issued a $225.00 target price (up previously from $190.00) on shares of Apple in a research report on Tuesday, July 9th. TD Cowen boosted their price objective on Apple from $220.00 to $250.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Wedbush restated an “outperform” rating and set a $275.00 price target on shares of Apple in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $234.29.
Insider Activity at Apple
In other Apple news, insider Chris Kondo sold 4,999 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the transaction, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the completion of the transaction, the director now directly owns 4,359,576 shares in the company, valued at $835,207,570.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Chris Kondo sold 4,999 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the transaction, the insider now directly owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.
Hedge Funds Weigh In On Apple
A number of institutional investors and hedge funds have recently added to or reduced their stakes in AAPL. Christopher J. Hasenberg Inc acquired a new position in shares of Apple in the first quarter worth $35,000. Gilfoyle & Co LLC increased its stake in shares of Apple by 118.0% in the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after acquiring an additional 118 shares during the last quarter. A.P. Gilfoyle & Co. L.P. acquired a new position in shares of Apple in the fourth quarter worth $39,000. University of Texas Texas AM Investment Managment Co. increased its stake in shares of Apple by 657.1% in the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after acquiring an additional 368 shares during the last quarter. Finally, Clarity Asset Management Inc. acquired a new position in shares of Apple in the fourth quarter worth $85,000. 60.41% of the stock is owned by institutional investors.
Apple Price Performance
The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $3.21 trillion, a price-to-earnings ratio of 32.55, a P/E/G ratio of 2.60 and a beta of 1.24. The stock’s 50 day moving average price is $213.76 and its two-hundred day moving average price is $191.35.
Apple (NASDAQ:AAPL – Get Free Report) last posted its earnings results on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 145.35%. The firm had revenue of $85.78 billion for the quarter, compared to the consensus estimate of $84.43 billion. During the same period in the prior year, the business posted $1.26 earnings per share. The business’s quarterly revenue was up 4.9% on a year-over-year basis. Analysts anticipate that Apple Inc. will post 6.61 EPS for the current fiscal year.
Apple Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 12th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date is Monday, August 12th. Apple’s dividend payout ratio is currently 15.55%.
Apple declared that its Board of Directors has authorized a share repurchase program on Thursday, May 2nd that permits the company to buyback $110.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
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.