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

Shares of Apple Inc. (NASDAQ:AAPLGet Free Report) hit a new 52-week high 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 trading hands. The stock had previously closed at $227.82.

Several other research analysts have also recently weighed in on AAPL. Oppenheimer raised their target price on Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, June 28th. Rosenblatt Securities raised Apple from a “neutral” rating to a “buy” rating and raised their target price for the company from $196.00 to $260.00 in a research note on Wednesday, June 26th. Erste Group Bank upgraded Apple from a “hold” rating to a “buy” rating in a research report on Friday, June 14th. DZ Bank reiterated a “hold” rating and issued a $180.00 price target on shares of Apple in a research report on Thursday, March 28th. Finally, Tigress Financial increased their price target on Apple from $240.00 to $245.00 and gave the company a “strong-buy” rating in a research report on Thursday, May 30th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus price target of $218.43.

Get Our Latest Stock Analysis on AAPL

Insider Activity

In other news, 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 owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Chris Kondo sold 4,999 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the completion of the sale, the insider now directly owns 29,278 shares in the company, valued at approximately $5,574,531.20. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Institutional Trading of Apple

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AAPL. Yeomans Consulting Group Inc. bought a new stake in shares of Apple during the fourth quarter valued at approximately $1,713,000. Raleigh Capital Management Inc. increased its position in shares of Apple by 11.8% during the fourth quarter. Raleigh Capital Management Inc. now owns 15,511 shares of the iPhone maker’s stock valued at $2,986,000 after purchasing an additional 1,643 shares during the period. Headinvest LLC increased its position in shares of Apple by 1.7% during the third quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker’s stock valued at $9,236,000 after purchasing an additional 872 shares during the period. GLOBALT Investments LLC GA bought a new stake in shares of Apple during the fourth quarter valued at approximately $38,406,000. Finally, Barden Capital Management Inc. increased its position in shares of Apple by 132.8% during the fourth quarter. Barden Capital Management Inc. now owns 32,636 shares of the iPhone maker’s stock valued at $6,283,000 after purchasing an additional 18,615 shares during the period. Institutional investors and hedge funds own 60.41% of the company’s stock.

Apple Trading Up 1.9 %

The firm has a market capitalization of $3.57 trillion, a P/E 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. The business has a 50-day moving average price of $200.96 and a 200-day moving average price of $186.98.

Apple (NASDAQ:AAPLGet Free Report) last announced its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.51 by $0.02. Apple had a return on equity of 148.33% and a net margin of 26.31%. The firm had revenue of $90.75 billion for the quarter, compared to analysts’ expectations of $90.37 billion. During the same period in the prior year, the business posted $1.52 earnings per share. The business’s revenue was down 4.3% compared to the same quarter last year. Analysts anticipate that Apple Inc. will post 6.59 earnings per share for the current year.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Shareholders of record on Monday, May 13th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.43%. This is a boost from Apple’s previous quarterly dividend of $0.24. The ex-dividend date was Friday, May 10th. Apple’s dividend payout ratio is 15.55%.

Apple declared that its board has approved a share repurchase 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 buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board 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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