Apple (NASDAQ:AAPL) Trading 2% Higher – Here’s What Happened

Apple Inc. (NASDAQ:AAPL)’s stock price was up 2% during mid-day trading on Friday . The stock traded as high as $273.33 and last traded at $271.49. Approximately 58,120,269 shares changed hands during mid-day trading, an increase of 5% from the average daily volume of 55,592,461 shares. The stock had previously closed at $266.25.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AAPL shares. Raymond James Financial reissued an “outperform” rating and set a $240.00 price target (up previously from $230.00) on shares of Apple in a research report on Friday, August 1st. Monness Crespi & Hardt boosted their target price on Apple from $270.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Phillip Securities cut Apple from a “hold” rating to a “moderate sell” rating and set a $200.00 price target on the stock. in a research note on Thursday, September 11th. Moffett Nathanson raised Apple from a “sell” rating to a “neutral” rating and set a $225.00 price target for the company in a report on Thursday, September 4th. Finally, Loop Capital upgraded shares of Apple from a “hold” rating to a “buy” rating and upped their price objective for the company from $226.00 to $315.00 in a report on Monday, October 20th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $278.22.

Apple Stock Performance

The company has a debt-to-equity ratio of 1.25, a current ratio of 0.87 and a quick ratio of 0.83. The stock’s 50-day moving average price is $258.74 and its 200-day moving average price is $228.42. The company has a market cap of $4.01 trillion, a P/E ratio of 41.20, a PEG ratio of 2.62 and a beta of 1.09.

Apple (NASDAQ:AAPL) last issued its quarterly earnings data on Thursday, October 30th. The iPhone maker reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.11. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business had revenue of $102.47 billion during the quarter, compared to analysts’ expectations of $101.65 billion. During the same quarter in the previous year, the company earned $1.64 EPS. The business’s revenue was up 8.7% on a year-over-year basis. Equities analysts anticipate that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 13th. Investors of record on Monday, November 10th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, November 10th. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. Apple’s dividend payout ratio is currently 13.92%.

Insider Transactions at Apple

In related news, SVP Deirdre O’brien sold 43,013 shares of the business’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $257.39, for a total value of $11,071,116.07. Following the completion of the transaction, the senior vice president owned 136,687 shares of the company’s stock, valued at $35,181,866.93. The trade was a 23.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Katherine L. Adams sold 47,125 shares of the company’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $256.79, for a total transaction of $12,101,228.75. Following the sale, the senior vice president directly owned 179,158 shares of the company’s stock, valued at $46,005,982.82. This represents a 20.83% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 228,052 shares of company stock worth $58,604,588. Corporate insiders own 0.06% of the company’s stock.

Institutional Trading of Apple

A number of institutional investors and hedge funds have recently made changes to their positions in AAPL. First National Bank of Hutchinson raised its stake in Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after acquiring an additional 6,982 shares in the last quarter. Eagle Capital Management LLC grew its holdings in shares of Apple by 0.5% during the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock valued at $13,544,000 after purchasing an additional 272 shares during the last quarter. Brighton Jones LLC increased its position in Apple by 14.8% during the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after purchasing an additional 69,207 shares in the last quarter. Revolve Wealth Partners LLC lifted its stake in Apple by 4.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock valued at $16,742,000 after purchasing an additional 2,695 shares during the last quarter. Finally, Highview Capital Management LLC DE boosted its position in Apple by 2.4% in the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker’s stock valued at $12,587,000 after buying an additional 1,155 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

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.