Apple (NASDAQ:AAPL) Stock Price Up 1.7% - Here's What Happened

Shares of Apple Inc. (NASDAQ:AAPL - Get Free Report) shot up 1.7% on Tuesday . The company traded as high as $199.17 and last traded at $198.66. 15,800,643 shares changed hands during trading, a decline of 72% from the average session volume of 56,101,325 shares. The stock had previously closed at $195.27.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AAPL. Maxim Group lifted their price target on Apple to $215.00 and gave the company a "hold" rating in a report on Friday, February 21st. Evercore ISI lifted their price target on Apple from $260.00 to $275.00 and gave the company an "outperform" rating in a report on Tuesday, March 18th. Argus upgraded Apple to a "strong-buy" rating in a report on Friday, January 31st. China Renaissance initiated coverage on Apple in a research note on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 target price on the stock. Finally, Redburn Partners set a $230.00 target price on Apple in a research note on Friday, January 31st. Four equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $235.80.

Apple Stock Up 0.3%

The company has a quick ratio of 0.88, a current ratio of 0.92 and a debt-to-equity ratio of 1.26. The company has a market cap of $3.00 trillion, a PE ratio of 31.87, a P/E/G ratio of 2.44 and a beta of 1.27. The stock has a 50-day moving average of $204.36 and a 200-day moving average of $225.54.

Apple (NASDAQ:AAPL - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The iPhone maker reported $1.65 earnings per share for the quarter, beating analysts' consensus estimates of $1.62 by $0.03. Apple had a return on equity of 160.83% and a net margin of 24.30%. The business had revenue of $95.36 billion for the quarter, compared to the consensus estimate of $94.04 billion. During the same quarter last year, the business posted $1.53 earnings per share. The company's revenue for the quarter was up 5.1% on a year-over-year basis. Sell-side analysts predict that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend was Monday, May 12th. This is a positive change from Apple's previous quarterly dividend of $0.25. Apple's payout ratio is 16.20%.

Apple announced that its board has initiated a stock buyback program on Thursday, May 1st that allows the company to repurchase $100.00 billion in outstanding shares. This repurchase authorization allows the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, insider Chris Kondo sold 4,486 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $208.19, for a total transaction of $933,940.34. Following the transaction, the insider now directly owns 15,533 shares of the company's stock, valued at approximately $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jeffrey E. Williams sold 35,493 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $224.01, for a total value of $7,950,786.93. Following the transaction, the chief operating officer now directly owns 390,059 shares in the company, valued at $87,377,116.59. This trade represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,507 shares of company stock valued at $42,694,080 over the last ninety days. 0.06% of the stock is owned by insiders.

Institutional Investors Weigh In On Apple

Hedge funds have recently added to or reduced their stakes in the stock. Drystone LLC bought a new stake in Apple in the fourth quarter worth $25,000. ROSS JOHNSON & Associates LLC lifted its position in Apple by 1,800.0% in the 1st quarter. ROSS JOHNSON & Associates LLC now owns 190 shares of the iPhone maker's stock valued at $42,000 after acquiring an additional 180 shares in the last quarter. Life Planning Partners Inc bought a new position in Apple in the 4th quarter valued at approximately $47,000. Elite Financial Inc. bought a new position in Apple in the 1st quarter valued at approximately $58,000. Finally, Conquis Financial LLC bought a new position in Apple in the 4th quarter valued at approximately $63,000. 67.73% of the stock is owned by institutional investors.

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.