Apple’s (AAPL) “Neutral” Rating Reiterated at Piper Sandler Companies

Piper Sandler Companies restated their neutral rating on shares of Apple (NASDAQ:AAPL) in a report released on Tuesday morning, MarketBeat reports. They currently have a $225.00 price objective on the iPhone maker’s stock, up from their previous price objective of $190.00.

Several other research firms have also recently weighed in on AAPL. Bank of America reaffirmed a buy rating and set a $230.00 price objective on shares of Apple in a research report on Wednesday, June 26th. Melius Research increased their price target on shares of Apple from $227.00 to $260.00 and gave the stock a buy rating in a research report on Monday, June 24th. Monness Crespi & Hardt restated a buy rating and set a $205.00 price objective on shares of Apple in a research report on Thursday, June 6th. Sanford C. Bernstein raised their target price on Apple from $195.00 to $240.00 and gave the company an outperform rating in a report on Friday, June 21st. Finally, Maxim Group boosted their price target on Apple from $178.00 to $195.00 and gave the stock a hold rating in a report on Tuesday, June 25th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Apple presently has an average rating of Moderate Buy and an average price target of $218.43.

Apple Stock Up 1.3 %

Shares of AAPL opened at $230.54 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 0.99 and a debt-to-equity ratio of 1.24. Apple has a 12 month low of $164.07 and a 12 month high of $233.08. The firm’s 50 day moving average is $203.00 and its 200-day moving average is $187.52. The stock has a market capitalization of $3.54 trillion, a PE ratio of 35.85, a P/E/G ratio of 2.83 and a beta of 1.24.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, May 2nd. The iPhone maker reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. The firm had revenue of $90.75 billion for the quarter, compared to analyst estimates of $90.37 billion. Apple had a return on equity of 148.33% and a net margin of 26.31%. The company’s revenue was down 4.3% on a year-over-year basis. During the same quarter last year, the company earned $1.52 EPS. Equities research analysts forecast that Apple will post 6.59 EPS for the current year.

Apple announced that its board has approved a share repurchase program on Thursday, May 2nd that authorizes the company to repurchase $110.00 billion in shares. This repurchase authorization authorizes the iPhone maker to purchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Apple Increases Dividend

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

Insider Buying and Selling at Apple

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Peloton Wealth Strategists boosted its holdings in Apple by 18.6% during the 3rd quarter. Peloton Wealth Strategists now owns 2,774 shares of the iPhone maker’s stock worth $475,000 after acquiring an additional 435 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Apple by 5.5% during the third quarter. Parkside Financial Bank & Trust now owns 126,866 shares of the iPhone maker’s stock valued at $21,721,000 after purchasing an additional 6,576 shares in the last quarter. Paragon Private Wealth Management LLC boosted its holdings in Apple by 0.5% during the third quarter. Paragon Private Wealth Management LLC now owns 34,211 shares of the iPhone maker’s stock worth $5,857,000 after purchasing an additional 177 shares during the last quarter. Profund Advisors LLC grew its position in Apple by 1.7% in the 3rd quarter. Profund Advisors LLC now owns 669,295 shares of the iPhone maker’s stock worth $114,590,000 after purchasing an additional 10,932 shares in the last quarter. Finally, PGIM Custom Harvest LLC increased its stake in Apple by 5.2% in the 3rd quarter. PGIM Custom Harvest LLC now owns 84,601 shares of the iPhone maker’s stock valued at $14,485,000 after buying an additional 4,200 shares during the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

About Apple

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.