Apple (NASDAQ:AAPL) Trading Up 2.7% – Here’s Why

Apple Inc. (NASDAQ:AAPL) shot up 2.7% during mid-day trading on Tuesday . The stock traded as high as $289.94 and last traded at $289.36. Approximately 64,489,217 shares changed hands during mid-day trading, an increase of 28% from the average daily volume of 50,556,582 shares. The stock had previously closed at $281.74.

Trending Headlines about Apple

Here are the key news stories impacting Apple this week:

• Positive Sentiment: Reports say Apple is planning at least five new iPhone models through early 2027 and has increased foldable iPhone production plans to 10 million units, reinforcing hopes for a strong product cycle. Apple plans five new iPhones through 2027, eyes Chinese-made chips amid foldable push, reports say
• Positive Sentiment: Several analysts and commentators turned more constructive on Apple, citing AI potential, App Store/services growth, and long-term upside from new products like a foldable iPhone. What’s Going on With Apple Stock Thursday?
• Positive Sentiment: Apple’s share strength is also being helped by a relative safety trade, with the stock outperforming a weak tech sector as investors rotate toward large-cap leaders. What’s Going on With Apple Stock Thursday?

Analysts Set New Price Targets

A number of brokerages have recently commented on AAPL. Needham & Company LLC reiterated a “hold” rating on shares of Apple in a report on Tuesday, June 9th. Morgan Stanley restated an “overweight” rating on shares of Apple in a report on Friday, June 26th. Oppenheimer reaffirmed a “market perform” rating on shares of Apple in a report on Tuesday, June 9th. Monness Crespi & Hardt lifted their target price on Apple from $315.00 to $335.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Finally, Robert W. Baird set a $310.00 price target on Apple in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $314.85.

Apple Price Performance

The firm has a market cap of $4.54 trillion, a P/E ratio of 37.28, a P/E/G ratio of 2.52 and a beta of 1.10. The company has a quick ratio of 1.02, a current ratio of 1.07 and a debt-to-equity ratio of 0.70. The business’s 50 day moving average is $293.69 and its two-hundred day moving average is $273.39.

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

Apple Increases Dividend

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

Insider Activity at Apple

In other Apple news, insider Ben Borders sold 116 shares of Apple stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total value of $34,236.24. Following the completion of the sale, the insider directly owned 38,713 shares in the company, valued at approximately $11,425,754.82. The trade was a 0.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Kevan Parekh sold 1,534 shares of the business’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $421,850.00. Following the completion of the transaction, the chief financial officer directly owned 13,366 shares in the company, valued at approximately $3,675,650. This trade represents a 10.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,924 shares of company stock valued at $825,546 in the last ninety days. 0.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of AAPL. Overbrook Management Corp boosted its stake in Apple by 57.4% in the 4th quarter. Overbrook Management Corp now owns 104,648 shares of the iPhone maker’s stock worth $28,449,000 after purchasing an additional 38,174 shares during the period. Rainier Family Wealth Inc. increased its position in shares of Apple by 14.1% during the first quarter. Rainier Family Wealth Inc. now owns 24,386 shares of the iPhone maker’s stock valued at $6,189,000 after buying an additional 3,014 shares during the period. Torren Management LLC purchased a new stake in shares of Apple in the fourth quarter worth about $1,178,000. Summit Wealth Partners LLC boosted its position in shares of Apple by 108.3% in the first quarter. Summit Wealth Partners LLC now owns 34,989 shares of the iPhone maker’s stock valued at $8,880,000 after acquiring an additional 18,188 shares during the period. Finally, Adventist Health System Sunbelt Healthcare Corp bought a new position in shares of Apple in the fourth quarter valued at approximately $105,482,000. 67.73% of the stock is owned by institutional investors.

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.