JPMorgan Chase & Co. Reaffirms Overweight Rating for Apple (NASDAQ:AAPL)

JPMorgan Chase & Co. reiterated their overweight rating on shares of Apple (NASDAQ:AAPLFree Report) in a research note released on Tuesday, Benzinga reports. JPMorgan Chase & Co. currently has a $225.00 price target on the iPhone maker’s stock.

Other research analysts also recently issued research reports about the stock. Loop Capital dropped their target price on shares of Apple from $185.00 to $170.00 and set a hold rating for the company in a report on Monday, April 1st. Tigress Financial increased their price objective on shares of Apple from $240.00 to $245.00 and gave the company a strong-buy rating in a research report on Thursday, May 30th. Maxim Group began coverage on Apple in a report on Wednesday, April 17th. They issued a hold rating and a $178.00 target price for the company. Sanford C. Bernstein raised shares of Apple from a market perform rating to an outperform rating and set a $195.00 price objective on the stock in a research report on Monday, April 29th. Finally, Canaccord Genuity Group lifted their target price on Apple from $200.00 to $215.00 and gave the stock a buy rating in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, twelve have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $207.47.

View Our Latest Analysis on AAPL

Apple Stock Performance

Shares of AAPL stock opened at $214.24 on Tuesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04. The company has a market capitalization of $3.29 trillion, a price-to-earnings ratio of 33.32, a price-to-earnings-growth ratio of 2.35 and a beta of 1.25. Apple has a one year low of $164.07 and a one year high of $220.20. The company’s 50-day moving average is $182.91 and its 200 day moving average is $183.93.

Apple (NASDAQ:AAPLGet Free Report) last posted its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business had revenue of $90.75 billion for the quarter, compared to analysts’ expectations of $90.37 billion. During the same quarter in the prior year, the business earned $1.52 EPS. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. Sell-side analysts expect that Apple will post 6.57 EPS for the current fiscal year.

Apple Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 16th. Stockholders of record on Monday, May 13th were given a dividend of $0.25 per share. This is a boost from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date was Friday, May 10th. Apple’s payout ratio is presently 15.55%.

Apple declared that its board has approved a stock buyback program on Thursday, May 2nd that allows the company to repurchase $110.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the transaction, the director now directly owns 4,359,576 shares in the company, valued at $835,207,570.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Deirdre O’brien sold 54,732 shares of Apple stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total value of $9,244,782.12. Following the sale, the senior vice president now directly owns 136,572 shares in the company, valued at approximately $23,068,376.52. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Arthur D. Levinson sold 75,000 shares of Apple stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the sale, the director now directly owns 4,359,576 shares in the company, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. In the last three months, insiders sold 346,270 shares of company stock worth $60,880,196. 0.06% of the stock is currently owned by insiders.

Institutional Trading of Apple

A number of institutional investors have recently made changes to their positions in AAPL. Keynote Financial Services LLC bought a new stake in Apple in the first quarter worth about $7,798,000. Bush Investment Group LLC purchased a new position in shares of Apple in the first quarter worth approximately $1,002,000. Jackson Wealth Management LLC grew its stake in Apple by 2.5% in the first quarter. Jackson Wealth Management LLC now owns 197,961 shares of the iPhone maker’s stock valued at $33,946,000 after purchasing an additional 4,798 shares in the last quarter. American Trust increased its position in Apple by 3.1% in the 1st quarter. American Trust now owns 64,746 shares of the iPhone maker’s stock worth $11,103,000 after purchasing an additional 1,972 shares during the last quarter. Finally, OMC Financial Services LTD purchased a new stake in shares of Apple during the 1st quarter worth about $25,753,000. 60.41% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading

Analyst Recommendations for Apple (NASDAQ:AAPL)

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