Zacks: Brokerages Anticipate Apple Inc. (NASDAQ:AAPL) Will Post Quarterly Sales of $82.44 Billion

Brokerages expect Apple Inc. (NASDAQ:AAPLGet Rating) to announce sales of $82.44 billion for the current quarter, according to Zacks Investment Research. Nine analysts have made estimates for Apple’s earnings, with the lowest sales estimate coming in at $79.52 billion and the highest estimate coming in at $84.98 billion. Apple posted sales of $81.43 billion in the same quarter last year, which would indicate a positive year over year growth rate of 1.2%. The company is scheduled to issue its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Apple will report full-year sales of $394.91 billion for the current fiscal year, with estimates ranging from $387.17 billion to $402.66 billion. For the next financial year, analysts forecast that the business will report sales of $420.11 billion, with estimates ranging from $404.18 billion to $428.02 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Apple.

Apple (NASDAQ:AAPLGet Rating) last announced its earnings results on Thursday, April 28th. The iPhone maker reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.09. The business had revenue of $97.28 billion for the quarter, compared to analyst estimates of $93.99 billion. Apple had a return on equity of 152.88% and a net margin of 26.41%. The company’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.40 EPS.

AAPL has been the subject of several research analyst reports. Evercore ISI assumed coverage on shares of Apple in a research report on Friday, March 25th. They set a “buy” rating and a $210.00 target price for the company. Barclays set a $170.00 target price on shares of Apple in a research report on Wednesday, April 27th. Bank of America reduced their target price on Apple from $215.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, May 19th. Zacks Investment Research reaffirmed a “buy” rating on shares of Apple in a research note on Wednesday, March 2nd. Finally, StockNews.com assumed coverage on Apple in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Nine equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $187.21.

AAPL stock opened at $148.84 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.88 and a debt-to-equity ratio of 1.53. The company’s 50 day moving average is $159.89 and its 200 day moving average is $165.00. The stock has a market cap of $2.41 trillion, a price-to-earnings ratio of 24.16, a price-to-earnings-growth ratio of 1.96 and a beta of 1.19. Apple has a 1-year low of $123.13 and a 1-year high of $182.94.

Apple declared that its board has initiated a share buyback program on Thursday, April 28th that authorizes the company to repurchase $90.00 billion in shares. This repurchase authorization authorizes the iPhone maker to repurchase up to 3.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

The business also recently announced a quarterly dividend, which was paid on Thursday, May 12th. Stockholders of record on Monday, May 9th were paid a dividend of $0.23 per share. This is a positive change from Apple’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, May 6th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 0.62%. Apple’s payout ratio is presently 14.94%.

In other Apple news, SVP Katherine L. Adams sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $161.72, for a total transaction of $4,043,000.00. Following the completion of the transaction, the senior vice president now owns 452,334 shares of the company’s stock, valued at $73,151,454.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Deirdre O’brien sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, April 18th. The stock was sold at an average price of $164.91, for a total value of $1,319,280.00. Following the completion of the sale, the senior vice president now directly owns 136,290 shares in the company, valued at $22,475,583.90. The disclosure for this sale can be found here. Insiders sold 168,099 shares of company stock valued at $29,376,711 over the last 90 days. 0.06% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in AAPL. Dark Forest Capital Management LP bought a new position in Apple in the 3rd quarter valued at approximately $29,000. Joseph Group Capital Management purchased a new stake in shares of Apple during the fourth quarter valued at $1,631,000. Cardinal Capital Management Inc. boosted its position in shares of Apple by 5,525.0% during the first quarter. Cardinal Capital Management Inc. now owns 225 shares of the iPhone maker’s stock valued at $39,000 after buying an additional 221 shares during the last quarter. Shore Point Advisors LLC bought a new stake in Apple in the 4th quarter worth about $41,000. Finally, St. James Investment Advisors LLC purchased a new position in Apple in the 4th quarter worth about $57,000. 57.98% of the stock is currently owned by institutional investors and hedge funds.

About Apple (Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

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