Apple (NASDAQ:AAPL) Trading 1.7% Higher on Analyst Upgrade

Apple Inc. (NASDAQ:AAPL)’s share price traded up 1.7% on Friday after Bank of America raised their price target on the stock from $240.00 to $250.00. Bank of America currently has a buy rating on the stock. Apple traded as high as $223.57 and last traded at $223.74. 20,315,455 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 57,341,547 shares. The stock had previously closed at $220.03.

Several other analysts also recently weighed in on the company. TD Cowen reduced their target price on Apple from $290.00 to $275.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Monness Crespi & Hardt boosted their target price on Apple from $245.00 to $270.00 and gave the company a “buy” rating in a report on Friday, August 1st. KeyCorp raised Apple from an “underweight” rating to a “sector weight” rating in a research note on Monday, April 14th. Scotiabank downgraded Apple to a “market perform” rating in a research note on Friday, May 2nd. Finally, DA Davidson reaffirmed a “buy” rating and set a $250.00 price objective on shares of Apple in a research note on Friday, August 1st. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $237.60.

Insiders Place Their Bets

In related news, insider Chris Kondo sold 4,486 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total value of $933,940.34. Following the completion of the transaction, the insider directly owned 15,533 shares of the company’s stock, valued at $3,233,815.27. This trade represents a 22.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.06% of the stock is owned by insiders.

Institutional Investors Weigh In On Apple

A number of large investors have recently bought and sold shares of AAPL. Tallon Kerry Patrick acquired a new stake in Apple during the 4th quarter valued at $1,877,000. First National Bank of Hutchinson boosted its holdings in shares of Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock worth $8,845,000 after purchasing an additional 6,982 shares during the last quarter. Capital & Planning LLC boosted its holdings in shares of Apple by 10.7% during the fourth quarter. Capital & Planning LLC now owns 27,298 shares of the iPhone maker’s stock worth $6,836,000 after purchasing an additional 2,647 shares during the last quarter. Eagle Capital Management LLC boosted its holdings in shares of Apple by 0.5% during the fourth quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after purchasing an additional 272 shares during the last quarter. Finally, Brighton Jones LLC boosted its holdings in shares of Apple by 14.8% during the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Apple Stock Up 4.2%

The firm has a fifty day moving average price of $206.84 and a 200-day moving average price of $213.21. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The firm has a market cap of $3.40 trillion, a price-to-earnings ratio of 34.80, a PEG ratio of 2.30 and a beta of 1.16.

Apple (NASDAQ:AAPL) last posted its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a return on equity of 170.91% and a net margin of 24.30%. The business had revenue of $94.04 billion for the quarter, compared to analysts’ expectations of $88.64 billion. During the same quarter last year, the firm earned $1.40 earnings per share. The business’s revenue was up 9.6% on a year-over-year basis. As a group, sell-side analysts forecast that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Monday, August 11th will be issued a $0.26 dividend. The ex-dividend date is Monday, August 11th. This represents a $1.04 dividend on an annualized basis and a yield of 0.5%. Apple’s dividend payout ratio (DPR) is presently 15.78%.

Apple declared that its Board of Directors has authorized a share buyback plan on Thursday, May 1st that permits the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization permits the iPhone maker to reacquire up to 3.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Apple Company Profile

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.