Apple (NASDAQ:AAPL) Stock Price Down 1.1%

Apple Inc. (NASDAQ:AAPLGet Free Report)’s stock price traded down 1.1% during trading on Wednesday . The company traded as low as $213.00 and last traded at $214.29. 79,943,254 shares changed hands during mid-day trading, an increase of 17% from the average session volume of 68,511,152 shares. The stock had previously closed at $216.67.

Analysts Set New Price Targets

Several analysts have issued reports on AAPL shares. Monness Crespi & Hardt reaffirmed a “buy” rating and set a $205.00 target price on shares of Apple in a research report on Thursday, June 6th. Tigress Financial raised their price objective on Apple from $240.00 to $245.00 and gave the company a “strong-buy” rating in a research report on Thursday, May 30th. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Apple in a report on Tuesday, June 11th. JPMorgan Chase & Co. raised their price target on shares of Apple from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $196.00 price objective on shares of Apple in a research note on Tuesday, June 11th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $208.06.

Get Our Latest Research Report on AAPL

Apple Stock Down 1.1 %

The business has a 50-day moving average price of $185.62 and a 200-day moving average price of $184.36. The stock has a market cap of $3.29 trillion, a PE ratio of 33.33, a price-to-earnings-growth ratio of 2.64 and a beta of 1.25. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24.

Apple (NASDAQ:AAPLGet 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, beating the consensus estimate 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 the consensus estimate of $90.37 billion. During the same period last year, the firm posted $1.52 earnings per share. The company’s revenue was down 4.3% compared to the same quarter last year. As a group, analysts forecast that Apple Inc. will post 6.58 earnings per share for the current year.

Apple Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were paid a dividend of $0.25 per share. This is a positive change from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 0.47%. The ex-dividend date was Friday, May 10th. Apple’s payout ratio is 15.55%.

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

Insider Activity at Apple

In related news, SVP Deirdre O’brien sold 54,732 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total transaction of $9,244,782.12. Following the transaction, the senior vice president now directly owns 136,572 shares in the company, valued at $23,068,376.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Deirdre O’brien sold 54,732 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $168.91, for a total value of $9,244,782.12. Following the transaction, the senior vice president now owns 136,572 shares of the company’s stock, valued at approximately $23,068,376.52. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the completion of the sale, the chief executive officer now directly owns 3,377,407 shares in the company, valued at $574,260,512.21. The disclosure for this sale can be found here. In the last ninety days, insiders sold 346,270 shares of company stock valued at $60,880,196. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Apple

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AAPL. Wyrmwood Management LLC raised its position in Apple by 69.0% in the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock valued at $33,000 after purchasing an additional 69 shares in the last quarter. Christopher J. Hasenberg Inc acquired a new stake in Apple in the first quarter valued at approximately $35,000. Fidelis Capital Partners LLC lifted its position in shares of Apple by 17.9% during the 1st quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after purchasing an additional 31,278 shares during the last quarter. A.P. Gilfoyle & Co. L.P. purchased a new position in shares of Apple in the 4th quarter valued at about $39,000. Finally, Gilfoyle & Co LLC raised its position in shares of Apple by 118.0% during the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after acquiring an additional 118 shares in the last quarter. Hedge funds and other institutional investors 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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