Apple (NASDAQ:AAPL - Free Report) had its target price raised by JPMorgan Chase & Co. from $225.00 to $245.00 in a research report sent to investors on Tuesday, Marketbeat.com reports. JPMorgan Chase & Co. currently has an overweight rating on the iPhone maker's stock.
AAPL has been the subject of a number of other research reports. Itau BBA Securities upgraded Apple from an underperform rating to a market perform rating and increased their target price for the company from $162.00 to $188.00 in a report on Friday, May 3rd. Citigroup reduced their price objective on Apple from $220.00 to $210.00 and set a buy rating for the company in a research note on Monday, April 29th. Bank of America reaffirmed a buy rating and set a $230.00 target price on shares of Apple in a research note on Wednesday, June 12th. Monness Crespi & Hardt reissued a buy rating and issued a $205.00 price target on shares of Apple in a research report on Thursday, June 6th. Finally, Tigress Financial boosted their price objective on shares of Apple from $240.00 to $245.00 and gave the company a strong-buy rating in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Apple has an average rating of Moderate Buy and a consensus price target of $208.06.
Check Out Our Latest Analysis on AAPL
Apple Price Performance
Shares of NASDAQ:AAPL traded down $2.38 on Tuesday, reaching $214.29. 79,858,357 shares of the company traded hands, compared to its average volume of 63,422,402. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99. The stock has a market capitalization of $3.29 trillion, a PE ratio of 33.33, a P/E/G ratio of 2.59 and a beta of 1.25. The company's 50 day moving average is $185.62 and its 200-day moving average is $184.36. Apple has a fifty-two week low of $164.07 and a fifty-two week high of $220.20.
Apple (NASDAQ:AAPL - Get Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The firm had revenue of $90.75 billion for the quarter, compared to the consensus estimate of $90.37 billion. During the same quarter in the previous year, the company earned $1.52 EPS. The business's revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, analysts anticipate that Apple will post 6.58 earnings per share for the current fiscal year.
Apple Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were issued a $0.25 dividend. The ex-dividend date of this dividend was Friday, May 10th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.47%. This is a positive change from Apple's previous quarterly dividend of $0.24. Apple's dividend payout ratio (DPR) is currently 15.55%.
Apple declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 2nd that permits the company to buyback $110.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.
Insider Buying and Selling
In other Apple news, insider Chris Kondo sold 4,999 shares of the company's stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total transaction of $951,809.60. Following the transaction, the insider now directly owns 29,278 shares in the company, valued at approximately $5,574,531.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the transaction, the director now owns 4,359,576 shares of the company's stock, valued at approximately $835,207,570.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Chris Kondo sold 4,999 shares of Apple stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the sale, 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. Insiders sold a total of 346,270 shares of company stock worth $60,880,196 over the last three months. 0.06% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Apple
Several hedge funds have recently added to or reduced their stakes in AAPL. Yeomans Consulting Group Inc. acquired a new stake in shares of Apple during the fourth quarter worth about $1,713,000. Raleigh Capital Management Inc. boosted its holdings in shares of Apple by 11.8% in the fourth quarter. Raleigh Capital Management Inc. now owns 15,511 shares of the iPhone maker's stock valued at $2,986,000 after buying an additional 1,643 shares during the period. Headinvest LLC raised its holdings in shares of Apple by 1.7% during the third quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker's stock worth $9,236,000 after acquiring an additional 872 shares during the period. GLOBALT Investments LLC GA bought a new stake in Apple in the 4th quarter valued at $38,406,000. Finally, Barden Capital Management Inc. boosted its stake in Apple by 132.8% in the 4th quarter. Barden Capital Management Inc. now owns 32,636 shares of the iPhone maker's stock worth $6,283,000 after purchasing an additional 18,615 shares during the period. Institutional investors and hedge funds own 60.41% of the company's stock.
About Apple
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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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