Apple Inc. (NASDAQ:AAPL) Expected to Announce Quarterly Sales of $73.14 Billion

Wall Street brokerages expect that Apple Inc. (NASDAQ:AAPL) will report $73.14 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Apple’s earnings. The highest sales estimate is $75.68 billion and the lowest is $67.58 billion. Apple posted sales of $59.69 billion during the same quarter last year, which suggests a positive year over year growth rate of 22.5%. The company is expected to report its next earnings results after the market closes on Tuesday, July 27th.

According to Zacks, analysts expect that Apple will report full-year sales of $356.73 billion for the current fiscal year, with estimates ranging from $346.31 billion to $363.22 billion. For the next year, analysts anticipate that the company will report sales of $373.60 billion, with estimates ranging from $365.95 billion to $379.24 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Apple.

Apple (NASDAQ:AAPL) last released its quarterly earnings results on Tuesday, April 27th. The iPhone maker reported $1.40 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.41. The business had revenue of $89.58 billion during the quarter, compared to analysts’ expectations of $76.84 billion. Apple had a return on equity of 111.80% and a net margin of 23.45%. The firm’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.64 EPS.

A number of equities research analysts recently issued reports on the company. Monness Crespi & Hardt raised their price target on Apple from $170.00 to $180.00 and gave the stock a “buy” rating in a research note on Thursday, April 29th. Barclays dropped their target price on Apple from $138.00 to $134.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 19th. Robert W. Baird boosted their target price on Apple from $155.00 to $160.00 and gave the stock an “outperform” rating in a research note on Thursday, April 29th. UBS Group boosted their target price on Apple from $155.00 to $166.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $175.00 price target (up previously from $170.00) on shares of Apple in a research note on Wednesday, July 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-six have assigned a buy rating to the company. Apple currently has a consensus rating of “Buy” and an average target price of $149.91.

In other news, SVP Katherine L. Adams sold 17,000 shares of the business’s stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $132.80, for a total transaction of $2,257,600.00. Following the completion of the sale, the senior vice president now directly owns 333,044 shares of the company’s stock, valued at approximately $44,228,243.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Luca Maestri sold 121,072 shares of the business’s stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $132.81, for a total transaction of $16,079,572.32. Following the sale, the chief financial officer now directly owns 143,961 shares of the company’s stock, valued at $19,119,460.41. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in the stock. Cornerstone Wealth Group LLC boosted its position in Apple by 6.5% during the 2nd quarter. Cornerstone Wealth Group LLC now owns 141,162 shares of the iPhone maker’s stock worth $20,108,000 after purchasing an additional 8,554 shares during the period. Hedeker Wealth LLC raised its stake in shares of Apple by 2.7% in the 2nd quarter. Hedeker Wealth LLC now owns 105,829 shares of the iPhone maker’s stock valued at $14,494,000 after purchasing an additional 2,748 shares in the last quarter. Sitrin Capital Management LLC raised its stake in shares of Apple by 42.9% in the 2nd quarter. Sitrin Capital Management LLC now owns 67,888 shares of the iPhone maker’s stock valued at $9,298,000 after purchasing an additional 20,384 shares in the last quarter. Traynor Capital Management Inc. raised its stake in shares of Apple by 0.4% in the 2nd quarter. Traynor Capital Management Inc. now owns 561,415 shares of the iPhone maker’s stock valued at $78,575,000 after purchasing an additional 2,317 shares in the last quarter. Finally, Welch & Forbes LLC raised its stake in Apple by 1.2% during the second quarter. Welch & Forbes LLC now owns 1,879,643 shares of the iPhone maker’s stock worth $257,435,000 after acquiring an additional 21,408 shares during the period. 56.20% of the stock is owned by hedge funds and other institutional investors.

Shares of AAPL stock traded up $1.82 on Friday, reaching $147.22. 2,832,551 shares of the company’s stock were exchanged, compared to its average volume of 83,080,976. Apple has a 52 week low of $89.14 and a 52 week high of $150.00. The company has a quick ratio of 1.09, a current ratio of 1.14 and a debt-to-equity ratio of 1.57. The company has a market cap of $2.46 trillion, a PE ratio of 33.05, a PEG ratio of 2.22 and a beta of 1.21. The business has a fifty day moving average of $133.11.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 13th. Shareholders of record on Monday, May 10th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date was Friday, May 7th. This is a positive change from Apple’s previous quarterly dividend of $0.21. Apple’s payout ratio is currently 26.83%.

About Apple

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. 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, HomePod, iPod touch, and other Apple-branded and third-party accessories.

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