Apple Inc. (NASDAQ:AAPL) – Investment analysts at Jefferies Financial Group boosted their FY2019 earnings estimates for shares of Apple in a research note issued to investors on Wednesday, May 1st. Jefferies Financial Group analyst T. O’shea now anticipates that the iPhone maker will post earnings per share of $11.42 for the year, up from their previous forecast of $11.32. Jefferies Financial Group currently has a “Hold” rating and a $210.00 price target on the stock. Jefferies Financial Group also issued estimates for Apple’s Q4 2019 earnings at $2.65 EPS and FY2020 earnings at $13.03 EPS.
Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Tuesday, April 30th. The iPhone maker reported $2.46 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.37 by $0.09. The firm had revenue of $58.02 billion during the quarter, compared to analyst estimates of $57.40 billion. Apple had a net margin of 22.12% and a return on equity of 51.29%. Apple’s revenue was down 5.1% on a year-over-year basis. During the same period last year, the firm posted $2.73 EPS.
Several other equities analysts have also commented on the stock. Argus increased their price objective on shares of Apple to $250.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Loop Capital increased their price objective on shares of Apple to $190.00 and gave the company a “hold” rating in a research report on Wednesday, May 1st. Piper Jaffray Companies increased their price objective on shares of Apple from $201.00 to $230.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Sanford C. Bernstein set a $190.00 price objective on shares of Apple and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Finally, Morgan Stanley increased their price objective on shares of Apple from $234.00 to $240.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Three equities research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $211.43.
Shares of Apple stock opened at $208.48 on Monday. The company has a market capitalization of $1,040.78 billion, a P/E ratio of 17.50, a P/E/G ratio of 2.15 and a beta of 1.14. The company has a quick ratio of 1.25, a current ratio of 1.32 and a debt-to-equity ratio of 0.85. Apple has a 52 week low of $142.00 and a 52 week high of $233.47.
Apple declared that its board has approved a stock repurchase program on Tuesday, April 30th that authorizes the company to buyback $75.00 billion in outstanding shares. This buyback authorization authorizes the iPhone maker to buy up to 7.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 16th. Stockholders of record on Monday, May 13th will be paid a dividend of $0.77 per share. This is a boost from Apple’s previous quarterly dividend of $0.73. The ex-dividend date is Friday, May 10th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 1.48%. Apple’s dividend payout ratio (DPR) is presently 24.52%.
In other news, insider Luca Maestri sold 51,138 shares of the firm’s stock in a transaction that occurred on Friday, April 5th. The shares were sold at an average price of $196.61, for a total transaction of $10,054,242.18. Following the sale, the insider now owns 27,448 shares of the company’s stock, valued at approximately $5,396,551.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jeffrey E. Williams sold 56,411 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $210.36, for a total transaction of $11,866,617.96. Following the sale, the chief operating officer now directly owns 151,187 shares in the company, valued at approximately $31,803,697.32. The disclosure for this sale can be found here. 0.05% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of AAPL. University of Texas Texas AM Investment Managment Co. lifted its holdings in Apple by 505.0% in the 1st quarter. University of Texas Texas AM Investment Managment Co. now owns 242 shares of the iPhone maker’s stock valued at $46,000 after purchasing an additional 202 shares in the last quarter. Semmax Financial Advisors Inc. purchased a new position in Apple in the 4th quarter valued at $50,000. Portfolio Solutions LLC purchased a new position in Apple in the 4th quarter valued at $76,000. Contravisory Investment Management Inc. lifted its holdings in Apple by 30.6% in the 4th quarter. Contravisory Investment Management Inc. now owns 614 shares of the iPhone maker’s stock valued at $97,000 after purchasing an additional 144 shares in the last quarter. Finally, Truehand Inc purchased a new position in Apple in the 4th quarter valued at $108,000. 57.43% of the stock is currently owned by institutional investors and hedge funds.
Apple Company Profile
Apple Inc designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems.
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