Apple Inc. Shares Rise After Analyst Price Target Update

Apple Inc. (NASDAQ:AAPL) saw a slight increase of 0.1% in its stock price during mid-day trading on Thursday. This uptick followed an upgrade from Wedbush, which raised its price target for Apple shares from $300.00 to $325.00. The firm currently holds an outperform rating on the stock. At one point during the day, Apple's shares reached a high of $260.10 and were last seen at $258.56. Throughout the session, 8,958,527 shares changed hands, a notable drop of 84% compared to the average trading volume of 57,273,676 shares. The previous closing price for Apple's stock was $258.20.

Other brokerages have recently weighed in on Apple as well. StockNews.com downgraded Apple shares from a 'buy' to a 'hold' rating on November 1st. Meanwhile, Moffett Nathanson reduced their price target for Apple from $211.00 to $202.00 and assigned a 'neutral' rating on November 19th. KeyCorp shifted their recommendation from 'sector weight' to 'underweight', establishing a price target of $200.00 in late October. Conversely, Bank of America raised its price target for Apple to $256.00 and maintained a 'buy' rating on December 4th. Loop Capital also lowered their price target from $300.00 to $275.00 while still rating the stock a 'buy'. Overall, two analysts have issued sell ratings, twelve have given hold ratings, and twenty-three have rated it as a buy, with one analyst assigning a strong buy rating. According to MarketBeat, Apple's current average rating is 'Moderate Buy' with an average price target of $237.47.

Insider Activity

In terms of insider trading, Apple’s COO, Jeffrey E. Williams, sold 100,000 shares of the company on December 16th at an average price of $249.97, totaling $24,997,000. After this transaction, Williams holds 389,944 shares, valued at approximately $97,474,301.68, marking a 20.41% decrease in his ownership. This sale was reported to the Securities and Exchange Commission (SEC). Additionally, CEO Timothy D. Cook sold 223,986 shares on October 2nd, for an average price of $224.46, which amounted to $50,275,897.56. After the sale, Cook retained direct ownership of 3,280,180 shares, worth approximately $736,269,202.80, reflecting a 6.39% decrease in ownership. In total, insiders sold 508,170 shares over the last quarter, amounting to $117,004,745, with corporate insiders owning 0.06% of the company’s stock.

Institutional Investments

Recent activity among institutional investors reveals significant changes in their stakes in Apple. Bull Oak Capital LLC raised its holdings by an impressive 252.3% during the third quarter. It now owns 155 shares valued at $36,000, following an acquisition of 111 additional shares. Hershey Financial Advisers LLC initiated a new position in Apple during the second quarter, with a total investment of $42,000. SPX Gestao de Recursos Ltda and Christopher J. Hasenberg Inc also purchased new stakes in the company, valued at $71,000 and $69,000 respectively. Teachers Insurance & Annuity Association of America also acquired a new holding worth about $77,000 in the third quarter. Currently, approximately 67.73% of Apple’s shares are owned by hedge funds and institutional investors.

Company Financials and Performance

Apple's stock currently boasts a market capitalization of $3.86 trillion, a PE ratio of 42.04, and a PEG ratio of 2.41, with a beta of 1.23. The company’s 50-day moving average stands at $237.41, while the 200-day moving average is at $227.65. Apple has a current ratio of 0.87 and a quick ratio of 0.83, with a debt-to-equity ratio of 1.51. On October 31st, Apple released its earnings report, revealing an earnings per share (EPS) of $1.64 for the quarter, exceeding analyst expectations of $1.60 by $0.04. During this period, Apple generated revenue of $94.93 billion, surpassing predictions of $94.52 billion, and experienced a 6.1% revenue increase year-over-year, compared to $1.46 EPS in the same quarter of the previous year. Analysts project that Apple will report an EPS of 7.43 for the current fiscal year.

Dividend Announcements

Apple recently declared a quarterly dividend, which was disbursed on November 14th. Stockholders on record as of November 11th received a $0.25 dividend, translating to an annual dividend of $1.00 and a yield of 0.39%. The ex-dividend date was set for November 8th and currently, Apple’s dividend payout ratio stands at 16.45%.

Overview of Apple Inc.

Apple Inc. designs, manufactures, and markets a diverse range of technology products and services, including smartphones, personal computers, tablets, wearables, and accessories worldwide. Its product lineup includes the iPhone, Mac computers, iPad tablets, and various wearable devices, home products, and accessories such as AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

Conclusion

As the financial landscape evolves, investors continue to monitor Apple’s stock closely in anticipation of ongoing developments, including analyst ratings, insider transactions, and quarterly earnings reports.

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