Apple (NASDAQ:AAPL) Shares Up 0% Following Analyst Upgrade

Apple Inc. (NASDAQ:AAPLGet Free Report) shot up 0% during trading on Tuesday after Needham & Company LLC raised their price target on the stock from $220.00 to $260.00. Needham & Company LLC currently has a buy rating on the stock. Apple traded as high as $229.39 and last traded at $227.88. 18,022,660 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 64,480,496 shares. The stock had previously closed at $227.82.

AAPL has been the subject of several other research reports. Oppenheimer raised their price objective on shares of Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, June 28th. Bank of America reissued a “buy” rating and issued a $230.00 price objective on shares of Apple in a research note on Tuesday. Monness Crespi & Hardt reiterated a “buy” rating and issued a $205.00 price target on shares of Apple in a research note on Thursday, June 6th. Piper Sandler Companies reiterated a “neutral” rating and issued a $225.00 price target (up previously from $190.00) on shares of Apple in a research note on Tuesday. Finally, Rosenblatt Securities upgraded shares of Apple from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $196.00 to $260.00 in a research note on Wednesday, June 26th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and an average price target of $218.43.

Check Out Our Latest Stock Report on AAPL

Insider Activity

In other news, insider Chris Kondo sold 4,999 shares of Apple 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 approximately $5,574,531.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Apple news, insider Chris Kondo sold 4,999 shares of the business’s 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 approximately $5,574,531.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Arthur D. Levinson sold 75,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were 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 disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Apple

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Apple by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after buying an additional 18,067,216 shares during the period. Morgan Stanley grew its stake in shares of Apple by 1.0% during the 3rd quarter. Morgan Stanley now owns 206,732,960 shares of the iPhone maker’s stock worth $35,394,751,000 after purchasing an additional 2,018,010 shares during the period. Norges Bank acquired a new position in shares of Apple during the 4th quarter worth $33,912,466,000. International Assets Investment Management LLC grew its stake in shares of Apple by 14,395.4% during the 4th quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock worth $136,119,470,000 after purchasing an additional 70,212,651 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Apple by 3.6% during the 4th quarter. Wellington Management Group LLP now owns 60,651,275 shares of the iPhone maker’s stock worth $11,677,190,000 after purchasing an additional 2,096,360 shares during the period. 60.41% of the stock is owned by institutional investors and hedge funds.

Apple Stock Performance

The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $3.57 trillion, a price-to-earnings ratio of 36.23, a PEG ratio of 2.77 and a beta of 1.24. The stock’s 50 day moving average price is $200.96 and its two-hundred day moving average price is $186.98.

Apple (NASDAQ:AAPLGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business had revenue of $90.75 billion for the quarter, compared to analysts’ expectations of $90.37 billion. During the same period in the prior year, the company posted $1.52 EPS. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, analysts forecast that Apple Inc. will post 6.59 EPS for the current year.

Apple Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were given a $0.25 dividend. The ex-dividend date was Friday, May 10th. This is a positive change from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 0.43%. Apple’s payout ratio is currently 15.55%.

Apple announced that its board has approved a stock repurchase program on Thursday, May 2nd that allows the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.

Further Reading

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