Apple (NASDAQ:AAPL) Stock Price Up 0.2% - Should You Buy?

Apple Inc. (NASDAQ:AAPL) experienced a 0.2% increase in its share price on Wednesday, reaching a peak of $235.69 before settling at $235.42. During the midday trading session, about 8,361,816 shares changed hands, reflecting a significant drop of 86% from the average volume of 58,104,707 shares. The previous close for the stock was $235.06.

Analysts Set New Price Targets

Recently, numerous brokerage firms have provided their insights on AAPL. For instance, JPMorgan Chase & Co. reaffirmed an "overweight" rating, setting a price target of $265.00 for Apple shares in their report released on September 10. Additionally, Tigress Financial raised their price target from $245.00 to $295.00, marking a "strong buy" recommendation in their August 28 report. Goldman Sachs also adjusted their target from $265.00 to $275.00, issuing a "buy" rating on August 2. Furthermore, Maxim Group increased their price target from $203.00 to $215.00, maintaining a "hold" rating in their November 1 report. Lastly, Melius Research reiterated a "buy" rating with a target price of $265.00 in a report from August 27. Overall, two analysts give the stock a sell rating, twelve have a hold rating, while twenty-two give a buy rating and one has a strong buy rating. Current data from MarketBeat indicates an average rating of "Moderate Buy" for the stock, with a consensus target price of approximately $235.25.

Apple Price Performance

The current fifty-day moving average for the stock is $228.43, while the 200-day moving average stands at $219.01. Apple boasts a market capitalization of $3.55 trillion and holds a price-to-earnings ratio of 38.72, with a P/E/G ratio of 2.28 and a beta of 1.24. The company's debt-to-equity ratio is 1.51, the current ratio is 0.87, and the quick ratio is 0.83.

In its most recent quarterly earnings report, disclosed on October 31, Apple announced an earnings per share (EPS) of $1.64, surpassing estimates of $1.60 by $0.04. The company posted a revenue of $94.93 billion compared to analyst projections of $94.52 billion. Apple's net margin was reported at 23.97%, alongside a remarkable return on equity of 152.94%. Revenue saw a 6.1% increase year-over-year, compared to $1.46 EPS in the same quarter the previous year. Analysts are predicting that Apple Inc. will achieve 7.43 earnings per share for the current fiscal year.

Apple Dividend Announcement

In recent news, Apple declared a quarterly dividend payable on November 14, which was issued to investors of record on November 11. This dividend payment was set at $0.25, equating to an annualized dividend of $1.00 and a yield of 0.43%. Apple’s current dividend payout ratio stands at 16.45%.

Insider Activity at Apple

In other matters related to the company, CEO Timothy D. Cook sold 223,986 shares on October 2 at an average price of $224.46, amounting to approximately $50.28 million. After this sale, Cook continues to own 3,280,180 shares, valued at about $736.27 million. The sale represented a 6.39% reduction in his ownership stake. This transaction was documented in a filing with the Securities & Exchange Commission. Additionally, Senior Vice President Katherine L. Adams sold 61,019 shares in the same time frame, at an average price of $226.20, totaling around $13.80 million. After the sale, Adams holds 187,043 shares valued at approximately $42.31 million, representing a 24.60% decrease in her position. In the past quarter, company insiders sold a total of 408,170 shares valued at about $92 million, with insiders owning approximately 0.06% of the stock.

Institutional Inflows and Outflows

In terms of institutional investment, recent adjustments have been made by hedge funds and institutional investors in relation to Apple. Granite Investment Partners LLC increased its holdings by 2.7% in the second quarter, now owning 289,421 shares worth around $60.96 million after adding 7,606 shares. Meanwhile, Truist Financial Corp raised its stake by 1.8%, now holding 6,994,703 shares valued at $1.47 billion after acquiring 126,210 additional shares. EP Wealth Advisors LLC also increased their investment in Apple by 5.2%, now holding 1,928,110 shares worth $406.10 million after an acquisition of 95,235 shares. Furthermore, GAMMA Investing LLC boosted its stake by 34.9% in the third quarter, now holding 200,214 shares valued at approximately $46.65 million after adding 51,842 shares. Lastly, Bellwether Advisors LLC grew their holdings by 387.3% in the second quarter, now owning 24,349 shares worth around $5.13 million after acquiring 19,352 additional shares. Collectively, institutional investors own about 60.41% of Apple’s stock.

Apple Company Profile

Apple Inc. designs, produces, and markets a broad range of technology products, including smartphones, personal computers, tablets, wearables, and accessories across the globe. Notable products from Apple include the iPhone, Mac personal computers, iPad tablets, and various wearable and home accessories such as AirPods, Apple TV, Apple Watch, Beats products, and HomePod.

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Should you invest $1,000 in Apple right now?

Before making any investment in Apple, it's essential to gather insights. Market analysts often recommend exploring a range of options. Currently, although Apple has a "Moderate Buy" rating among analysts, there are suggestions that other stocks might offer better investment opportunities that are recommended by top-rated analysts.

Investors looking for alternatives may want to review five stocks that currently attract analyst attention as more favorable investments.

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