Apple (NASDAQ:AAPL) Shares Down 0.1% - Here's Why

Apple Inc. (NASDAQ:AAPL - Get Free Report)'s share price dropped 0.1% during trading on Tuesday . The stock traded as low as $232.51 and last traded at $233.24. Approximately 7,471,015 shares changed hands during trading, a decline of 87% from the average daily volume of 59,276,590 shares. The stock had previously closed at $233.40.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AAPL shares. StockNews.com upgraded Apple from a "hold" rating to a "buy" rating in a report on Tuesday, October 22nd. Piper Sandler reissued a "neutral" rating and set a $225.00 target price on shares of Apple in a research note on Wednesday, October 9th. Moffett Nathanson started coverage on shares of Apple in a research note on Monday, August 19th. They issued a "neutral" rating and a $211.00 price target on the stock. Wedbush reaffirmed an "outperform" rating and issued a $285.00 price target on shares of Apple in a research note on Monday, September 9th. Finally, Cfra lifted their price target on shares of Apple from $240.00 to $260.00 and gave the company a "buy" rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $235.91.

Apple Stock Performance

The stock has a market capitalization of $3.58 trillion, a price-to-earnings ratio of 36.34, a P/E/G ratio of 2.40 and a beta of 1.24. The company's fifty day simple moving average is $227.01 and its 200 day simple moving average is $211.05. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 EPS for the quarter, beating the consensus estimate of $1.34 by $0.06. Apple had a net margin of 26.44% and a return on equity of 147.15%. 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 previous year, the company earned $1.26 earnings per share. The company's quarterly revenue was up 4.9% on a year-over-year basis. On average, equities research analysts expect that Apple Inc. will post 6.65 earnings per share for the current year.

Apple Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 12th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $1.00 annualized dividend and a dividend yield of 0.43%. Apple's dividend payout ratio is currently 15.55%.

Insider Activity at Apple

In related news, CFO Luca Maestri sold 59,305 shares of the company's stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $226.52, for a total value of $13,433,768.60. Following the transaction, the chief financial officer now directly owns 107,788 shares in the company, valued at approximately $24,416,137.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP Katherine L. Adams sold 100,000 shares of the company's stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.44, for a total value of $20,644,000.00. Following the transaction, the senior vice president now directly owns 191,543 shares in the company, valued at approximately $39,542,136.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Luca Maestri sold 59,305 shares of the company's stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $226.52, for a total transaction of $13,433,768.60. Following the completion of the transaction, the chief financial officer now owns 107,788 shares in the company, valued at $24,416,137.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 517,924 shares of company stock worth $114,786,399. Corporate insiders own 0.06% of the company's stock.

Institutional Investors Weigh In On Apple

Several institutional investors and hedge funds have recently bought and sold shares of the company. 1620 Investment Advisors Inc. lifted its position in Apple by 0.5% during the third quarter. 1620 Investment Advisors Inc. now owns 9,654 shares of the iPhone maker's stock worth $2,249,000 after purchasing an additional 45 shares during the period. Carolina Wealth Advisors LLC lifted its position in Apple by 1.3% during the third quarter. Carolina Wealth Advisors LLC now owns 3,489 shares of the iPhone maker's stock worth $813,000 after purchasing an additional 46 shares during the period. Verus Financial Partners Inc. lifted its position in Apple by 0.3% during the second quarter. Verus Financial Partners Inc. now owns 16,929 shares of the iPhone maker's stock worth $3,566,000 after purchasing an additional 48 shares during the period. Brown Financial Advisory lifted its position in Apple by 3.8% during the second quarter. Brown Financial Advisory now owns 1,364 shares of the iPhone maker's stock worth $287,000 after purchasing an additional 50 shares during the period. Finally, Core Wealth Management Inc. lifted its position in Apple by 1.7% during the second quarter. Core Wealth Management Inc. now owns 2,968 shares of the iPhone maker's stock worth $625,000 after purchasing an additional 50 shares during the period. Institutional investors own 60.41% of the company's stock.

About Apple

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.