Apple (NASDAQ:AAPL) Price Target Raised to $203.00 at Maxim Group

Apple (NASDAQ:AAPL) had its price objective lifted by Maxim Group from $195.00 to $203.00 in a research report report published on Friday, Marketbeat Ratings reports. Maxim Group currently has a hold rating on the iPhone maker’s stock.

AAPL has been the subject of a number of other research reports. Sanford C. Bernstein boosted their price target on Apple from $195.00 to $240.00 and gave the stock an outperform rating in a research report on Friday, June 21st. Barclays boosted their price objective on Apple from $164.00 to $187.00 and gave the stock an underweight rating in a research report on Wednesday, July 24th. Loop Capital raised Apple from a hold rating to a buy rating and boosted their price objective for the stock from $170.00 to $300.00 in a research report on Monday, July 15th. UBS Group reissued a neutral rating and set a $190.00 price objective on shares of Apple in a research report on Monday, July 1st. Finally, Citigroup cut their price objective on Apple from $220.00 to $210.00 and set a buy rating for the company in a research report on Monday, April 29th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $234.29.

Apple Stock Performance

Shares of Apple stock opened at $209.27 on Friday. The stock has a market cap of $3.21 trillion, a PE ratio of 32.55, a price-to-earnings-growth ratio of 2.60 and a beta of 1.24. The business has a fifty day simple moving average of $213.76 and a 200-day simple moving average of $191.35. The company has a quick ratio of 0.99, a current ratio of 1.04 and a debt-to-equity ratio of 1.24. Apple has a 12 month low of $164.07 and a 12 month high of $237.23.

Apple (NASDAQ:AAPL) last announced its quarterly earnings data on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.06. Apple had a return on equity of 145.35% and a net margin of 26.44%. The business had revenue of $85.78 billion during the quarter, compared to analyst estimates of $84.43 billion. During the same period last year, the company earned $1.26 earnings per share. Apple’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Apple will post 6.61 EPS for the current fiscal year.

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

Apple Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 12th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, August 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.48%. Apple’s payout ratio is presently 15.55%.

Insider Buying and Selling

In related news, insider Chris Kondo sold 4,999 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total value of $951,809.60. Following the sale, the insider now owns 29,278 shares of the company’s stock, valued at $5,574,531.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Arthur D. Levinson sold 75,000 shares of the business’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 transaction, the director now owns 4,359,576 shares in the company, valued at $835,207,570.08. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Chris Kondo sold 4,999 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $190.40, for a total transaction of $951,809.60. Following the completion of the transaction, the insider now owns 29,278 shares in the company, valued at approximately $5,574,531.20. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Apple

Institutional investors have recently made changes to their positions in the stock. Christopher J. Hasenberg Inc acquired a new position in shares of Apple during the first quarter valued at about $35,000. Gilfoyle & Co LLC raised its holdings in shares of Apple by 118.0% during the fourth quarter. Gilfoyle & Co LLC now owns 218 shares of the iPhone maker’s stock valued at $40,000 after purchasing an additional 118 shares during the period. A.P. Gilfoyle & Co. L.P. bought a new stake in shares of Apple during the fourth quarter worth about $39,000. University of Texas Texas AM Investment Managment Co. increased its position in shares of Apple by 657.1% during the fourth quarter. University of Texas Texas AM Investment Managment Co. now owns 424 shares of the iPhone maker’s stock worth $82,000 after acquiring an additional 368 shares in the last quarter. Finally, Clarity Asset Management Inc. bought a new stake in shares of Apple during the fourth quarter worth about $85,000. Institutional investors and hedge funds own 60.41% of the company’s stock.

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.