Morgan Stanley reiterated their overweight rating on shares of Apple (NASDAQ:AAPL – Free Report) in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a $360.00 price target on the iPhone maker’s stock.
Other analysts also recently issued research reports about the stock. DA Davidson reissued a “neutral” rating and set a $270.00 target price on shares of Apple in a research report on Wednesday. Maxim Group reaffirmed a “buy” rating and issued a $350.00 price target (up from $310.00) on shares of Apple in a report on Tuesday, June 9th. Barclays reaffirmed an “underweight” rating and issued a $245.00 price target (down from $253.00) on shares of Apple in a report on Friday, July 31st. DZ Bank downgraded shares of Apple from a “buy” rating to a “hold” rating and set a $310.00 price objective for the company. in a research note on Tuesday, August 4th. Finally, Wells Fargo & Company reissued an “overweight” rating and set a $350.00 price objective (up from $310.00) on shares of Apple in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $330.61.
View Our Latest Analysis on Apple
Apple Price Performance
Apple (NASDAQ:AAPL – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.13. Apple had a net margin of 27.62% and a return on equity of 135.46%. The firm had revenue of $109.42 billion for the quarter, compared to the consensus estimate of $109.04 billion. During the same quarter in the prior year, the company posted $1.57 earnings per share. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. As a group, equities analysts expect that Apple will post 8.74 EPS for the current fiscal year.
Apple Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Monday, August 10th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. Apple’s dividend payout ratio (DPR) is currently 12.39%.
Insider Buying and Selling
In other Apple news, SVP Jennifer Newstead sold 1,439 shares of Apple stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $317.01, for a total transaction of $456,177.39. Following the completion of the sale, the senior vice president directly owned 35,790 shares in the company, valued at approximately $11,345,787.90. The trade was a 3.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Ben Borders sold 116 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total transaction of $34,236.24. Following the completion of the sale, the insider directly owned 38,713 shares in the company, valued at $11,425,754.82. This trade represents a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 5,872 shares of company stock valued at $1,823,201 over the last three months. 0.06% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Apple
Several hedge funds have recently bought and sold shares of AAPL. Avenir Tech Ltd acquired a new stake in Apple during the second quarter valued at $29,000. Longfellow Investment Management Co. LLC purchased a new position in Apple in the second quarter valued at $30,000. Lifetime Wealth Management P.C. acquired a new position in shares of Apple in the fourth quarter worth about $41,000. ROSS JOHNSON & Associates LLC raised its position in shares of Apple by 1,800.0% in the first quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker’s stock worth $42,000 after acquiring an additional 180 shares during the period. Finally, Timmons Wealth Management LLC purchased a new stake in shares of Apple during the 4th quarter worth about $69,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.
More Apple News
Here are the key news stories impacting Apple this week:
- Positive Sentiment: Apple’s Sept. 9 product event is generating significant interest under new CEO John Ternus, with expectations for new iPhones, an Apple Watch update and potentially the company’s first foldable iPhone. Citi estimates the foldable device could sell 7.3 million units despite a possible price above $2,000. Citi foldable iPhone sales forecast
- Positive Sentiment: Apple’s latest quarter showed strong momentum, with revenue rising 16.4% year over year and earnings exceeding analyst expectations. Morgan Stanley has also suggested the foldable iPhone could contribute roughly $14 billion in December-quarter revenue if successfully launched. Morgan Stanley foldable iPhone estimate
- Neutral Sentiment: John Ternus has succeeded Tim Cook as CEO, while Cook remains executive chairman. The transition offers continuity through a longtime Apple executive but raises questions about whether Ternus can accelerate Apple’s artificial-intelligence strategy and sustain Cook-era growth. John Ternus becomes Apple CEO
- Negative Sentiment: Reports indicate initial foldable iPhone production was only a few hundred units per day in late August. Tight quality controls and memory shortages could limit launch supply, delay purchases and prevent Apple from fully capturing expected demand. Foldable iPhone production hurdles
- Negative Sentiment: Memory costs have reportedly surged, potentially forcing Apple to raise iPhone prices, absorb lower margins or risk weaker demand. Jefferies has also downgraded AAPL amid skepticism about the foldable product’s market potential. iPhone memory cost concerns
- Negative Sentiment: Apple faces a $2.7 billion UK lawsuit over alleged unfair app-tracking rules and a separate BASF patent lawsuit involving facial-authentication technology, adding regulatory and litigation risk. Apple UK app-tracking lawsuit
Apple Company Profile
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.
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