Apple (NASDAQ:AAPL) Stock Price Up 0.6%

Apple Inc. (NASDAQ:AAPL)’s share price rose 0.6% during mid-day trading on Thursday . The company traded as high as $221.55 and last traded at $221.55. Approximately 37,369,801 shares were traded during trading, a decline of 57% from the average daily volume of 87,244,072 shares. The stock had previously closed at $220.27.

Analysts Set New Price Targets

AAPL has been the subject of a number of research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 target price on shares of Apple in a report on Monday. Canaccord Genuity Group boosted their price target on shares of Apple from $200.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Oppenheimer boosted their price target on shares of Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research report on Friday, June 28th. Loop Capital lowered their price target 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. Finally, Bank of America reissued a “buy” rating and set a $230.00 price target on shares of Apple in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $215.71.

Apple Price Performance

The company has a market capitalization of $3.40 trillion, a PE ratio of 34.46, a price-to-earnings-growth ratio of 2.68 and a beta of 1.24. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.04 and a quick ratio of 0.99. The company’s 50 day simple moving average is $195.26 and its 200 day simple moving average is $185.85.

Apple (NASDAQ:AAPL) last announced its earnings results on Thursday, May 2nd. The iPhone maker reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.51 by $0.02. Apple had a net margin of 26.31% and a return on equity of 148.33%. The business had revenue of $90.75 billion for the quarter, compared to analyst estimates of $90.37 billion. During the same period last year, the firm posted $1.52 earnings per share. The company’s revenue for the quarter was down 4.3% compared to the same quarter last year. As a group, sell-side analysts predict that Apple Inc. will post 6.59 earnings per share for the current year.

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 issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, May 10th. This is an increase from Apple’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 0.45%. Apple’s dividend payout ratio (DPR) is currently 15.55%.

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

Insider Buying and Selling at Apple

In other Apple news, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the sale, the director now owns 4,359,576 shares of the company’s stock, valued at $835,207,570.08. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, insider Chris Kondo sold 4,999 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $190.40, for a total value of $951,809.60. Following the completion of the transaction, the insider now owns 29,278 shares in the company, valued at $5,574,531.20. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Arthur D. Levinson sold 75,000 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $191.58, for a total value of $14,368,500.00. Following the completion of the transaction, the director now owns 4,359,576 shares of the company’s stock, valued at approximately $835,207,570.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 192,355 shares of company stock valued at $34,771,329. 0.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Wyrmwood Management LLC increased its position in Apple by 69.0% during the 4th quarter. Wyrmwood Management LLC now owns 169 shares of the iPhone maker’s stock worth $33,000 after purchasing an additional 69 shares in the last quarter. Christopher J. Hasenberg Inc purchased a new stake in Apple during the 1st quarter worth about $35,000. Fidelis Capital Partners LLC increased its position in Apple by 17.9% during the 1st quarter. Fidelis Capital Partners LLC now owns 206,455 shares of the iPhone maker’s stock worth $35,000 after purchasing an additional 31,278 shares in the last quarter. A.P. Gilfoyle & Co. L.P. purchased a new stake in Apple during the 4th quarter worth about $39,000. Finally, Gilfoyle & Co LLC increased its position in Apple by 118.0% during the 4th quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock worth $40,000 after purchasing an additional 118 shares in the last quarter. Hedge funds and other institutional investors own 60.41% of the company’s stock.

About Apple

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.