Apple (NASDAQ:AAPL) Trading Up 2.9% After Analyst Upgrade

Key Points

• Apple's stock price increased by 2.9% after Bank of America raised its price target from $250.00 to $260.00, maintaining a buy rating on the stock.
• The company's recent earnings report revealed a profit of $1.57 per share, exceeding expectations, with total revenue of $94.04 billion for the quarter.
• Apple declared a quarterly dividend of $0.26 per share, translating to an annualized dividend of $1.04 and a yield of 0.4%.

Apple Inc. (NASDAQ:AAPL - Get Free Report) shares traded up 2.9% on Wednesday after Moffett Nathanson upgraded the stock from a sell rating to a neutral rating. Moffett Nathanson now has a $225.00 price target on the stock. Apple traded as high as $237.97 and last traded at $236.34. 24,897,641 shares changed hands during trading, a decline of 56% from the average session volume of 56,547,398 shares. The stock had previously closed at $229.72.

A number of other equities analysts also recently weighed in on AAPL. DA Davidson reissued a "buy" rating and set a $250.00 target price on shares of Apple in a research note on Friday, August 1st. UBS Group increased their price target on Apple from $210.00 to $220.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Citigroup lifted their price objective on Apple from $240.00 to $245.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Loop Capital cut their target price on Apple from $230.00 to $226.00 and set a "hold" rating on the stock in a research report on Thursday, August 21st. Finally, Wedbush reaffirmed an "outperform" rating and set a $270.00 target price on shares of Apple in a research note on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $239.05.

Insiders Place Their Bets

In related news, SVP Deirdre O'brien sold 34,821 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $223.20, for a total value of $7,772,047.20. Following the sale, the senior vice president owned 136,687 shares in the company, valued at $30,508,538.40. This represents a 20.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.06% of the company's stock.

Institutional Trading of Apple

Several institutional investors have recently made changes to their positions in AAPL. Advanced Portfolio Management LLC lifted its holdings in Apple by 0.3% during the fourth quarter. Advanced Portfolio Management LLC now owns 13,815 shares of the iPhone maker's stock worth $3,260,000 after acquiring an additional 47 shares during the period. Baker Boyer National Bank increased its position in shares of Apple by 0.3% during the 2nd quarter. Baker Boyer National Bank now owns 18,011 shares of the iPhone maker's stock valued at $3,695,000 after purchasing an additional 47 shares during the last quarter. Beddow Capital Management Inc. raised its stake in shares of Apple by 1.8% during the 2nd quarter. Beddow Capital Management Inc. now owns 2,597 shares of the iPhone maker's stock worth $533,000 after purchasing an additional 47 shares during the period. Salus Financial Advisors LLC boosted its holdings in shares of Apple by 3.9% in the 1st quarter. Salus Financial Advisors LLC now owns 1,310 shares of the iPhone maker's stock worth $291,000 after buying an additional 49 shares during the last quarter. Finally, Red Tortoise LLC boosted its holdings in shares of Apple by 0.9% in the 2nd quarter. Red Tortoise LLC now owns 5,717 shares of the iPhone maker's stock worth $1,173,000 after buying an additional 49 shares during the last quarter. Institutional investors own 67.73% of the company's stock.

Apple Stock Performance

The company's 50-day moving average is $219.28 and its two-hundred day moving average is $212.64. The company has a quick ratio of 0.83, a current ratio of 0.87 and a debt-to-equity ratio of 1.25. The company has a market cap of $3.56 trillion, a P/E ratio of 36.37, a price-to-earnings-growth ratio of 2.50 and a beta of 1.11.

Apple (NASDAQ:AAPL - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The iPhone maker reported $1.57 EPS for the quarter, topping the consensus estimate of $1.43 by $0.14. Apple had a net margin of 24.30% and a return on equity of 170.91%. The business had revenue of $94.04 billion for the quarter, compared to analyst estimates of $88.64 billion. During the same quarter in the previous year, the firm posted $1.40 earnings per share. The company's revenue for the quarter was up 9.6% on a year-over-year basis. Equities analysts predict that Apple Inc. will post 7.28 EPS for the current year.

Apple Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Monday, August 11th were given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, August 11th. Apple's dividend payout ratio (DPR) is currently 15.78%.

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.