Apple (NASDAQ:AAPL) Given “Buy” Rating at Bank of America

Bank of America reaffirmed their buy rating on shares of Apple (NASDAQ:AAPLFree Report) in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $230.00 price objective on the iPhone maker’s stock.

Several other research analysts have also recently weighed in on AAPL. Piper Sandler dropped their price objective on shares of Apple from $205.00 to $190.00 and set a neutral rating for the company in a research report on Friday, February 2nd. Sanford C. Bernstein upgraded Apple from a market perform rating to an outperform rating and set a $195.00 price objective for the company in a research report on Monday, April 29th. Loop Capital cut their target price on shares of Apple from $185.00 to $170.00 and set a hold rating on the stock in a research report on Monday, April 1st. Itau BBA Securities upgraded shares of Apple from an underperform rating to a market perform rating and lifted their price target for the stock from $162.00 to $188.00 in a research report on Friday, May 3rd. Finally, Barclays increased their price objective on shares of Apple from $158.00 to $164.00 and gave the company an underweight rating in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Apple currently has a consensus rating of Moderate Buy and an average price target of $205.44.

Read Our Latest Research Report on AAPL

Apple Trading Up 0.2 %

Shares of AAPL opened at $190.29 on Wednesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.99 and a current ratio of 1.04. The company has a market cap of $2.92 trillion, a price-to-earnings ratio of 29.59, a PEG ratio of 2.32 and a beta of 1.26. The stock has a fifty day moving average price of $176.73 and a two-hundred day moving average price of $183.17. Apple has a 52-week low of $164.07 and a 52-week high of $199.62.

Apple (NASDAQ:AAPLGet Free Report) last released its quarterly earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) 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 business had revenue of $90.75 billion during the quarter, compared to analysts’ expectations of $90.37 billion. During the same period in the previous year, the business posted $1.52 earnings per share. The firm’s revenue for the quarter was down 4.3% compared to the same quarter last year. Analysts predict that Apple will post 6.57 EPS for the current fiscal year.

Apple declared that its Board of Directors has authorized a share buyback program on Thursday, May 2nd that permits the company to buyback $110.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Apple Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 16th. Investors of record on Monday, May 13th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, May 10th. This is a boost from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 0.53%. Apple’s dividend payout ratio is 15.55%.

Insiders Place Their Bets

In other news, CEO Timothy D. Cook sold 99,183 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the transaction, the chief executive officer now directly owns 3,377,407 shares in the company, valued at approximately $574,260,512.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Deirdre O’brien sold 54,732 shares of the stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $168.91, for a total value of $9,244,782.12. Following the transaction, the senior vice president now directly owns 136,572 shares of the company’s stock, valued at $23,068,376.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Timothy D. Cook sold 99,183 shares of Apple stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $170.03, for a total transaction of $16,864,085.49. Following the sale, the chief executive officer now directly owns 3,377,407 shares of the company’s stock, valued at approximately $574,260,512.21. The disclosure for this sale can be found here. Over the last three months, insiders have sold 271,270 shares of company stock valued at $46,511,696. 0.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Apple

Several institutional investors and hedge funds have recently made changes to their positions in AAPL. Headinvest LLC boosted its position in shares of Apple by 1.7% in the third quarter. Headinvest LLC now owns 53,155 shares of the iPhone maker’s stock valued at $9,236,000 after acquiring an additional 872 shares during the period. Sound Income Strategies LLC boosted its stake in shares of Apple by 16.1% in the fourth quarter. Sound Income Strategies LLC now owns 75,110 shares of the iPhone maker’s stock valued at $14,461,000 after buying an additional 10,425 shares during the period. DNB Asset Management AS grew its position in Apple by 6.9% during the fourth quarter. DNB Asset Management AS now owns 4,307,068 shares of the iPhone maker’s stock worth $829,240,000 after buying an additional 279,311 shares in the last quarter. Boltwood Capital Management increased its stake in Apple by 2.8% during the 4th quarter. Boltwood Capital Management now owns 37,178 shares of the iPhone maker’s stock worth $7,158,000 after acquiring an additional 1,021 shares during the period. Finally, NewEdge Wealth LLC raised its holdings in Apple by 16.2% in the 4th quarter. NewEdge Wealth LLC now owns 808,709 shares of the iPhone maker’s stock valued at $155,701,000 after acquiring an additional 112,980 shares in the last quarter. Institutional investors and hedge funds own 60.41% of the company’s stock.

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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