Apple (NASDAQ:AAPL) Reaches New 1-Year High Following Analyst Upgrade

Apple Inc. (NASDAQ:AAPLGet Free Report)’s stock price reached a new 52-week high during trading on Tuesday after Needham & Company LLC raised their price target on the stock from $220.00 to $260.00. Needham & Company LLC currently has a buy rating on the stock. Apple traded as high as $228.27 and last traded at $227.23, with a volume of 5234938 shares changing hands. The stock had previously closed at $227.82.

Several other research firms also recently weighed in on AAPL. Rosenblatt Securities raised shares of Apple from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $196.00 to $260.00 in a research report on Wednesday, June 26th. Oppenheimer boosted their target price on shares of Apple from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, June 28th. Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $205.00 price objective on shares of Apple in a report on Thursday, June 6th. Canaccord Genuity Group upped their price objective on shares of Apple from $200.00 to $215.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Apple from $225.00 to $245.00 and gave the company an “overweight” rating in a report on Tuesday, June 18th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $218.43.

View Our Latest Stock Analysis on AAPL

Insider Activity

In other Apple news, insider Chris Kondo sold 4,999 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total transaction of $951,809.60. Following the completion of the transaction, the insider now owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Apple news, insider Chris Kondo sold 4,999 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total transaction of $951,809.60. Following the completion of the transaction, the insider now owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Arthur D. Levinson sold 75,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $191.58, for a total transaction of $14,368,500.00. Following the transaction, the director now directly owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. Company insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Apple by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 1,318,064,349 shares of the iPhone maker’s stock valued at $253,766,929,000 after purchasing an additional 18,067,216 shares during the period. Morgan Stanley boosted its stake in shares of Apple by 1.0% in the third quarter. Morgan Stanley now owns 206,732,960 shares of the iPhone maker’s stock valued at $35,394,751,000 after purchasing an additional 2,018,010 shares during the period. Norges Bank acquired a new stake in Apple in the fourth quarter valued at approximately $33,912,466,000. International Assets Investment Management LLC raised its holdings in Apple by 14,395.4% in the fourth quarter. International Assets Investment Management LLC now owns 70,700,395 shares of the iPhone maker’s stock valued at $136,119,470,000 after acquiring an additional 70,212,651 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in Apple by 3.6% in the fourth quarter. Wellington Management Group LLP now owns 60,651,275 shares of the iPhone maker’s stock valued at $11,677,190,000 after acquiring an additional 2,096,360 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

Apple Trading Up 1.9 %

The company’s fifty day moving average is $200.96 and its two-hundred day moving average is $186.98. The stock has a market cap of $3.57 trillion, a price-to-earnings ratio of 36.23, a PEG ratio of 2.77 and a beta of 1.24. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24.

Apple (NASDAQ:AAPLGet Free Report) last issued its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.51 by $0.02. The firm had revenue of $90.75 billion for the quarter, compared to analysts’ expectations of $90.37 billion. Apple had a net margin of 26.31% and a return on equity of 148.33%. The firm’s revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the company earned $1.52 earnings per share. On average, research analysts predict that Apple Inc. will post 6.59 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were issued a $0.25 dividend. This is a boost from Apple’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, May 10th. This represents a $1.00 annualized dividend and a yield of 0.43%. Apple’s dividend payout ratio (DPR) is 15.55%.

Apple announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 2nd that permits the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

About Apple

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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.

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