Apple (NASDAQ:AAPL) Shares Down 1%

Apple Inc. (NASDAQ:AAPL)’s share price fell 1% on Friday . The stock traded as low as $190.30 and last traded at $192.22. 829,263 shares traded hands during trading, a decline of 97% from the average session volume of 27,666,054 shares. The stock had previously closed at $194.15.

Several research firms have recently weighed in on AAPL. Canaccord Genuity lowered their price target on Apple from $245.00 to $202.00 and set a “buy” rating on the stock in a report on Tuesday, June 4th. Wedbush reissued an “in-line” rating on shares of Apple in a report on Friday. JPMorgan Chase & Co. reissued a “buy” rating and set a $230.00 price target on shares of Apple in a report on Monday, April 29th. New Street Research cut Apple from a “neutral” rating to a “sell” rating and set a $170.00 price target on the stock. in a report on Friday, April 12th. Finally, Citigroup reissued a “buy” rating and set a $220.00 price target (up from $170.00) on shares of Apple in a report on Thursday, March 21st. Three investment analysts have rated the stock with a sell rating, twenty-four have given a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $207.57.

The company has a debt-to-equity ratio of 0.85, a current ratio of 1.32 and a quick ratio of 1.26. The firm has a market cap of $893.48 billion, a P/E ratio of 16.19, a PEG ratio of 1.64 and a beta of 1.20.

Apple (NASDAQ:AAPL) last posted its quarterly earnings results on Tuesday, April 30th. The iPhone maker reported $2.46 EPS for the quarter, beating the Zacks’ consensus estimate of $2.37 by $0.09. The business had revenue of $58.02 billion for the quarter, compared to analysts’ expectations of $57.40 billion. Apple had a return on equity of 51.29% and a net margin of 22.12%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the firm earned $2.73 earnings per share. Equities analysts anticipate that Apple Inc. will post 11.48 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were issued a dividend of $0.77 per share. The ex-dividend date was Friday, May 10th. This is a boost from Apple’s previous quarterly dividend of $0.73. This represents a $3.08 dividend on an annualized basis and a yield of 1.60%. Apple’s dividend payout ratio (DPR) is currently 25.86%.

Apple announced that its board has approved a share buyback plan on Tuesday, April 30th that allows the company to buyback $75.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

In other news, Director Arthur D. Levinson sold 35,000 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $210.86, for a total transaction of $7,380,100.00. Following the completion of the transaction, the director now owns 1,168,283 shares in the company, valued at $246,344,153.38. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Luca Maestri sold 51,138 shares of the firm’s stock in a transaction dated Friday, April 5th. The shares were 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 of the company’s stock, valued at approximately $5,396,551.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 142,549 shares of company stock worth $29,300,960. Insiders own 0.05% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. University of Texas Texas AM Investment Managment Co. grew its holdings in Apple by 505.0% in the first quarter. University of Texas Texas AM Investment Managment Co. now owns 242 shares of the iPhone maker’s stock worth $46,000 after purchasing an additional 202 shares during the last quarter. Semmax Financial Advisors Inc. purchased a new position in Apple in the fourth quarter worth $50,000. Portfolio Solutions LLC purchased a new position in Apple in the fourth quarter worth $76,000. Contravisory Investment Management Inc. grew its holdings in Apple by 30.6% in the fourth quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock worth $97,000 after purchasing an additional 144 shares during the last quarter. Finally, Truehand Inc purchased a new position in Apple in the fourth quarter worth $108,000. Hedge funds and other institutional investors own 58.61% 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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