Apple (NASDAQ:AAPL) Trading 1.2% Higher on Better-Than-Expected Earnings

Apple Inc. (NASDAQ:AAPL) shares were up 1.2% during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $247.19 and last traded at $240.35. Approximately 30,922,545 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 56,268,773 shares. The stock had previously closed at $237.59.

The iPhone maker reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $2.36 by $0.04. Apple had a net margin of 23.97% and a return on equity of 152.94%.

Apple Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 13th. Investors of record on Monday, February 10th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.42%. Apple’s payout ratio is 16.45%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Maxim Group boosted their price objective on shares of Apple from $203.00 to $215.00 and gave the stock a “hold” rating in a research report on Friday, November 1st. Barclays raised their price objective on Apple from $183.00 to $197.00 and gave the stock an “underweight” rating in a report on Friday. StockNews.com cut Apple from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Bank of America lifted their price target on Apple from $253.00 to $265.00 and gave the stock a “buy” rating in a research report on Friday. Finally, TD Cowen reissued a “buy” rating on shares of Apple in a report on Tuesday. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Apple presently has a consensus rating of “Moderate Buy” and a consensus price target of $239.88.

Insider Transactions at Apple

In related news, COO Jeffrey E. Williams sold 100,000 shares of Apple stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $249.97, for a total transaction of $24,997,000.00. Following the completion of the sale, the chief operating officer now owns 389,944 shares in the company, valued at approximately $97,474,301.68. This trade represents a 20.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Chris Kondo sold 4,130 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $228.87, for a total transaction of $945,233.10. Following the completion of the transaction, the insider now directly owns 15,419 shares of the company’s stock, valued at $3,528,946.53. The trade was a 21.13 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Institutional Trading of Apple

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Cohen Investment Advisors LLC increased its stake in Apple by 0.5% in the second quarter. Cohen Investment Advisors LLC now owns 46,574 shares of the iPhone maker’s stock valued at $9,809,000 after purchasing an additional 239 shares during the last quarter. Callan Family Office LLC increased its stake in shares of Apple by 157.1% during the 2nd quarter. Callan Family Office LLC now owns 47,854 shares of the iPhone maker’s stock valued at $10,079,000 after acquiring an additional 29,239 shares during the last quarter. Liontrust Investment Partners LLP grew its holdings in Apple by 60.5% in the second quarter. Liontrust Investment Partners LLP now owns 205,466 shares of the iPhone maker’s stock valued at $43,275,000 after purchasing an additional 77,466 shares during the period. First Command Advisory Services Inc. increased its holdings in shares of Apple by 1.4% during the 2nd quarter. First Command Advisory Services Inc. now owns 40,512 shares of the iPhone maker’s stock worth $8,533,000 after buying an additional 550 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Apple by 6.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,786,956 shares of the iPhone maker’s stock worth $1,008,229,000 after buying an additional 284,217 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Up 1.1 %

The company has a current ratio of 0.87, a quick ratio of 0.83 and a debt-to-equity ratio of 1.51. The firm has a market capitalization of $3.61 trillion, a price-to-earnings ratio of 39.53, a price-to-earnings-growth ratio of 2.39 and a beta of 1.20. The firm has a 50 day moving average price of $241.56 and a two-hundred day moving average price of $230.86.

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.