KeyCorp Increases Apple (NASDAQ:AAPL) Price Target to $177.00

Apple (NASDAQ:AAPLGet Rating) had its target price boosted by KeyCorp from $173.00 to $177.00 in a research note issued to investors on Tuesday, Marketbeat.com reports. KeyCorp currently has an overweight rating on the iPhone maker’s stock. KeyCorp also issued estimates for Apple’s Q4 2022 earnings at $1.25 EPS, Q1 2023 earnings at $2.03 EPS, Q2 2023 earnings at $1.48 EPS, Q3 2023 earnings at $1.45 EPS, Q4 2023 earnings at $1.33 EPS, FY2023 earnings at $6.30 EPS and FY2024 earnings at $6.63 EPS.

Other equities analysts have also issued reports about the company. Itau BBA Securities began coverage on Apple in a research note on Tuesday, July 26th. They issued an underperform rating and a $136.00 price objective on the stock. Loop Capital decreased their target price on Apple from $210.00 to $180.00 and set a buy rating on the stock in a research report on Wednesday, May 25th. Rosenblatt Securities decreased their price objective on Apple from $168.00 to $160.00 and set a neutral rating on the stock in a report on Friday, July 29th. Oppenheimer reaffirmed an outperform rating and set a $190.00 price objective on shares of Apple in a report on Wednesday, June 8th. Finally, UBS Group set a $185.00 price objective on Apple in a report on Thursday, July 21st. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Apple presently has a consensus rating of Moderate Buy and a consensus target price of $179.27.

Apple Stock Performance

AAPL opened at $165.35 on Tuesday. The firm has a market cap of $2.66 trillion, a PE ratio of 27.29, a P/E/G ratio of 2.15 and a beta of 1.23. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 1.63. The business has a fifty day simple moving average of $146.34 and a 200-day simple moving average of $157.12. Apple has a fifty-two week low of $129.04 and a fifty-two week high of $182.94.

Apple (NASDAQ:AAPLGet Rating) last issued its earnings results on Thursday, July 28th. The iPhone maker reported $1.20 EPS for the quarter, topping the consensus estimate of $1.14 by $0.06. The business had revenue of $82.96 billion during the quarter, compared to analysts’ expectations of $82.97 billion. Apple had a return on equity of 152.97% and a net margin of 25.71%. Apple’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.30 earnings per share. As a group, equities analysts predict that Apple will post 6.1 EPS for the current fiscal year.

Apple Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 11th. Investors of record on Monday, August 8th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Friday, August 5th. This represents a $0.92 annualized dividend and a dividend yield of 0.56%. Apple’s dividend payout ratio is 15.18%.

Apple announced that its board has initiated a stock buyback program on Thursday, April 28th that permits the company to buyback $90.00 billion in outstanding shares. This buyback authorization permits the iPhone maker to reacquire up to 3.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, SVP Katherine L. Adams sold 25,000 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $164.77, for a total transaction of $4,119,250.00. Following the sale, the senior vice president now owns 427,334 shares in the company, valued at approximately $70,411,823.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.06% of the stock is currently owned by company insiders.

Institutional Trading of Apple

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Apple during the fourth quarter worth $25,228,507,000. Aaron Wealth Advisors LLC increased its stake in Apple by 30,391.8% in the first quarter. Aaron Wealth Advisors LLC now owns 26,075,085 shares of the iPhone maker’s stock valued at $149,333,000 after purchasing an additional 25,989,570 shares in the last quarter. State Street Corp increased its stake in Apple by 1.8% in the fourth quarter. State Street Corp now owns 633,115,246 shares of the iPhone maker’s stock valued at $112,422,274,000 after purchasing an additional 10,951,705 shares in the last quarter. Capital Research Global Investors increased its stake in Apple by 31.7% in the first quarter. Capital Research Global Investors now owns 38,903,911 shares of the iPhone maker’s stock valued at $6,793,041,000 after purchasing an additional 9,354,484 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Apple by 0.7% in the first quarter. Vanguard Group Inc. now owns 1,269,995,750 shares of the iPhone maker’s stock valued at $221,753,959,000 after purchasing an additional 8,734,393 shares in the last quarter. Institutional investors and hedge funds own 57.98% of the company’s stock.

Apple Company Profile

(Get Rating)

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

Further Reading

Analyst Recommendations for Apple (NASDAQ:AAPL)

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