Apple Inc. (NASDAQ:AAPL) announced its earnings results on Tuesday, August 1st. The iPhone maker reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.57 by $0.10, Bloomberg Earnings reports. The firm had revenue of $45.41 billion during the quarter, compared to analyst estimates of $44.94 billion. Apple had a net margin of 20.87% and a return on equity of 35.40%. The company’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.42 EPS.
Apple (NASDAQ:AAPL) opened at 157.48 on Friday. The stock has a 50 day moving average of $149.92 and a 200 day moving average of $144.27. Apple has a 52 week low of $102.53 and a 52 week high of $161.83. The company has a market cap of $813.42 billion, a PE ratio of 17.88 and a beta of 1.31.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Monday, August 14th will be paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 1.60%. The ex-dividend date is Thursday, August 10th. Apple’s dividend payout ratio (DPR) is presently 28.64%.
Several brokerages have commented on AAPL. Longbow Research reissued a “buy” rating and set a $173.00 price target on shares of Apple in a research report on Friday. Vetr raised shares of Apple from a “hold” rating to a “buy” rating and set a $165.48 price target on the stock in a research report on Thursday. Oppenheimer Holdings, Inc. reissued a “” rating on shares of Apple in a research report on Thursday. Drexel Hamilton reissued a “buy” rating and set a $208.00 price target on shares of Apple in a research report on Wednesday. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $160.08 price target (down from $176.00) on shares of Apple in a research report on Wednesday. Twelve investment analysts have rated the stock with a hold rating, forty-two have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $167.35.
Apple declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 2nd that allows the company to repurchase $50.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to buy up to 6.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
In related news, insider Daniel J. Riccio sold 11,949 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $155.27, for a total value of $1,855,321.23. Following the sale, the insider now owns 23,998 shares in the company, valued at $3,726,169.46. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP D Bruce Sewell sold 31,625 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $158.13, for a total value of $5,000,861.25. Following the completion of the sale, the senior vice president now owns 112,430 shares in the company, valued at approximately $17,778,555.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 299,911 shares of company stock worth $46,557,634. 0.08% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Apple during the fourth quarter valued at approximately $5,625,709,000. Asset Management One Co. Ltd. raised its stake in Apple by 966.6% in the fourth quarter. Asset Management One Co. Ltd. now owns 9,457,769 shares of the iPhone maker’s stock valued at $1,096,072,000 after buying an additional 8,571,027 shares in the last quarter. Harbour Capital Advisors LLC raised its stake in Apple by 14,030.2% in the second quarter. Harbour Capital Advisors LLC now owns 4,515,315 shares of the iPhone maker’s stock valued at $31,352,000 after buying an additional 4,483,360 shares in the last quarter. Glenview Capital Management LLC bought a new stake in Apple during the fourth quarter valued at approximately $365,191,000. Finally, Principal Financial Group Inc. raised its stake in Apple by 25.3% in the second quarter. Principal Financial Group Inc. now owns 10,582,632 shares of the iPhone maker’s stock valued at $1,524,110,000 after buying an additional 2,138,928 shares in the last quarter. Institutional investors and hedge funds own 61.13% of the company’s stock.
Apple Inc (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. The Company’s products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings.
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