Apple Inc. (NASDAQ:AAPL) shares dropped 5.8% on Monday . The stock traded as low as $182.85 and last traded at $185.72. Approximately 52,025,064 shares changed hands during trading, an increase of 69% from the average daily volume of 30,839,672 shares. The stock had previously closed at $197.18.
AAPL has been the subject of several recent research reports. UBS Group set a $185.00 price objective on Apple and gave the stock a “buy” rating in a research report on Monday, January 28th. Credit Suisse Group set a $209.00 price objective on Apple and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Wedbush reaffirmed an “outperform” rating and set a $235.00 price objective (up from $225.00) on shares of Apple in a research report on Wednesday, May 1st. Jefferies Financial Group upped their price objective on Apple from $160.00 to $210.00 and gave the stock a “hold” rating in a research report on Wednesday, May 1st. Finally, JPMorgan Chase & Co. set a $235.00 price objective on Apple and gave the stock a “buy” rating in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. Apple presently has a consensus rating of “Hold” and a consensus target price of $211.43.
The company has a market capitalization of $912.84 billion, a price-to-earnings ratio of 16.03, a P/E/G ratio of 1.57 and a beta of 1.14. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.32 and a quick ratio of 1.26.
Apple (NASDAQ:AAPL) last announced its earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.37 by $0.09. The company had revenue of $58.02 billion for the quarter, compared to analyst estimates of $57.40 billion. Apple had a return on equity of 51.29% and a net margin of 22.12%. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.73 earnings per share. On average, equities analysts expect that Apple Inc. will post 11.48 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 13th will be paid a dividend of $0.77 per share. The ex-dividend date of this dividend is Friday, May 10th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.61%. This is a positive change from Apple’s previous quarterly dividend of $0.73. Apple’s dividend payout ratio (DPR) is 25.86%.
Apple declared that its Board of Directors has authorized a share buyback program on Tuesday, April 30th that permits the company to buyback $75.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, COO Jeffrey E. Williams sold 56,411 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the transaction, the chief operating officer now owns 151,187 shares in the company, valued at $31,803,697.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Luca Maestri sold 51,138 shares of the firm’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $196.61, for a total value of $10,054,242.18. Following the transaction, the insider now owns 27,448 shares in the company, valued at approximately $5,396,551.28. The disclosure for this sale can be found here. In the last quarter, insiders have sold 142,549 shares of company stock worth $29,300,960. 0.05% of the stock is owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of AAPL. University of Texas Texas AM Investment Managment Co. boosted its holdings in shares of Apple by 505.0% during the 1st quarter. University of Texas Texas AM Investment Managment Co. now owns 242 shares of the iPhone maker’s stock valued at $46,000 after acquiring an additional 202 shares in the last quarter. Semmax Financial Advisors Inc. acquired a new stake in shares of Apple during the 4th quarter valued at $50,000. Portfolio Solutions LLC acquired a new stake in shares of Apple during the 4th quarter valued at $76,000. Contravisory Investment Management Inc. boosted its holdings in shares of Apple by 30.6% during the 4th quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock valued at $97,000 after acquiring an additional 144 shares in the last quarter. Finally, Truehand Inc acquired a new stake in shares of Apple during the 4th quarter valued at $108,000. Hedge funds and other institutional investors own 57.36% of the company’s stock.
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About Apple (NASDAQ:AAPL)
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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