Apple Inc. (NASDAQ:AAPL) Receives $308.74 Average PT from Brokerages

Shares of Apple Inc. (NASDAQ:AAPLGet Free Report) have been given a consensus rating of “Moderate Buy” by the thirty-five analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation, twenty-two have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $308.7429.

AAPL has been the topic of a number of research reports. DA Davidson reiterated a “neutral” rating and issued a $270.00 price objective on shares of Apple in a research note on Friday, May 1st. Wedbush reissued an “outperform” rating and set a $400.00 price target (up from $350.00) on shares of Apple in a report on Friday, May 8th. TD Cowen reissued a “buy” rating and set a $335.00 price target (up from $325.00) on shares of Apple in a report on Friday, May 1st. Robert W. Baird set a $310.00 price target on shares of Apple in a report on Friday, May 1st. Finally, Citigroup reissued a “buy” rating on shares of Apple in a report on Tuesday, April 21st.

Read Our Latest Stock Analysis on Apple

Key Apple News

Here are the key news stories impacting Apple this week:

  • Positive Sentiment: Apple continues to be viewed as one of the best long-term large-cap tech names, with reports highlighting strong iPhone demand, its massive installed base, and the potential for Services to drive the next leg of earnings growth. Apple Services story
  • Positive Sentiment: Analysts remain constructive: Evercore ISI reiterated an Outperform rating and raised its price target, while other commentary says Apple can keep compounding earnings and free cash flow as it expands AI features and devices. Analyst commentary
  • Positive Sentiment: Apple executives saying the company is still in the “early innings” of spatial computing is reinforcing the view that new product categories could support future growth beyond the iPhone. Spatial computing article
  • Neutral Sentiment: Apple’s legal fight with Epic Games remains a drag on sentiment, as the company asked the U.S. Supreme Court to review a contempt order tied to App Store fees. Epic lawsuit article
  • Negative Sentiment: Some analysts are becoming more cautious on valuation after Apple’s run to new highs, warning the stock may be due for profit-taking. KeyBanc caution article

Apple Price Performance

NASDAQ:AAPL opened at $308.82 on Wednesday. The firm has a market capitalization of $4.54 trillion, a P/E ratio of 37.34, a PEG ratio of 2.69 and a beta of 1.06. Apple has a 1-year low of $193.46 and a 1-year high of $311.40. The company’s fifty day moving average price is $269.64 and its 200-day moving average price is $268.62. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.07 and a quick ratio of 1.02.

Apple (NASDAQ:AAPLGet Free Report) last released its quarterly earnings data on Thursday, April 30th. The iPhone maker reported $2.01 earnings per share for the quarter, topping analysts’ consensus estimates of $1.95 by $0.06. The firm had revenue of $111.18 billion for the quarter, compared to analyst estimates of $109.46 billion. Apple had a net margin of 27.15% and a return on equity of 146.69%. The business’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.65 earnings per share. As a group, equities research analysts anticipate that Apple will post 8.74 EPS for the current year.

Apple Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Monday, May 11th were issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. This is a boost from Apple’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, May 11th. Apple’s payout ratio is currently 13.06%.

Insider Activity

In related news, CEO Timothy D. Cook sold 64,949 shares of the stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $254.23, for a total transaction of $16,511,984.27. Following the sale, the chief executive officer directly owned 3,280,418 shares of the company’s stock, valued at approximately $833,980,668.14. This represents a 1.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Deirdre O’brien sold 30,002 shares of the stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $255.35, for a total transaction of $7,661,010.70. Following the sale, the senior vice president directly owned 136,810 shares in the company, valued at $34,934,433.50. This trade represents a 17.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 97,759 shares of company stock valued at $24,964,305. 0.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Apple

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AAPL. Norges Bank purchased a new position in Apple during the fourth quarter valued at $52,266,468,000. Nuveen LLC purchased a new position in Apple during the first quarter valued at $17,472,482,000. Cardano Risk Management B.V. lifted its holdings in Apple by 890.7% during the fourth quarter. Cardano Risk Management B.V. now owns 41,984,810 shares of the iPhone maker’s stock valued at $11,413,990,000 after purchasing an additional 37,746,784 shares in the last quarter. Laurel Wealth Advisors LLC lifted its holdings in Apple by 20,464.8% during the second quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker’s stock valued at $5,553,753,000 after purchasing an additional 26,937,401 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Apple by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker’s stock valued at $387,749,545,000 after purchasing an additional 26,856,752 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

About Apple

(Get Free Report)

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

Further Reading

Analyst Recommendations for Apple (NASDAQ:AAPL)

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