Apple (NASDAQ:AAPL) Given Outperform Rating at Wedbush

Wedbush reaffirmed their outperform rating on shares of Apple (NASDAQ:AAPL) in a research note published on Wednesday, Marketbeat reports. Wedbush currently has a $270.00 price objective on the iPhone maker’s stock.

Several other analysts have also issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Apple in a report on Friday, July 25th. Jefferies Financial Group raised shares of Apple from an “underperform” rating to a “hold” rating in a research report on Friday, July 18th. Loop Capital lowered their target price on shares of Apple from $230.00 to $226.00 and set a “hold” rating on the stock in a research report on Thursday, August 21st. Bank of America reissued a “buy” rating and set a $250.00 target price on shares of Apple in a research report on Monday, August 25th. Finally, DA Davidson reissued a “buy” rating and set a $250.00 target price on shares of Apple in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $239.05.

Apple Price Performance

Shares of NASDAQ:AAPL opened at $239.69 on Wednesday. The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.25. Apple has a 1 year low of $169.21 and a 1 year high of $260.10. The business has a fifty day simple moving average of $219.28 and a 200 day simple moving average of $212.86. The firm has a market cap of $3.56 trillion, a price-to-earnings ratio of 36.37, a P/E/G ratio of 2.50 and a beta of 1.11.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%.The business had revenue of $94.04 billion during the quarter, compared to analyst estimates of $88.64 billion. During the same period last year, the company earned $1.40 earnings per share. Apple’s quarterly revenue was up 9.6% compared to the same quarter last year. As a group, sell-side analysts predict that Apple will post 7.28 earnings per share for the current fiscal year.

Apple Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Monday, August 11th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple’s dividend payout ratio (DPR) is currently 15.78%.

Insider Activity

In other news, SVP Deirdre O’brien sold 34,821 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $223.20, for a total value of $7,772,047.20. Following the sale, the senior vice president directly owned 136,687 shares of the company’s stock, valued at approximately $30,508,538.40. This trade represents a 20.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Apple

A number of institutional investors have recently added to or reduced their stakes in AAPL. Ryan Investment Management Inc. bought a new position in Apple during the second quarter worth about $31,000. ROSS JOHNSON & Associates LLC lifted its stake in Apple by 1,800.0% during the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after purchasing an additional 180 shares during the period. Conquis Financial LLC bought a new position in Apple during the fourth quarter worth about $63,000. LSV Asset Management bought a new position in Apple during the fourth quarter worth about $65,000. Finally, Nexus Investment Management ULC lifted its stake in Apple by 333.3% during the second quarter. Nexus Investment Management ULC now owns 260 shares of the iPhone maker’s stock worth $53,000 after purchasing an additional 200 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

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.